Hide
Earn under R350,000? Click here to see why you still need to file to get your Tax Refund.
CLOSE
Get SARS Tax Deadlines in your Inbox
 

We'll tell you when you need to file, along with tax tips and updates.
Try Tim Now

On ITR12 do I fill in local assets/liabilities at cost?

Posted 11 December 2015 under Tax Questions



Blog Categories


Ask TaxTim

Got a question you want answered about tax?

Visit our helpdesk →
Bridget says:
11 December 2015 at 9:46

What does local assets and local liabilities (at cost) mean

This entry was posted in Tax Questions and tagged , . Bookmark the permalink.

TaxTimTaxTim says:
11 December 2015 at 16:18

For assets, it means the price you paid when you purchased them. e.g. cost price of your car, house, etc
You would not factor in wear and tear or an increase in market value.

You would reflect liabilities at their current value (e.g. for a bond on a house, you would use latest balance per the loan statement).


Get SARS Tax Deadlines in your Inbox
 

We'll tell you when you need to file, along with tax tips and updates.

Blog Categories


Ask TaxTim

Got a question you want answered about tax?

Visit our helpdesk →