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How to calc and when to pay CGT on a once off payment?

Posted 28 January 2015 under Tax Q&A


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received a once off payment in June 2014 from a trust and my company asked Phillipp Haut for an opinion on how it should be taxed. His response was
What is certain though, are the following:
1. The beneficiary must disclose the capital gain in his or her tax return. 2. This involves showing the relevant portion of the trust?%u20AC%u2122s proceeds and base cost of the shares. 3. No employees?%u20AC%u2122 tax needs to be withheld. 4. The capital gain must be taken into account in the employee?%u20AC%u2122s second provisional tax return for the year in which the gain is distributed to him or her. My questions are:
1. I am not registered as a provisional taxpayer as this was just a once off thing. Do I need to make a provisional payment by the deadline of 30 Jan 2015 and
2. Do I need to register as a provisional taxpayer?
3. How do I calculate the amount of tax I owe? I did not hold any shares, I just received a payment. Thanks!
Beth

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TaxTim TaxTim says:
29 January 2015 at 9:53

Provisional Tax returns are only due end February 2015. Tomorrow's deadline is for provisional taxpayers to submit their 2014 ITR12 - tax return.

You would need to register as a provisional taxpayer for this period ending 28th Feb 2015. You would need to go to the company and ask them for the costs and selling price of the shares, but on your provisional return you would just add the one third of the payment - which is probably the gain to your Estimated Taxable Income and then when you complete the rest of the form SARS will calculate the tax.


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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!

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