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Provisional tax period for declaring a secondary property sale.

Posted 7 February 2015 under Tax Q&A


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I sold a secondary property in January 2015. The registration into the new owner's name will only go through in April/May and therefore the payout of the profit to myself. As a provisional taxpayer, my question is do I declare this transaction on my provisional tax return at the end of Feb 2015 (in the period the transaction was done) or in my August 2015 provisional tax return (in the period the transfer of ownership was done and payment received)?

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TaxTim TaxTim says:
8 February 2015 at 20:29

This is a sticky issue with SARS, when does the transfer take place according to the sale deed?

Andre says:
8 February 2015 at 23:15

There is no transfer date on the sale deed. It depends on the processing time at the deeds office which is currently estimated to be 81 days from date of submission. Occupation date on the sale deed is 1 April regardless of whether transfer has gone through or not.

TaxTim TaxTim says:
10 February 2015 at 20:39

This will only be a transaction on after the end of the 2015 tax year so you would only consider it next season.


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