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It's true! Your key to paying less CGT lies in the asset itself

by , 23 September 2014
Capital Gains Tax (CGT) is all about your assets. When you dispose of them and make a profit, SARS takes some of that money for itself.

But you shouldn't just blindly surrender your money to SARS. You must do everything you can to legally pay less CGT.

And we have some good news for you. You hold the key to doing this in the asset itself...

 

Here's how to use your asset as the key to lower CGT 

 
There are a lot of factors that affect the profit you make when you sell an asset. And these factors affect how much CGT you have to pay.
 
These factors include:
 
- The base cost/market value of the asset;
- The type of asset; and
- Any deductions you claimed on the asset.
 
So how can you use this to your advantage?
 
It's simple, all you have to do is claim everything you can for that asset in the form of deduction. Then combine that with the highest market value you can get on that asset and you can turn sky high CGT into minimal tax.
 
Just be careful because SARS watches everything. So ensure you do this one thing to support your minimal CGT payment.
 
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Ensure you do this to support the amount of CGT you pay

 
You can't claim deductions on an asset you don't deserve. And you can't make up a fake market value for it. This would be lying on your tax return and that's illegal. 
 
So firstly ensure your deductions and market value are legitimate and then document these carefully to prove it. 
 
By doing this, you can reduce your CGT liability to a tiny portion of what it was before. 


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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