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Great news! There's ten assets that are excluded from Capital Gains Tax

by , 08 August 2014
The rule of Capital Gain Tax (CGT) is if you make a capital gain, SARS wants part of it. It takes this part by taxing your profits.

This makes CGT every business owner's biggest bugbear. Every time you make a bit of extra profit, suddenly half of it goes into SARS' deep pockets.

But there's good news, there are certain assets CGT doesn't cover. Find out what they are, so you can find out how to save on CGT...

 
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Capital Gain Tax doesn't cover these ten assets

 
1. Primary residence. If you sell your home, SARS doesn't take part of this money as CGT.
 
2. Personal-use assets. This is an asset you own in your personal capacity that you don't use for trade or business.
 
3. Retirement benefits. SARS won't touch any lump sum you get from a retirement fund, whether it's local or international.
 
4. Long-term assurance. There's no CGT if your cancel or dispose of a long-term insurance policy.
 
5. Compensation for injuries. SARS can't tax any money you get as workers' compensation for injuries or illnesses.
 
6. Gambling, games and competitions. If you win money through any of these things, there's no CGT on it.
 
7. Collective investment schemes. 
 
8. Donations and bequests to public benefit organisations (PBO). Just be careful of donation tax if you make donations to an organisation that isn't a PBO.
 
9. Exempt persons. You can disregard any capital gain for the disposal of an asset where any amount of any nature is exempt from tax under Sections 10.
 
10. Awards in terms of the Restitution of Land Rights Act.
 
So ensure you don't include any capital gains from any of these assets or asset disposals when you calculate your CGT.
 
 
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