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TaxTim says: 20 November 2012 at 19:04 Capital Gains Tax affects all taxpayers regardless of age. However due to being a pensioner the amount of tax you pay on the capital gain is smaller as you get past the ages of 65. This is because you are allowed a higher amount/tax threshold before you actually pay tax. A percentage of the gain/profit you make from selling the houses is included in your income, but because of being a pensioner a smaller amount is taxed. |
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TaxTim says: 20 November 2012 at 19:09 Tax Thresholds The tax thresholds at which liability for normal tax commences, are: Persons under 65 years R 59 750 Persons from 65 to 74 years old R 93 150 Persons 75 years and older R104 261 So any amounts over that would be taxed depending on your age up until February 2012. |
