Thought of the Week
« BackCGT: DUE ON AGREEMENT DATE OR LATER?
Property sellers who owe CGT to the Receiver of Revenue on the sale of a property often wonder when they will be asked to pay this- on the date of entering the sale agreement, or at the end of the tax year in which the agreement was signed?
The answer is that a seller is not liable to pay CGT on the date of registration of transfer of the property. Instead, the CGT is added to the amount of the normal tax payable by the seller and will be payable on assessment of his/her annual tax return.
Read more on this topic HERE
For queries on this topic, please feel free to contact Johan Greyling at johang@stbb.co.za
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