Providing financial support to my elderly parents?

By Nicci Courtney-Clarke · Updated

Claudia

Claudia said:
20 April 2017 at 21:22

What are the tax implications of me providing financial support to my elderly parents?
TaxTim Nicci

TaxTim Nicci said:
21 April 2017 at 7:35

If the amount you're paying them monthly is less than R75750.00 annually, then your parents won't be liable to pay tax on it but they'll be required to declare it on their tax returns.