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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....

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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.
 
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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
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