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Tags: capital gains tax, house for business use, reduce capital gains tax, cgt, cgt exclusion, private property ownership, business property ownership, tax, save transfer duties

Buying a house for business use? Here's how you can reduce capital gains tax

by , 15 July 2013
Buying a house to use as your business premises is a big step and an exciting one. Many business owners are afraid to buy a house under their business name because it attracts Capital Gains Tax (CGT). Here's how you can legally reduce the capital gains tax on your new business premises...

When you buy a house to use for your business, selling it in the future may be the last thing on your mind. But you have to be smart from the get-go because if you end up relocating the business, selling that house will incur a huge amount of capital gains tax.

The Practical Tax Loose Leaf reveals how to reduce your CGT on the property sale…

Whose name is on the deed? Private property ownership vs. business property ownership

If you can swing it, the best idea would be to buy the property privately under your own name. In that case, you'll get an annual CGT exclusion of R16 000. You'll also only get taxed on 25% of your business profits. This would go up to 50% if the house is in the name of your business (such as a trust, company or CC).

Save on transfer duties with this simple trick

If the house is bought under your company's name, you must pay a flat 8% transfer duty. However, if you buy it under your own name, you don't have to pay transfer duties at all if the house is worth less than R500 000. If the house is worth between R500 000 and R1 000 000, a natural person would pay 5% transfer fees. If the house is worth over R1 000 000, an 8% transfer fee applies.

So, especially if you're buying a low-cost property, it might be far wiser to buy it privately than under the name of your business.
Author: FSP Business


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