HomeHome SearchSearch MenuMenu Our productsOur products

Take advantage of these 12 assets excluded from Capital Gains Tax

by , 01 March 2017
Take advantage of these 12 assets excluded from Capital Gains TaxEvery time your business sells, donates or scraps an asset and it makes a profit, SARS takes a big bite out of the proceeds. And it calls this bite Capital Gains Tax (CGT).

SARS raised the CGT rates in the February 2017 Budget Speech. This means any asset sales you make after this date will cost you more.

You can't escape CGT. In fact, if you try to escape it, SARS could easily find you guilty of tax evasion and smack you with a 200% penalty!

But the good news is, there are tax breaks and exclusions in our tax laws, designed to give you tax relief and to lower your CGT bill! Let's look at some of them....

********************Advert********************
 
12 MONTHS FREE UPDATES for selected MAJOR tax publications
 
Buy any selected major tax titles and you will get 12 months of updates digitally for FREE. Access well-known and trusted titles:
The Practical Tax Handbook and the Practical VAT Handbook
 
Here's what you will get:

  • Loose Leaf digital publication
  • 12 months of updates for free
ORDER NOW
 
********************
 
What assets are excluded from Capital Gains Tax?
  • Primary residence: The sale of your home is excluded from CGT, if the capital gain you make isn't more than R2 million.
 
  • Most personal-use assets: This is an asset belonging to a natural person (i.e. a human being) or special trust. It's NOT used in the carrying on of a trade (e.g. your private car, or your personal belongings).
 
  • Small business assets or an interest in a small business, limited to R1,8 million
 
  • Assets used by registered micro businesses for business purposes.
 
  • Retirement benefits: Disregard any capital gain or loss that resulted in you receiving a lump sum benefit from a retirement fund, whether locally or internationally.
We cover these and more in the latest update to your Practical Tax Handbook.
 
********************Advert********************

Stop forking over thousands of unnecessary cash to SARS!

Be one of the first in the country to get access to the information that'll make sure you pay the least tax possible...

You can legally save your company thousands of rands in taxes on forgotten fringe benefits.


Get access now!

********************

Here's what else you can expect in your next update to the
Practical Tax Handbook
  • Three common travel allowance errors you MUST avoid to escape penalties and audits – and how to fix them if you've made them
                               
  • How to tax your employee's private use of the company car  
     
  • How to shrink the car's fringe benefit tax to 3.25% if you bought it on a maintenance plan     
                                                
  • How medical tax credits affect you
     
  • How to calculate the medical tax credit in four easy steps
There's no risk to you. Put the loose leaf to the test in your business. If it doesn't live up to your expectations, we'll cancel the subscription straight away and refund you the subscription price!

So go on. Take the hassle out of your taxes, once and for all.
Get the most updated information service that gives you the upper hand and prepares you for anything SARS might throw at you…  Like I said, there's no risk.

You've got nothing to lose.

Vote article

Take advantage of these 12 assets excluded from Capital Gains Tax
Rating:
Note: 5 of 1 vote


Related articles




Related articles



Related Products