Summary
Summary Recoupment
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This document provides a detailed summary of recoupment in the tax legislation.
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LML4804 PORTFOLIO MEMO - MAY/JUNE 2023 - SEMESTER 1 - UNISA - (DETAILED ANSWERS - DISTINCTION GUARANTEED!)
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Special Deductions
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RecoupmentProceeds(Ltd cost) > Tax Value = Recoupment
Proceeds(Ltd cost) < Tax value = S11(o)
S8(4)(a) General recoupments Taxpayer recouped amounts that were previously
deductions.
e.g:
S11-20
S24D
S24I foreign exchange gain or loss
S24J
Excludes:
S11F pension fund
Par(jA) of GI def
S19 debt reduction
These will be included in GI par(n).
S8(4)(k) Donation, asset in Asset that is:
specie, connected Donated
person Distributed as dividend in specie
Disposed to connected person
used CA trading stock
(NOTE: only applicable if W+T was claimed)
= MV(Ltd to cost)
S8(4)(e) Deferred recoupment Applicable if:
Replacement asset AND,
Elected par 65 or 66 of 8th schedule
Once applicable then defer recoupment:
Depreciable A over same period as allowances
Non-Depreciable A (only par65 applicable) when
replacement A is disposed of
S8(4)(eB) Replacement Asset = Recoupment included in GI in same ratio as the allowance/
depreciable asset deduction
S8(4)(eC) Replacement A Recoupment that is still outstanding will be include in current
disposed before YOA
recoup
S8(4)(eD Ceases to use Par 66 of 8th schedule applied
replacement A Remaining portion must be included in current YOA
S8(4)(eE) Replacement not Par 65 and 66 of 8th schedule apply
brought into use Remaining portion must be included in current YOA
S8(5) Hired/ Leased assets Lessee may have the option to ownership @ end of term
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