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How to include sale of house and RA in the Statement of Local Assets and Liabilities

Posted 12 August 2013 under Tax Q&A


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ITR12 Query: Statement of Local Assets and Liabilities
1. Form states that Local Assets should be listed at cost. Does this mean the cost of the asset when it was purchased? I bought my house in 1974 for R19 000. Is this the amount I enter in the fixed properties block?
2. Should the current values of Retirement Annuities be included as an asset?

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TaxTim TaxTim says:
13 August 2013 at 12:06

The RA would be included as part of your investments, while the other assets such as homes would be included at cost. Admittedly it does not make much sense because as you say, you bought the house 40 years ago, but that is what is required by SARS!


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