- Are you claiming interest charges on an asset you haven't used yet? Don't!
- Good news: You won't trigger CGT if you dispose of an asset in one of these ways...
Do these two things to guarantee your input tax claims?
Your employee just crashed the company car! Now what?
Picture this... You buy property and start building an office. With two weeks to go to completion, you take out a loan and buy office equipment.
But yo... ››› more
- [19 July 2017]
- Take advantage of these 12 assets excluded from Capital Gains Tax
- Every 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 gu... ››› more
- [01 March 2017]
- Calculating CGT? Make sure you understand these two key concepts first
- Capital Gains Tax (CGT) is a tax you pay on the profits you make on the disposal (sale) of your assets. And there are two key concepts you must understand before you calculate your CGT.
You must understand two key concepts before you take charge of your business's CGT.
Let's take a closer look at each of these key concepts.
Understand these two con... ››› more
- [27 December 2016]
- Free checklist: 16 assets that must have valuation certificates for tax purposes
- To help you ensure you never pay more Capital Gains Tax (CGT) than you should, you need valuation certificates. These are formal documents from a registered valuation company that show you the accurate market value of the asset based on its age, use and the current value of similar assets.
You need this information so when you dispose of the asset you can correctly calculate your CGT on the ass... ››› more
- [25 November 2016]
- You'll owe SARS tax even after you're dead!
- If you think the only time you're tax free is when you're dead, you're wrong! The taxman's arm extends even past death!
If you're dealing with your company's distribution, trust or deceased estate, then Capital Gains Tax applies to you.
This is just one of the situations in which there's a Capital Gains Tax implication whether you're aware of it or not!
Read on as I explain the Capital Ga... ››› more
- [27 October 2016]
- Here's how to minimise Capital Gains Tax
- If you sell or dispose of assets, then you can't escape from Capital Gains Tax (CGT). And if you don't comply here, you'll be hit hard by penalties and fines.
But what if I told you that you didn't always have to pay Capital Gains Tax on assets you got rid of?
That's right! There is a way. And in this article I'll show you what it is...
Keep reading to find out...
... ››› more
- [14 June 2016]
- There are tax consequences for corporate reorganisations. Know what you can do about them right here
- A corporate reorganisation is the change you make to the structure of your company or business. And with it comes crucial tax consequences. So read on to learn more and find out what you can do about them... What are these consequences?
The change that comes about as a result of corporate reorganisation can be because of a merger or because of a transfer of assets from one company in the group... ››› more
- [17 December 2015]
- 4 tips to reorganise your business in minimising your capital gains tax
- In light of Nene's Medium Term Budget Policy Statement, in which a 'Wealth Tax' was spoken about, many would throw their hands up in agreement when claiming that 'wealth tax' already takes form within Capital Gains Tax.
If you sell or dispose of assets, you can't escape from Capital Gains Tax (CGT) and non-compliance can result in hefty fines and strict penalties.
But what if you didn't alwa... ››› more
- [06 November 2015]
- Five steps to account for capital gains tax correctly in your company books
- Recently, I told you when a transaction has a capital gains tax (CGT) implication and how to calculate it correctly.
Today, I'm going to show you how to account for the disposal of an asset correctly.
If you get this wrong, you'll have incorrect financial statements. And you won't calculate your income tax correctly either.
Read on to find out how to account for the disposal of an asset.... ››› more
- [24 June 2015]
- Attention bookkeepers: If you don't know how to calculate Capital Gains Tax correctly, you'll miss out on paying lower taxes
- Capital Gains Tax (CGT) has been around since October 2001.
But I keep finding many bookkeepers are still confused about what transactions attract CGT, and which ones don't.
It's important to exclude capital gains transactions from normal transactions to make sure you enjoy the lower tax on the capital profits.
Read on as I explain what CGT is and the correct method to calculate CGT.
... ››› more
- [24 June 2015]