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Capital gains tax on primary residence

Posted 9 March 2016 under Tax Questions



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Chris says:
9 March 2016 at 22:03

I want to proceed with Tax Tim to complete my tax return for 2015 as it seems I have a penalty of R 1215. My question is, my tax practitioner did not complete my last tax return and I have managed to gain control of my SARS eFiling and changed my status from a Provisional Tax Payer to Ordinary Tax Payer, do I submit my tax return as a Provisional or Personal Tax Payer. I did not work in 2015, sold my jointly owned property in JHB, moved to CT and bought another property from the proceeds. I have since divorced and sold the CT property which was also jointly owned by me and ex spouse. My primary residence proceeds of the sale was 400,000 which I have been living on until I started work in November 2015, do I declare this money as it was my primary residence and do I get taxed on it?

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TaxTimTaxTim says:
9 March 2016 at 22:25

You will need to declare the capital gain, but will not pay tax as you are allowed a R2m primary residence exclusion on the gain. However you must submit and file a tax return.


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