I recently sold my home in South Africa at R6,500,000 (5 April 2016). I purchased this property in 2006 at R3,500,000. When would I need to submit this to get CGT assessed. In addition to the R2,000,000 primary residence exclusion, what is the 2016 annual exclusion? Is there a SARS CGT call number?
You would pay CGT on the gain being R3 000 000 less the R2 000 000 primary exclusion so therefore R1 000 000 then you would deduct the R40 000 annual exclusion and then include 40% of the remaining gain in your taxable income and pay tax on that.
Get Tax Deadline Reminders, News and Tips
We'll tell you when you need to file, along with tax tips and updates.