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Entering Personal assets for the first time on ITR12

Posted 30 January 2013 under Tax Q&A

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I am a member of a CC, and need to enter personal assets for my ITR12. This will be the first time that I will be entering the values of these assets, although I have held these assets for a couple of years. I am concerned that the increase from zero in previous years will trigger investigation by SARS, is this the case, or do I just enter everything now, and ensure everything is kept up to date going forward.

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TaxTim TaxTim says:
30 January 2013 at 16:59

You may have aquired the assets during the current year, SARS uses these amounts to check up if assets result in income which hasn't been declared or in the case where capital assets are sold and not declared. I wouldn't worry too much, you aren't going to get into any issues with SARS.


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