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TAXATION CGT SUMMARY R86,00
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TAXATION CGT SUMMARY

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Taxation CGT SUMMARY

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  • October 4, 2024
  • 8
  • 2024/2025
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nldmosoeu40
nldmosoeu40@icloud.com 06 May 2024




CGT

,nldmosoeu40@icloud.com 06 May 2024




Basics
·
a
It's wealth tax

·
Not separate tax
a

-> it's
part income tax take itinto account when taxable
of so we
calculating
income
↳ since it's deducted the calculation, it therefore lowers the
in
taxpayer'stax
rate (meaning reduced taxable income and
it therefore the amount
reducing
taxthe payer needs to
of
pay

CGT
has building blocks asset
·
4 -

->
disposal
-> base cost
-
proceeds

Purpose wealth accumulation)
·
-> ensure all income sources are fairlytaxed (prevents untaxed
-> broaden tax base (by taxing untaxed assets to revenue without
increase tax



En raising
this
rates

case,
on other income taxes)

disposed assets


·
CGTis applicable when an asset
is disposed atan
amount that's than
MORE the original cost


The Eighth Schedule deals with capital gains and losses from disposals
·




on or after 1 Oct 2008


·
1 Oct 2008 is called the valuation date and
any
date before
is called the
it pre-valuation date

·
Before calculate capital loss, must determine if the
first
we a
gain or we


disposal proceeds are revenue or capital in nature (we'll use the
court cases)
capital receipts and accruals

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