Do we need to submit IT144, even if the donation is less than 100k exemption?
Important:
This answer is based on tax law for the tax year ending 28 February 2020.
Answer:
Remember that the section 56(2)(b) amount (the R100 000) is a cumulative (for the relevant year of assessment) amount.
In terms of section 60(4) the IT144 is only required when the tax is paid. In terms of section 54, the donations tax is only to be paid on the value of any property disposed of under any donation by any resident (the donor).