Legal Disclaimer
The information provided in the questions and answers is for general informational purposes only and does not constitute legal, financial, or other professional advice. Please do not rely on the information as advice for your specific situation. We encourage you to contact us directly for advice tailored to your individual circumstances.
Q: How much can I donate without paying donations tax?
A: A natural person can donate up to R100,000 per year without incurring donations tax.
Q: How much can I earn without paying income tax?
A: For the 2024 and 2025 tax years:
– Persons under 65: R95,750 per year
– Persons 65 to under 75: R148,217 per year
– Persons 75 and over: R165,689 per year
Q: When do I need to register for VAT?
A: You must register for VAT when your annual turnover exceeds R1,000,000, or if you anticipate that it will exceed R1,000,000.
Q: If I sell my house, will I have to pay Capital Gains Tax?
A: Yes, Capital Gains Tax (CGT) applies to the sale. However, if the property is your primary residence, you are eligible for a R2,000,000 exemption, which can be deducted from the profit on the sale.
