Exam (elaborations)

LML4804 ASSIGNMENT 3 MEMO

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Course
LML4804 (LML4804)

Institution
University Of South Africa (Unisa)

Mr. Xaba, a South African resident worked for Acce Pty Ltd (“Acce”) as an electrician for 15 years. As a result of the Covid-19 pandemic that hit the world, Acce decided to retrench the technical employees including Mr. Xaba. He was given a severance package of R5 million. Mr. Xaba is m...

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Uploaded on September 19, 2023
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Written in 2023/2024
Type Exam (elaborations)
Contains Questions & answers

tax law assignment 3 memo lml4804

Institution
University of South Africa (Unisa)
Course
LML4804 (LML4804)

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TAX LAW
LML4804
ASSIGNMENT 03
SEMESTER 2
YEAR: 2023

, Questions
1.

1. Capital Gains Tax Principles
2. In the given scenario, Mr. Xaba and his spouse, Marcia, have made several
transactions that may potentially trigger capital gains tax (CGT). Here are the
capital gains tax principles applicable to their situation:
3. Residency: Mr. Xaba is a South African resident, which means he is subject to
South African tax laws, including CGT.
4. Disposal of Assets: The couple has disposed of various assets, including their
primary residence in Waterkloof, the holiday house in Jeffrey's Bay, the Range
Sports Car, and Kruger Rands. CGT may be applicable on the gains made
from the disposal of these assets.
5. Primary Residence Exclusion: The primary residence in Waterkloof may
qualify for the primary residence exclusion. This exclusion allows individuals
to be exempt from CGT on the sale of their primary residence, subject to
certain conditions. The exclusion may apply if the property was used mainly
for domestic purposes and was not used for business or rental income
generation.

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