Tax implications of giving a gift to my wife / child?

I am married by Anti Nuptual Contract (ANC) without accrual. I would like to give a gift to my wife of R500k. Is this taxed? Do I have to make any declaration to Sars? If so, when must this be made?

Can I give a gift / donation to my child? Are there limits, and what is the procedure?

No you do not need to worry about transfers between husband and wife, they are never subject to tax. You and your wife can each donate R100 000 a year in total to anyone you chose, any amounts over that are subject to donations tax of 20%.

Thanks for the response TaxTim. Just to confirm - Is there any declaration required (from myself or my wife) for the gift to my wife?

No there is not for you. However she would need to declare that she received a donation in her return under the Amounts not considered taxable section.