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The definition of cost in Assets and Liabilities section of the ITR12?

Posted 11 August 2015 under Tax Questions


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Shaun says:
8 August 2015 at 13:34

In the completion of the ITR12 assets and liabilities section, SARS are asking for the assets at cost. This is the first time I am submitting assets and liabilities so want to be sure the cost is reflected "correctly". What is the definition of cost, example for a home purchased 20 years ago. The current value or the original price that was paid?

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TaxTimTaxTim says:
11 August 2015 at 10:45

It is the original purchase price paid. You would also need to include the cost price of any improvements/renovations over the years, but NOT the cost of repairs.


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