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Capital Gains Posts in Tax Q&A

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Capital Gains: 10 most popular posts


Which costs are deductible prior to receiving rental income?

Posted 17 April 2017

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?

Capital gains tax or income tax - forex trading

Posted 9 April 2017

What's the difference between capital gains tax and income tax? Which of the two does retail forex trading fall under?

Capital Gains Tax: Two

Posted 5 April 2017

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...

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Tax clearance certificate for a non-resident

Posted 5 April 2017

A non South African citizen brought money into South Africa, bought a house and sold it recently. She needs a tax clearance certificate. How does she get it as she has no tax number?

CGT on primary residence (if it has been let out - also my only residence)

Posted 4 April 2017

What CGT would I be liable for if my primary residence is my only residence - but rented out?

Do I get Tax back on a loss from selling shares?

Posted 15 March 2017

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?

Inclusion of rental expenses in CGT calculation

Posted 24 February 2017

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?

Which base cost to use when calculating CGT?

Posted 24 February 2017

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...

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Sale of rental property

Posted 17 February 2017

My son works abroad, but he owns a rental property in South Africa which he sold recently. Is he required to pay capital gains tax on the proceeds?

Tax implications on selling my second property?

Posted 13 February 2017

What will my capital gains tax be if I received a payment of R680 000 upon selling my second property?

CGT and new retirement fund laws

Posted 8 February 2017

Non of the tax calculators include Capital Gains tax
What is the impact of a Capital Gains Tax on the allowable RA deduction?

Home office and CGT

Posted 8 February 2017

I work from home and would like to find out what will the cgt implication be when I sell my primary residence and is it worth it for me to continue to deduct my office space as an expense?

Does married in commuity of property mean a partnership?

Posted 7 February 2017

We are married in community of property does this mean this is a partnership for CGT purposes?

Accumulating overseas dividends do I pay tax on these in SA?

Posted 6 February 2017

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.

Do I declare my CGT on the IRP6?

Posted 6 February 2017

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.

Rental Income Tax for Foreign Non Residents

Posted 3 February 2017

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.

CGT Calcualtion for Primary residence

Posted 1 February 2017

CGT Primary Residence with a home office

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

How much capital gains tax for non resident

Posted 30 January 2017

I am a non-resident and would like to find out how much capital gains I would have to pay if I sell my house

Capital gains in provisional tax returns

Posted 27 January 2017

Must capital gains from an investment portfolio be included in the Turnover amount for provisional tax returns 1 and 2?

Tax on an offshore shares trading account

Posted 26 January 2017

Do I pay capital gains on an offshore shares trading account? I have a shares account in the US.

Can I claim the interest I paid on the bond for both my properties?

Posted 25 November 2016

Originally my primary residence (property A) had less than R10,000 remained on the bond. When I bought my rental property B, I borrowed money from my bond for my primary residence (property A) and put that full amount into the rental bond (property B). This was to reduce the interest charges on the rental property (B),given Property A has a lower interest rate than Property B. How do I show SARS that the interest charged on Property A and property B in both bond counts against the renta...

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Are expenses on my primary residence for improvement and renovation tax deductible?

Posted 23 November 2016

Are expenses on my primary residence for improvement and renovation tax deductible?

When do I declare and deduct maintenance and upgrade to my rental property to SARS?

Posted 14 November 2016

How can I derive maximum benefit from maintenance and upgrades that I have made to a rental property? Can I declare the expense for the current tax year and also declare it for Capital Gains Tax purposes when I sell the property? Is there another way in which I can benefit from this expense?

Is proceeds from a trust taxable in the hands of the trustee?

Posted 9 November 2016

My Grandfather left a family beach house in a trust for the family to use. Over the years it was not used anymore so it was sold and each person in the trust got R10000 00 and then the trust was dissolved. I want to know will I pay tax on this and can you help should I register?

Am I due to pay CGT on my rental income?

Posted 7 November 2016

If my rental income are paid directly into my bond account, do I have to pay Capital Gains Tax on it?
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235 DAYS
LEFT OF
TAX SEASON
2017


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