FAQ: Can an assessed loss – as opposed to an assessed capital loss – be set off against a taxable capital gain?
Yes. Some commentators have questioned this point because a taxable capital gain is included in taxable income. The definition of the term “taxable income” in section 1 provides as follows: “taxable income” means the aggregate of— (a) the amount remaining after deducting from the income of any person all the amounts allowed under Part I […]
FAQ: I want to import my personal effects and / or household goods. What do I require?
The goods or effects may be imported into the RSA without the payment of customs duty and VAT in terms of rebate item 407.06 of Schedule No. 4 to the Customs and Excise Act, provided that you have been out of the Republic of South Africa for a period of 6 months or longer. The […]
FAQ: How must I value my shares on valuation date and can I use the time-apportionment basis?
South African-listed shares 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 the five business days preceding 1 October 2001 and which has been published in the Government Gazette Time-apportionment base cost 20% of the proceeds […]
FAQ: How must the base cost of my demutualisation shares be determined?
The valuation date value of demutualisation shares in Old Mutual and Sanlam can be determined by using any of the four methods available for this purpose, namely, market value, time-apportionment, 20% of proceeds or weighted average. However, since these shares were acquired for an expenditure of nil, the time-apportionment method is unlikely to give the […]
FAQ: I hold unit trusts as well as shares on the JSE. Must the market value on valuation date for CGT purposes be calculated as at close of business on 30 September 2001 or close of business on 1 October 2001?
SARS has published the market values to be used for securities on the JSE and for domestic unit trusts on this website. These were also published in Government Gazette 23037 of 25 January 2002. These market values are based on an average of the values for the five trading days before valuation date.
FAQ: 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. If an expert was used, the same factors as would be considered when engaging an accountant, attorney, […]
FAQ: What are the accounting periods for CO2 emission levy accounts?
The accounting periods for the CO2 levy accounts are: 1 January – 31 March 1 April – 30 June 1 July- 30 September 1 October – 31 December
FAQ: Can a penalty be imposed by SARS if an asset was incorrectly valued by a taxpayer? If so, under which section of the Act?
Yes – section 222 of the Tax Administration Act, 2011.
FAQ: Who can I contact for enquiries relating to the Venture Capital Company scheme?
If you have any enquiries regarding venture capital companies, you can contact SARS as follows: By email [email protected] By post: SARS Large Business Centre Venture Capital Companies Private Bag X170 Rivonia 2128 By phone: (011) 602 3839
FAQ: Are there any special tax benefits for Venture Capital Company’s?
No. The standard tax rules will apply.
