#WATCH I Since its introduction in 2001, Capital Gains Tax (CGT) has become a significant tax that warrants thoughtful consideration in business transactions and private transactions for individual taxpayers.

Capital Gains Tax

Overview

CGT is usually triggered on the transfer of wealth, but some ordinary business transactions can also have CGT consequences. In any restructuring of an organisation, CGT becomes a serious consideration, and lack of planning could result in significant tax liability for the parties. Legislative amendments in recent years and the introduction of anti-avoidance measures have increased the complexity of CGT.

Current issues in CGT include:

• CGT consequences of a primary residence used in trade and/or as a home-office.
• Receipt of tax-exempt dividends regarded as “proceeds” for CGT purposes.
• Risks and considerations for disposing shares in a private company that is subject to a suspensive condition.
• Involuntary disposal of assets (roll-over relief).
• Incurring capital losses in transactions with connected persons.
• CGT and B-BBEE restructuring.

Webinar content

In this webinar, we will take a practical look at selected CGT topics, which will include the following:

• Dividends treated as proceeds (par 43A of the 8th Schedule).
• Roll-over: Involuntary disposal (par 65 of the 8th Schedule).
• A primary residence used partly for trade, such as a home office (paragraphs 44 to 51A of the 8th Schedule).
• Capital losses and connected persons (paragraphs 39 & 56 of the 8th Schedule).

Competencies developed in this CPD

After attending this webinar, you will be:

• Competent to advise clients on the scope of paragraph 43A of the 8th Schedule and calculate a taxable capital gain in terms of this paragraph.
• Able to understand the meaning of an “extraordinary dividend” in terms of paragraph 43A of the 8th Schedule to the Income Tax Act (ITA).
• Effectively apply the rollover relief for involuntary disposals in terms of paragraph 65 of the 8th Schedule to the ITA.
• Competent to calculate the portion of the capital gain on the disposal of a primary residence, used partly for trade purposes, which will not qualify for the R2m primary residence exclusion.
• Able to advise clients on the capital loss consequences for transactions between “connected persons.”

Who should attend?

Chartered/professional/business accountants, registered tax practitioners, bookkeepers.

Presenter

Wessel Smit

BCompt (Hons) HDip Tax MCom (Taxation) CA(SA)

Wessel is an independent tax consultant and director at Core Tax (Pty) Ltd. He has extensive experience in presenting taxation courses, advising on taxation issues and experience in writing and reviewing technical learning material. As a tax practitioner, Wessel is advising various organisations – which differ in size – on tax-related matters including drafting tax opinions. Previously he was a senior tax lecturer at the University of the Free State and lectured taxation to the CTA students at the University of Johannesburg.

Through the professional bodies and other stakeholders, Wessel has played an active role in influencing the drafting of new tax legislation over the years. In presenting seminars, Wessel has been able to turn complicated tax legislation and amendments into easily understandable examples that practitioners can link and apply to their own real-life experiences. To date, Wessel has presented more than 200 tax-related seminars.

CPD

This event and successful completion of the online assessment will secure 1.5 hours verifiable output Tax CPD points.

Event Investment

CPD subscribers: Free for all 2022 CPD subscribers.

Regular price: R495.00

SAIT member: R395.00

Group price 1 (max 5 people): R950.00

Group price 2 (max 10 people): R1 800.00

Group price 3 (max 15 people): R2 500.00

Payments & Cancellations

• All payments must be made by EFT or by credit card, at least 3 working days before commencement of an event.

• Kindly note that should payment not been received 2 days after the event, legal action will be taken

• Proof of payment will be requested at registration, if payment at that point in time has not been reflected on SAIT's bank account.

• Only written notice of cancellation will be recognised.

• Cancellation Conditions:

  • If the cancellation occurs more than 4 working days prior to the event no cancellation fee will be charged.

  • If the cancellation occurs less than 4 working days prior to the event a 100% cancellation fee will apply.

• Delegates who book and fail to attend will be liable for the full event fee.

• SAIT's liability in the case of an event being cancelled will be limited to a refund or credit of the event fee.

• Please click here for the full terms and conditions.