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Capital Gains Posts in Tax Q&A

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Maximum tax deductible contribution towards a RA

Posted 25 May 2016

I am trying to work out the maximum tax deductible contribution to a Retirement Annuity. Person earns R1 000 000 of which 75% is pensionable. Total contributions to pension fund is 13%. He made a capital gain of selling shares at R150 000, received rental income of R180 000 with R50 000 deductible expenses. I'm confused on how to work out this question. It states that max deduction for a RA is 15% of non-pensionable income. I get R250 000 R150 000 R130 000 = R530 000 x 15% = R79 500. However...

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Can I deduct the commission earned by the attorney on a deposit?

Posted 24 May 2016

We bought a house and gave a large cash deposit to the attorney to hold. The transfer of the house took a while so the interest accrued amounted to some R65000. However, the attorney took as a commission about R10,000. Both amounts are shown on the IT3b. SARS included the total interest on my tax return but disallowed the deduction. Is there any way to get the deduction?

How much CGT am I due to pay?

Posted 24 May 2016

I inherited a property in 2007 (it was transferred into my name in 2007, although my dad passed on in 1997) - delay caused by issues with executing the will. I valued the property in 2002 for Capital Gains Tax and it was valued for R760 000 at the time. I want to sell the property now for R3. 95 million. I earn a salary of R480k per year. How much CGT will I have to pay?

Can i claim back Transfer duty?

Posted 23 May 2016

I recently purchased a property for residential use. The conveyancers submitted a Transfer Duty to SARS and the transfer fees equated to R12600. I normally get an IRP5 and medical aid forms from my company and submit my income tax when season opens. My question is what do I do with the transfer duty declaration for SARS issued me to be considered and is there any way of getting any refund on this transfer fees.

How does capital gains tax contributes to vertical equity?

Posted 20 May 2016

Explain how capital gains tax contributes to vertical equity.

How is CGT paid, is it deducted from gross investment or added to gross annual income

Posted 20 May 2016

If you are subject to capital gains tax, how is it paid, is it deducted from gross investment or added to gross annual income

Exclusion of R 40 000.00 of Capital Gains Tax

Posted 19 May 2016

Two sisters bought an apartment. When they sell the apartment, capital gains tax is applicable. This is not a primary residence. Is the R40 000. 00 exclusion for both sisters on the total amount of the asset or for each sister in calculating their cut of the income?

Capital Gains Tax vs Donations Tax

Posted 16 May 2016

Provide a reason why there will be no Capital Gains Tax consequences on the receipt of R50 000 as a donation be.

Tax on divorce settlement

Posted 12 May 2016

I would just like to know if I will be taxed on my divorce settlement?

Rental Income on room rented at Primary Residence

Posted 12 May 2016

You speak about rental income earned on a second property, and expenses (interest, electricity, etc) that can be deducted from the income. Does the same apply to a primary residence owned by the taxpayer where additional income is generated eg. By renting out a room in the property?

Can I net off rental income against my rent payments?

Posted 11 May 2016

I am receiving rental income on my primary residence and am paying rent to stay in another apartment. Obviously I need to declare the rental income but can any of the rental I am to paying out be set off against this income?

CGT on primary property worth less than R2m

Posted 9 May 2016

My mum (78 years) wants to sell her house (market value is R1,7million) due to her deteriorating health, she can no longer stay on her own now, what are the the tax implications? Property was purchased in 2008 for R1,1million

Estate duty and tax on a property held within a company

Posted 9 May 2016

What taxes are due on a property owned by an individual when the person dies?
What taxes are due on a property owned by a company when a shareholder dies?

VDP in respect of Interest on foreign funds

Posted 4 May 2016

Hi. I worked in the UK for the period from about 1982 until about 1986. During that time I purchased a house there in 1982. After coming back to SA in 1986, I kept the house until selling it in 1987. The proceeds from that sale remained behind in the UK in an interest earning account. I have not declared any of the interest earned on the account since then until now. Wanted to know what are the SA tax implications of this interest that was not declared and also whether I can apply for VDP in res...

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Supporting documents for capital gains tax deduction

Posted 28 April 2016

I have sold my primary residence which was bought in 2002 and there will be a profit of more than
R2 000 000 subjected to Capital Gains Tax. There were a few small improvements (not maintenance) done over the years which I believe can be included in the base cost for example Paving, Blinds, Towel and curtain rails, cornices and garden landscaping. However, I do not have documentary proof for some of the older improvements anymore. (Improvements still form part of property)
My question...

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Capital gains tax on primary resindence

Posted 26 April 2016

Hi Tim, My wife and I bought a house which we own 50/50. We are currently renting out that house as we want to renovate it at some point in the future and then move into it. We currently live in another rented house (ie are renting it from someone else). Would the primary residence be the residence we currently reside in (ie are renting) and the secondary residence be the house we own but are renting out? Then on the rental income, as well the associated expenses of the house we own, do we just ...

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Do we calculate vat on legal fees from Road Accident Fund proceeds?

Posted 24 April 2016

I work for a legal firm that deals with Road Accident Fund (RAF) on behalf of our clients. We deduct an amount of legal fees after the matter is settled - can we use the amount received from RAF to calculate our input vat?

Selling an asset what is the capital gain tax implication

Posted 18 April 2016

Selling a property that we live in

Are consulting fees with regards to a share sale agreement deductible?

Posted 18 April 2016

Are consulting fees incurred for the acquisition of 75% equity shares in company deductible?

Capital Gains Tax on shares sold from a deceased estate

Posted 15 April 2016

Does a capital gain on shares sold from a deceased estate after the death of the deceased get taxed?

Tax on share options

Posted 14 April 2016

On 1 March 2011 MaxBuild Ltd granted me an option to purchase 10 000 equity shares in the company for R75 each. The conditions attaching to the grant of the option were that I would not be entitled to dispose of the shares for five years or until I resign, whichever occurred first. At 29 February 2016 the shares had a market value of R123 each. This offer was not extended to any other employees at the time it was made and I'm still in the employment of MaxBuild Ltd. How will this transaction be ...

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Tax implications of funds held in Share Platform

Posted 14 April 2016

I have a question regarding funds held and traded out of EasyEquities - a share platform you might have heard of. For example, say I want to sell my SAB Miller stock at current value of R1,000 (bought it a year back for R500). I want to know will there be any tax implications if I keep that money in my EasyEquities account and reinvest it into another share. In other words, I haven't paid out the money to my bank account, but just reinvested it back into another share?
Or, does the selling of the shares automatically invoke CGT (calculated at time of sale) even if the funds didn't come directly back to me?...

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Returning to SA after 8 years and still earning pounds and not rand. When am I tax resident in SA?

Posted 11 April 2016

I'm South African born and worked and lived in the UK for 8 years before moving back about a year ago. I have dual citizenship and I am still paid and taxed by a UK company and earn no income in South Africa. When will I be considered a tax resident in South Africa?

I went to see a tax consultant who didn't really give me much info except 'don't worry', that while I'm not earning South African income I wouldn't be taxed here. I also have shares in a UK company that I'm periodically se...

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CGT on sale of business

Posted 11 April 2016

What CGT will be payable if you sell a business that you started in 2004 with a R3,000 loan, you now sell it for R5. 5 mil and pay a 10% commission.

Capital Gains Tax calculation

Posted 11 April 2016

I recently sold my home in South Africa at R6,500,000 (5 April 2016). I purchased this property in 2006 at R3,500,000. When would I need to submit this to get CGT assessed. In addition to the R2,000,000 primary residence exclusion, what is the 2016 annual exclusion? Is there a SARS CGT call number?
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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