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Here they are! The nine assets you'll always have to pay Capital Gains Tax on

by , 11 August 2014
Capital Gains Tax (CGT) can be a nightmare to calculate. You have to work out your profits, use the SARS inclusion rate and only then calculate the amount of CGT using your tax rate.

Now what if you do all of this for the wrong assets? You see, since CGT doesn't cover all assets, it's possible to get tax assets and tax exempt assets confused.

To relieve the confusion, today we're revealing the nine assets CGT always covers...


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Get your copy of Capital Gains Tax 101: Your ultimate guide to slashing Capital Gains Tax today so you don't pay a cent more to SARS than you have to.
 
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You must pay Capital Gains Tax on these nine assets

 
Asset #1: Your company's main residence, close corporation, trust (other than a special trust);
 
Asset #2: Holiday homes, second homes and properties you let to tenants; 
 
Asset #3: A boat that exceeds 10m;
 
Asset #4: Caravans;
 
Asset #5: An aircraft with an empty mass that doesn't exceed 450kg;
 
Asset #6: Shares, unit trusts, private investments and second-hand policies;
 
Asset #7: Krugerrands or other silver, platinum, or gold-minted coins. This also applies to any coins that have the market value of the metal;
 
Asset #8: The sale of your business, other than on retirement; and
 
Asset #9: All other capital assets, except those specifically excluded.
 
Now that you know which assets are taxable, remember to apply this golden rule of Capital Gains Tax to them.
 

Here's the golden rule of Capital Gains Tax

 
The golden rule of CGT is if you make a capital gain on any of these assets you need to give SARS its portion. 
 
So work it out correctly using these five steps. If you don't and you make a mistake, you may face serious SARS penalties. 
 
*********** Reader's choice  ***************
 
Avoid costly tax issues
 
Don't pay another cent on expensive tax consultant or lawyer fees
 
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