Is it correct that for private individuals Capital Gains Tax (CGT) is levied on net gain and of that, 40% is taken into account and that amount is added to individual's taxable income for that specific tax year. How does it work for companies or Trusts, is 100% of net CGT taken into account or what?
I had MTN Zakhele shares which reach maturity and were paid out in December 2016. Do I include the amount that was paid into my bank account or the difference between what I paid for the shares vs what I sold them for?
This query relates to question 6431 "Please enter the total amount received from the sale here. This is known as the proceeds." in the Capital Gains section.
Please assist on the below as I cannot find additional information within the current questions on your blog:
While not a monthly expense - it is mentioned that any expenses incurred in earning the rental property income can be set against the rental income for tax purposes. Does the following apply to that reasoning:
1. Installation of Prepaid electricity meter (about R1400) 2. Separating the electricity flows for sectioning off the electricity for the rental portion of the property to the main house (we only renting...
In respect of a second property that one rents out, starting off, can one deduct the following for personal income tax: (1) Bond transfer fees and registration costs; (2) Costs incurred on repairs to the property in the month prior to receiving the 1st rental for the property?
I bought a house in December 2013. In November 2015, I bought a second house and it was registered in my name, February 2017. The intention was to let out the first house, and we moved March 2016, with the first house now being empty. However, in the meanwhile, I decided to sell the first house. I haven't had any tenants staying in the first house, it has been empty for a month now. We stayed in the first house since I bought it, for over two years. Will I be liable for capital gains tax, or wil...
I bought shares in a private company (cost me 100k). We have now sold the company in full and my portion of the payout is 80k (i. e. 20k loss). Can I claim tax back on this amount? And if so, what do I need to do it?
If I earned no income from a rental property (which I rented out for about 7 years) and sold it in the same year, can I still deduct the expenses (levies, interest, rates) normally incurred from income, or should I add these costs to the Selling cost or Base cost to reduce capital gains tax?
I bought some Satrix Divi through the Satrix Investment Plan in Aug 2007. All dividends were reinvested by Satrix, ie every quarter more shares were bought. In July 2011, I transferred all of my "units" to an online broker and made no further purchases. For the first few months, my statements from that broker show a base cost per share of 0. Suddenly, in the March 2012 statement, it lists a cost per share, which appears to be the share price on March 16 2012. I have just sold these share...
If the dividends from overseas shares are accumulated back into the fund in the UK, do I need to pay tax on them in SA even if I am not having them paid out to me. In the UK I do not have to pay tax on them if they are accumulated.
My husband and I sold our primary residence and bought a new one in April 2016. According to TaxTims Calculator, we don't need to pay Capital Gains Tax because it was less than R2m, but: 1. Do I still need to declare the capital gain? 2. If so, do I declare 50% of it because I own half of the property? 3. Also, I missed any mention of capital gains in my Prov tax Period 1. When I filled in Period 2 today, I didn't see any space to add Capital Gains.
Dear Tim, I am a foreign non resident and own a property in South Africa from which I gain rental income of about R6500 gross per month, or around R4000 after expenses. It has lately come to my attention that I may need to pay tax on this. How do I get started? I rarely visit South Africa.
Base Cost R3m Proceeds R7m I use 33. 33% of my primary residence exclusively for trade/business. I have claimed these expenses for the past 4 years when doing my IT12. I have owned the primary residence for 11 years. How do a calculate the CGT taking into account 7 of the 11 years were 100% primary residence