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Here's what to check to help you avoid or reduce the CGT net

by , 23 September 2014
You may think Capital Gains Tax (CGT) is inevitable. That you have to fork over your money to SARS on every asset you get rid of.

But that's not true! CGT isn't a blanket tax you have to pay of every disposal. In fact, there are ways to escape CGT and, the best part is, they're legal.

To help you hang onto your money, instead of blindly handing it over to SARS, we're going to show you how to escape that CGT net...

 

Escape Capital Gains Tax by checking these things

 
Firstly, you must check whether you have to pay CGT at all. There are ten assets that SARS has excluded from the CGT net all together. If you dispose of any of them, you don't have to pay CGT at all.
 
But, just because the assets you dispose of isn't one of these ten, doesn't mean there isn't something you can do.
 
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Here's what to do to escape CGT if you didn't dispose of a CGT exempt asset

 
You need to check how your intention affected your disposal of your asset. This has a major impact on your CGT liability.
 
For example, if you buy a new business premise, fix it up and then have to sell it because a change in situation forced you to, you could avoid CGT all together. The reason for this is your intention was never to sell or make any kind of profit.
 
And the last thing you need to check is whether you actually disposed of your asset or whether it was actually an inter-business transfer.
 
If you re-organise assets within your company you don't have to pay CGT on it.
 
There you have it. Don't just end up in the CGT net. Rather check these three things to see if you can avoid or reduce your CGT liability.
 

PS. Here are three instances where you don't have to pay Capital Gains Tax... And eight other ways to LEGALLY beat the taxman!


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