ALL FAQs

What is base cost?
Base cost is the amount against which any proceeds upon disposal are compared in order to determine whether a capital gain or loss has been realised.

Will the sale of my primary home be subject to CGT?
For the 2013 year of assessment the first R2 million of a capital gain or loss on disposal of a primary residence must be disregarded (2007 to 2012: R1,5 million).

What is a primary residence?
A residence must meet certain basic requirements before it can qualify as a primary residence (Paragraph 44 of the Eighth Schedule).

What will the effect of CGT be when calculating the deduction for donations, medical, pension and retirement annuity fund contributions?
The impact of a taxable capital gain on the calculation of certain deductions is as follows: Donations Under section 18A(1) of the Act a person is entitled to a deduction for qualifying donations

Who should have done the valuation? By what date should my property have been valued? Who must hold the valuation certificates? When must valuations be submitted and to whom?
5.1 The taxpayer disposing of the asset was responsible for any valuation submitted to SARS. Depending on the nature and value of the asset concerned, the taxpayer should have considered obtaining expert advice, but this was not compulsory.

How must I value my shares on valuation date and can I use the time-apportionment basis?
The following valuation date values may be adopted for South African-listed shares: Market value which is the volume weighted average price of all the relevant shares traded during

In the case of a couple married in community of property, will a capital gain on an investment in the name of one of the partners be regarded as a capital gain accruing to both partners?
Under paragraph 14 of the Eighth Schedule a disposal of an asset by a spouse married in community of property is treated as having been made

Last Updated: 23/10/2015 1:45 PM     print this page
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