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.

What will the effect of CGT be when calculating the deduction for donations, medical and retirement 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 to the extent that they do not exceed 10%

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

I own a flat through shares in a share block company. I reside in the flat when on holiday, and rent it out the rest of the year. What will the CGT implications be if I sell my shares in the share block company?
The definition of “an interest” in paragraph 44 of the Eighth Schedule includes a share owned directly in a share block company. The primary residence exclusion can therefore .

Will the sale of my primary home be subject to CGT?
For the 2013 to 2019 years 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).

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