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Capital Gains Tax - Coggle Diagram
Capital Gains Tax
Building Blocks
Par35 Proceeds
1). Amt received by/accrued to TP iro. disposal
2). Any amt is treated as having been received by/ accrued to TP iro. disposal
Par35(1) Specifically included in Proceeds;
•Amt. by which debt has been discharged by debtor
•Amt. received by lessee by lessor ito. improvements
Par35(3) Proceeds reduced by;
•Recoupments
•Any Amt. that has to be repaid to the buyer by the seller
•Amt. by which proceeds have been reduced ito. sale agreement
•Excl. VAT
Base Cost
Post VD Assets (1 Oct '01)
-Par20 amts incurred to acquire asset + qualifying expenditure after acquisition date
-Accurate Records must be kept
-If no proof then BC=0
Pre VD Assets
-VDV+Costs after VD
-Identical assets (Weighted average)
-s24J instruments (MV)
-VDV= MV, TABC, 20%(P-A)
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Residency
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Non-Residents
-8th Sch. applicable to disposal of following assets on/after valuation date;
•Immovable property in SA
•Interest/right iro any such property
•Assets of a PE in SA
Interests that comprise IP in SA
•Equity Shares in a Co.
-80% or more of MV of shares
-is attributable to IP in SA
-Not held as TS
-Person holds at least 20% shares in Co.
•Ownership/Right to Ownership
-80% or more of MV of ownership
-Attributable to IP in SA
-Not TS
20% or more ownership of other entity
•Vested Interest of Any Asset in Trust
-80% MV of vested interest attributable to IP in SA
-Any % interest
Identical Assets
Specific Identification or FIFO
-VDV for GAIN;
•MV, P-A, or TABC
-VDV for Loss;
•Par27 applies
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CGT Structure
Total Capital Gains
Less: Total Capital Losses
Subtotal
Less: Annual Exclusion (NP)
Aggregate Cap gain/loss
Less: Cap loss brought forward
Net cap gain/loss
Inclusion rate (28%/40%)
Taxable Capital Gain
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