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Which year do I declare CGT on property sale?

Posted 11 March 2016 under Tax Q&A


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SHARON says:
10 March 2016 at 14:42

If the date of sale and the registration of that same property fall under two different tax years, which is the year applicable for submission of the tax return to SARS?

This entry was posted in Tax Q&A and tagged , , , . Bookmark the permalink.

TaxTim TaxTim says:
11 March 2016 at 6:43

SARS has the view that the date of disposal is when all the suspensive conditions have been fulfilled, so have a look at your contract, if the contract is only fulfilled once registration takes place then that would be the applicable year.

SHARON says:
11 March 2016 at 11:09

The conveyancers who handled the registration have advised me that tax was liable for 2015 tax year - the offer to purchase was signed in december 2014. Registration/possession took place on March 3rd 2015. Fulfilment of the transaction is on change of possession/
registration - the bond could have been withdrawn right up until the matter was not finalised at the deeds office. Thank you your information - it was helpful but im still not 100% sure in which year to submit capital gains.

TaxTim TaxTim says:
11 March 2016 at 18:02

We would say the transaction fell into the 2016 year, but SARS have been known to accept both methodologies.


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