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Capital Gains Posts in Tax Q&A

Capital Gains Related Posts - Page 12

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Codes 4250 and 4251 do not appear on the form. What do I do?

Posted 18 November 2014

I have been populating my eFiling Tax Return Form and cant find/create two Codes for Capital Gain: 4250 and Capital Loss: 4251. They are not on the eForm.
How do I create this?

Where do I enter the capital gain for unit trusts on my tax return

Posted 13 November 2014

I have an IT3c unit trust provisional consolidated capital gains tax certificate in front of me. I need to fill in the capital gain for my unit trust under code 4250. I believe I need to select the last question on the first page saying - have you received any additional income. From there it gets rather confusing because it asks me under capital gain what assets and how many I have disposed of? Where do I just fill in the capital gain for unit trusts? If I say that I have disposed of assets and...

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Home office space deduction for tax purposes on my ITR12?

Posted 12 November 2014

I have a small business. How much can I deduct for office space? My home is 800m2, using 80m2 as real office space. My homeloan deduction is R42 000 (R22 000 interest)?

Car trade-in a Capital Gain for tax purposes?

Posted 12 November 2014

I traded my car in for a new car. The sales price was R10,000 more than I owed the bank, so the dealer gave me a R10,000 discount on the new car, i.e. I didn't physically receive the money.

Do I need to register this under Section 7 - Capital Gains - and if so, how do I calculate the base cost?

CGT on primary residence that was also rented out

Posted 11 November 2014

I lived in a property for a number of years, then rented it out for a few more years after that, and I have now sold the property. It appears that CGT is only applicable to the pro-rata portion of the time that the property was rented out - thanks for the blogs and answers to previous questions on your site I was able to figure that one out. My problem is how to capture this in efiling. Do I pro-rata the base cost and proceeds and enter the reduced amounts? Or do I tick that it is a gain in lieu...

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What will the tax impl be of transferring property

Posted 10 November 2014

I wish to have a property of my parents transferred to myself and the transaction to be concluded using an interest free loan from my parents. I then wish for them to write the loan off annually with the full amount that is allowed by tax, they are married in COP.Will this be possible?The value of the property is R1,5mil - municipal valuationWill there be any additional taxes on such a transaction?

What is the capital gains tax implications on a donation?

Posted 31 October 2014

What is the capital gains tax implications on a donation?

Capital Gains based on actual purchase price and price on Deed due to exchange rate

Posted 31 October 2014

Bought property for R1500000. By time exchange rate had changed paid R1900000 for it. Could difference in actual price be offset against Capital Gains

Do you need to include an assessed capital loss in your tax return?

Posted 23 October 2014

I incurred an assessed capital loss for the 2013 tax year through sale of shares. For 2014, I made a capital gain also via shares. I read that we don't need to include the R30000 annual exclusion in our ITR12 as SARS will include this automatically. Does the same apply for the assessed capital loss? I can't find any place for it in SARS eFiling.

claiming rental expenses against bond (residential)

Posted 15 October 2014

Hello Tim,I came across this and would like some advice on whether or not it means I shouldn't claim rental expenses for the space I use for office purposes in my home. I'm still paying the bond towards the property and use one of the rooms as an office. (beware, if you own your home, do not write off a portion of your interest on your bond or rates, as you will lose your primary residence capital gains exemption of R2-million! When you sell your property one day, this would equate to ...

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Do I submit an IRP6 for the sale of a primary property if there is no Cap Gains Tax payable?

Posted 15 October 2014

On 3rd October 2014, I received proceeds from the sale of my primary residence. By my calculations, no capital tax is payable. I am registered as a provisional taxpayer, but have not had reason to pay any provisional tax for 5 years. Do I need to submit a provisional tax return on the sale by Feb 2015, or can I wait until I need to submit an ITR12 next year?

How do we treat annual exclusion when the taxpayer has made a Capital Loss?

Posted 9 October 2014

CGT QUESTION¤s the taxpayer entitled to annual exclusion if they made a Capital Loss? If Yes, what does the exclusion do to that loss (reduce or increase) ?

