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

Which year do I declare CGT on property sale?

Posted 11 March 2016 under Tax Questions



Blog Categories


Ask TaxTim

Got a question you want answered about tax?

Visit our helpdesk →
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?

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

TaxTimTaxTim 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.


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registration - the bond could have been withdrawn right up until the matter was not finalised at the deeds office.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.


TaxTimTaxTim 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.


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 →