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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? |
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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. |
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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 Fulfilment of the transaction is on change of possession/ registration - the bond could have been withdrawn right up until the matter was not finalised at the deeds office.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. |
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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. |