Rent income for shared property owned by my wife and me?

Posted 18 September 2014

Our property (including a garden flat) is owned 50/50 by my wife and I. We stay in the house (primary residence).
How do we declare the Rent Income from the garden flat - just divide it in half for each person (including the applicable deductible expenses e.g. electricity)?

Check suitability of Tax-Tim format for specific taxpayer

Posted 8 September 2014

Please let me know if Tax-Tim Smart deals with 1. ...share portfolios and resultant dividend tax and CGT2. ... portion of medical aid contribution paid by ex-employer, in case of retired person3. ...with state pension received from foreign country

eFiling restricts the way in which the different methods of calculating CGT may be entered?

Posted 6 September 2014

There are 4 methods of calculating CGT. A primary residence sale using method 1,2 or 3 shows a capital gain. eFiling appears to restrict the manner in which the figures may be entered. How may I enter one or other of the methods of calculating the gain?

How to calculate tax payable on CGT for tax year 2015?

Posted 26 August 2014

How does one calculate tax payable on CGT for tax year 2015?

Primary Residence Capital Gains Question?

Posted 25 August 2014

If I rented out my primary residence in JHB, while myself renting another property in CT (in lieu of my primary residence) for a period of 6 years, and then sold the primary residence in JHB to buy a primary residence in CT - am I liable for Capital Gains tax on the primary residence in JHB?

Can attorney's fees be deducted against rental income?

Posted 16 August 2014

I bought an investment property in the 2014 tax year, which I currently rent out.
In the process of buying the property I paid the transfer attorney fees of R10 620 and the bond attorney R12 963.
Am I allowed to include these amounts in my ITR12 tax return as Local Business Expenditure under Legal Fees or some other category?

Taxation of individual shares versus unit trusts?

Posted 15 August 2014

If I purchase equities, as I understand it, I will need to hold each share for at least three years for any profit to be deemed capital (CGT) and not revenue (full profit included in taxable income.
BUT - if I purchase unit trusts, as I understand it, I can sell them at any time (no 3 year waiting period), and only CGT will apply.
Is my understanding correct, or does the three year rule apply to unit trusts as well?

Can improvement be expensed if they are done specifically for an increased rental?

Posted 6 August 2014

I own an investment property. The rental agent has advised me that in I can increase my monthly rental markedly by doing various improvements. Can this be construed then as expenses in the production of income, or must the improvements be capitalized? Ideally I would want to expense at least a portion of the improvements.

Can I claim legal fees on my home for tax purposes?

Posted 30 July 2014

My husband and I bought a house last year.
Can we claim back the legal fees charged by the lawyer in our tax return?

What documents do I need?

Posted 29 July 2014

What documents do I need copies of to do my tax?

Can portfolio management fees be included in the base cost part of the CGT calculation?

Posted 28 July 2014

CAPITAL GAINS; My broker issued an itc3 showing a capital gain of R955 000 for the last tax year.Else where on the tax report is shown a sum of R120 000 being portfolio management fees. Can I deduct some or all of this fee as part of the base cost in calculating GCT?

CGT Calculation for non resident?

Posted 25 July 2014

I inherited shares in a 3 private companies at a total value of R650,000.00 in 2003.
I intend selling all the shares at a total price of R2,500,000.00.
I would thus make a capital profit of R1,850,000.00
I am a non resident of South Africa and a citizen of and tax resident of Australia.
I pay taxes in South Africa on dividend and interest at a tax rate of 18%.
What would my CGT liability be.

I need advice on declaring tax deducted on dividends for shares I hold?

Posted 21 July 2014

How and where is Tax on dividends declared on eFiling?
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TaxTim helping
you file your
Tax returns

TaxTim will help you:

 Do Your Tax Return Easily
 Avoid penalties
 Maximise your refund

Tim uses your answers to complete your income tax return instantly and professionally, with everything filled in in the right place.

Let Tim submit your tax return direct to SARS in just a few clicks!

Get started