CGT Calcualtion for Primary residence

  Written by Alicia   Posted 1 February 2017

CGT Primary Residence with a home office

Base Cost R3m
Proceeds R7m
I use 33. 33% of my primary residence exclusively for trade/business. I have claimed these expenses for the past 4 years when doing my IT12. I have owned the primary residence for 11 years. How do a calculate the CGT taking into account 7 of the 11 years were 100% primary residence

How much capital gains tax for non resident

  Written by Alicia   Posted 30 January 2017

I am a non-resident and would like to find out how much capital gains I would have to pay if I sell my house

Capital gains in provisional tax returns

  Written by Alicia   Posted 27 January 2017

Must capital gains from an investment portfolio be included in the Turnover amount for provisional tax returns 1 and 2?

Tax on an offshore shares trading account

  Written by Alicia   Posted 26 January 2017

Do I pay capital gains on an offshore shares trading account? I have a shares account in the US.

Can I claim the interest I paid on the bond for both my properties?

  Written by Alicia   Posted 25 November 2016

Originally my primary residence (property A) had less than R10,000 remained on the bond. When I bought my rental property B, I borrowed money from my bond for my primary residence (property A) and put that full amount into the rental bond (property B). This was to reduce the interest charges on the rental property (B),given Property A has a lower interest rate than Property B. How do I show SARS that the interest charged on Property A and property B in both bond counts against the renta...

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Are expenses on my primary residence for improvement and renovation tax deductible?

  Written by Alicia   Posted 23 November 2016

Are expenses on my primary residence for improvement and renovation tax deductible?

When do I declare and deduct maintenance and upgrade to my rental property to SARS?

  Written by Alicia   Posted 14 November 2016

How can I derive maximum benefit from maintenance and upgrades that I have made to a rental property? Can I declare the expense for the current tax year and also declare it for Capital Gains Tax purposes when I sell the property? Is there another way in which I can benefit from this expense?

Is proceeds from a trust taxable in the hands of the trustee?

  Written by Alicia   Posted 9 November 2016

My Grandfather left a family beach house in a trust for the family to use. Over the years it was not used anymore so it was sold and each person in the trust got R10000 00 and then the trust was dissolved. I want to know will I pay tax on this and can you help should I register?

Am I due to pay CGT on my rental income?

  Written by Alicia   Posted 7 November 2016

If my rental income are paid directly into my bond account, do I have to pay Capital Gains Tax on it?

Can I get a UK CGT credit against SA CGT?

  Written by Alicia   Posted 31 October 2016

If I am resident in SA but sell a UK property I will have to pay UK CGT, but as this isn't income tax, will I get a credit for the UK CGT paid against the SA income tax due on the gain?

Is valuation costs of a building that was sold tax deductible?

  Written by Alicia   Posted 23 September 2016

Is valuation costs on a factory that was sold tax deductible? Or should the fee paid form part of the base cost for CGT purposes?

Rental property allowable deductions

  Written by Alicia   Posted 21 September 2016

I bought a property and am renting it out. I know I have to submit the rental income. Am I also able to submit the expenses (i.e. Transfer / legal cost to obtain the property) levies paid, rates and taxes and electricity for this property?

How do I get the base cost?

  Written by Alicia   Posted 27 July 2016

I recieved a share scheme pay out. I do not have an ITc3? How would I go about completeing the capital gains portion of the document, as I do not have a base cost?

Tax deduction for insurance on rental property

  Written by Alicia   Posted 22 July 2016

Can the excess I paid on an insurance claim be claimed as an expense on my rental property and are the proceeds from the insurance claim taxable?

Tax on loyalty rewards

  Written by Alicia   Posted 19 July 2016

If a company gave an employee the right to use the company credit card for purchases at specific brands stores. If the employee has a loyalty card, and the company credit card purchases resulted in him earning a significant amount of reward points, what would the income tax implications be for the employee and their employer.

Rental property - Repairs and maintenance/capital expenditure

  Written by Alicia   Posted 19 July 2016

An individual moves out of their primary residence on eg 12 March 2015 to rent it out and purchases (and pays) for a new oven on 17 March to replace the existing oven which is not working properly. The oven is purchased so that there is a working oven in the property when a tenant moves in. A tenant starts renting the property from 1 July 2015 (only from July 2015 and not sooner due to not being able to find a tenant sooner). The oven is installed on July 2015 when the tenant is renting the property...

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Is my bond installment, tax deductable?

  Written by Alicia   Posted 14 July 2016

Hello Tim. I am a home owner and currently staying in the house where do I have to put in the amounts that the bank send me via a tax invoice? The invoice states that its for tax purposes.

Provisional Tax on capital gain

  Written by Alicia   Posted 28 June 2016

Have just sold a property and have made a large capital gain and will have to pay tax on this in 2017 tax return, will I need to include more funds to Provisional tax or can I wait till I get my 2017 assessment, and so get interest.

Tax deductions on rental property

  Written by Alicia   Posted 16 June 2016

I have a rental property that's in a different town from the one in which I live. Is the fuel that I use traveling the property to make improvements tax-deductible? Also, what incurred on a rental property are tax deductible?

Tax on pension and shares lump sum payouts

  Written by Alicia   Posted 15 June 2016

Can I claim tax on my pension withdrawal lump sum payout and on my shares payout

Deductions against rental income

  Written by Alicia   Posted 15 June 2016

I have moved from CPT to JHB. I own a house in CPT which is now being rented out to tenants. In JHB I am currently renting. From a SARS perspective, do I need to declare the rental income as I only own one property and its not a second property bringing in an extra income? What I receive as rental income in CPT immediately covers my rent here. So I do not gain anything. In face what I am asking as a rental is the same as what I pay for my rent here.

Foreign investment account

  Written by Alicia   Posted 10 June 2016

What are my tax liabilities if I open a bank account (from SA) in the UK, transfer funds into that account and then bring those funds back into SA after a period of time?

CGT on transfer of shares

  Written by Alicia   Posted 10 June 2016

Hi
My client started 2 companies and was the 100% shareholder
He now wants to transfer the shares to his holding company
With regards to the cgt calculation can a simple valuation be performed for the deemed proceeds or does SARS require to have it done by a professional
Also - what can we add to the base cost
Can we add the legal costs to create the agreements for the transfer of shares?

Long partnership regarded as marriage for tax?

  Written by Alicia   Posted 9 June 2016

I have been living with a woman as husband and wife for 17 years and see no point in getting officially married. With regard to tax rules such as: tax free gift/donation between spouses and tax rules regarding disposal of residence to spouse on death, apply to me? I have in mind donating money to my partner which she will invest to achieve a tax saving on capital gains as she has small income. She would also be able to donate to my children if required, to take advantage of the R100k tax free am...

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Does the sale of a Holiday Home attract CGT?

  Written by Alicia   Posted 9 June 2016

My parents have a small holiday home which they have been offered R1 300 000 (from tenants). They bought the home in 1979 for R97 000. Will they be liable for CGT and how do I work out what CGT they will pay?
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