Capital Gains Tax (CGT) Refresher

Overview

As we knew, capital gains tax was not a separate tax but formed part of income tax and was based on the profit earned from the sale of an asset that had increased in value over time. The basic calculation wasn’t hard to remember, but it was easy to overlook the finer details of costs that should have been included in the base cost and disposal.

Were you aware of the number of changes to the principles of CGT that had occurred over the years? This session aimed to renew your technical knowledge on the subject and inform you of the correct practical procedures to follow when calculating CGT.

Webinar Content

• What transactions and events are subject to CGT?
• How is CGT calculated? Looking specifically at:
  • Definition of base cost
  •  Definition of proceeds
  • Exceptions to the rule
• What special rules could apply? These fall into three categories:
  • Loss limitations
  • Roll over relief
  • Exclusions
• Case law developments in CGT

Competencies Developed

Upon completion of this session, participants developed the following competencies:

• Understanding of CGT terminology.
• Ability to interpret the scope of the Eighth Schedule.
• Ability to calculate gains or losses.
• Advanced knowledge of the relevant inclusions and exclusions when calculating the tax burden.
• Awareness of tax liabilities.

Presenter

Carmen Westermeyer

BCom(Honours Accounting) [UND] CA(SA)

Carmen Westermeyer graduated in 2001 from the University of Natal, Durban (now UKZN), with a BCom Honours degree in Accounting and completed her articles with PwC, where she remained until 2006. She has been a member of SAICA since then.

In 2008, she started her academic career at UKZN, where she performed a number of functions, taking on the role of Academic Leader for Taxation. On leaving academia in 2013, Carmen has been providing training and consulting services to the profession. She has presented on behalf of various professional bodies, such as SAICA, FASSET, CSSA as well as providing in-house training to numerous accounting firms. The topics covered include all aspects of income tax, VAT, estate duty as well as the health levy (sugar tax). In addition, she regularly consults on tax matters as well as assisting with SARS disputes.

She is also the Chair of the SAICA Eastern Region Tax Committee, a member of the SAICA National Tax Operations Committee and is an Accounting Member of the Tax Court.

CPD

Attending this webinar and the successful completion of the online assessment will secure a certificate of completion for 2 hours of Tax CPD.

Event Investment

Free for Tax Practitioner, Tax Accountant CPD subscribers and Practice Packages. Not a CPD subscriber yet? Click here to register now.

• Regular price:  R460.00
• Special rate for SAIT members:  R368.00
• Group booking discounts available when you register for a group.

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