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Capital Gains Tax update as it relates to sale of Immovable Property

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(Updated 29 February 2012)

This tax was introduced on 1 Oct 2001 (therefore the date from which capital gains will be taxed is 1 October 2001), it is triggered on the disposal of an asset and the taxable gain from the disposal is declared in a taxpayer’s general income tax return for the year of assessment in which the disposal occurred.

  1. Summary of provisions are as follows:
    1.1       CGT is payable on the disposal of assets that take place on or after the valuation date being 1 October 2001.

    Disposal includes:
                     - sale of an asset
                     - donation of an asset
                     - the loss or destruction of an asset

    1.2       In case of South African residents, the tax will apply to the disposal of all assets, including overseas assets.

    1.3       The Capital Gain is determined by calculating the difference between the proceeds (the amount that accrues to the
                 seller) and the base costs (costs directly incurred in acquiring or improving) of the disposed asset.

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