Do I have to pay tax on my overseas inheritance?
I have inherited money from a family member who lived in Europe. I have brought some of that money back and some of it I’ve invested in a bank account in Europe. Do I have to pay tax on any of it or declare it to SARS?
Marc Sevits of TaxTim says:
There is no tax on inheritance, but you will be taxed on any income earned from investing the inheritance going forward. SARS will require you to disclose this inheritance, although you will not be taxed. It would be best to inform the reserve bank of the amounts kept offshore”
Featured The bank took money from my account – is this allowed?
You’ve just deposited money into your account and suddenly you see a notification from your bank. Money has been deducted from your account to pay the outstanding debt that you have with the bank. Is this allowed?
How much does it cost to draft a will?
Having a Will allows you to determine who inherits your property when you die. If you die intestate, the government will determine how to distribute your assets. Many people die intestate because they don’t know how to draft a will or are intimidated by the costs of drafting one.
Is your home correctly priced for the current market?
The property market is typically in either one of two phases, a buyers’ market or a sellers’ market. According to real estate experts, we are currently in a buyer’s market. For this reason, it is important as a seller to correctly price your house to ensure interested buyers and a valuable sale in the end.
Fuel rewards programme – how to fill up on petrol and points
South Africa’s volatile economy has often meant that factors like the fuel price bear the brunt. This year alone the country’s fuel price has fluctuated by between R1.50 to almost R3, which has put increasing pressure on motorists. That said, many of the bigger South African brands have provided some relief by way of fuel rewards programmes.
Wax On Wax Off Wednesdays at Rouge Day Spa
Price: From R50
Where: Cape Town
Aarya Restaurant Christmas Lunch Special
When: 25 December 2019
Da Vinci’s Tantalising Tuesday Pizza Special
Price: Available on request
Where: Cape Town