Microlearning Course: CGT Refresher


Duration: 12.8 Hours

Price: R1455.30

Video Type: Series

Individuals Tax
...

Microlearning Course: CGT Refresher

Duration: 12.8 hours

Price: R1455.30


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Title / Topic

Microlearning Course: CGT Refresher


Overview

Capital Gains Tax (CGT) was introduced into South African tax legislation on 1 October 2001, requiring profits from the disposal of capital assets to be included in taxable income. Before this, such profits were not subject to tax. CGT forms part of income tax and is not a separate tax. The Eighth Schedule of the Income Tax Act outlines the rules and principles for determining CGT implications, while Section 26A links the Income Tax Act to the Eighth Schedule by incorporating taxable capital gains into taxable income.

Although the basic calculation of CGT is relatively straightforward, it’s easy to overlook finer details, such as costs that should be included in the base cost and disposal. This video aims to update participants on the numerous changes to CGT principles over the years and provide guidance on the correct practical procedures for calculating CGT, ensuring compliance and accuracy.

This CGT microlearning course is ideal for those looking to solidify their technical knowledge and stay informed about the latest developments in CGT legislation, with practical applications for real-world tax scenarios.

Video Content

The video content covers the following areas:

  • What transactions and events are subject to CGT?

  • Detailed calculation of CGT:

    • Definition of base cost and proceeds.

    • Calculation of potential capital gain or loss.

    • Special base cost rules and diagrams illustrating CGT limitations.

  • Special Rules

    • Loss limitations, roll-over relief, and exclusions.

    • Deemed disposal rules.

    • Other exclusions and special considerations for determining base costs.

  • Case Law Developments

    • Updates on recent case law relevant to CGT calculations.

  • Practical Guidance

    • Step-by-step breakdowns and diagrams of CGT calculations.

    • Application of the Eighth Schedule principles to real-world scenarios.


Competencies Developed

After watching this video, viewers will develop the following competencies:

  • A comprehensive understanding of CGT terminology and the scope of the Eighth Schedule.

  • The ability to identify which disposals made by natural persons fall within the scope of CGT and may trigger a capital gain or loss.

  • Determination of values used in CGT calculations, such as proceeds and base costs.

  • Advanced knowledge of the relevant inclusions, exclusions, and special rules that apply when calculating CGT liabilities.

  • The capability to compute CGT to be included in an individual’s taxable income and handle assessed capital losses appropriately.

  • Awareness of tax liabilities and practical procedures for accurate CGT calculations, ensuring adherence to legislative requirements.

What's Included:

Capital Gains Tax basic working

Overview On 1 October 2001 Treasury implemented Capital Gains Tax into our South African tax legislation.  Prior to this date, any profits on the disposal of capital assets were not subject to tax. When a capital asset is sold it will result in either a taxable capital gain that will be included in a taxpayer’s taxable income or an assessed capital loss that should be carried forward to the next year of assessment. Capital Gains Tax (“CGT”) is regarded as a tax on income (gains that are capital in nature) and is therefore subject to normal tax. CGT is not a separate tax and is incorporated into the Income Tax Act. The Eighth Schedule of the Income Tax Act provides principles and rules to determine the CGT consequences of the disposal of assets. Section 26A forms the link between the Act and the Eighth Schedule by including taxable capital gains into taxable income. Recording content This subtopic cover: Capital Gains Tax basic working Competencies developed in this recording After studying this topic related to capital gains tax, you should be able to: Understand what capital gains tax is. Understand where capital gains tax fits into the income tax framework of an individual taxpayer. Understand that the Eighth Schedule contains the provisions in respect of capital gains tax and how to apply these provisions to determine its inclusion in a taxpayer’s taxable income calculation. Understand the basic working of CGT. Understand the process to calculate a taxable capital gain or assessed capital loss to be included in a taxpayer’s taxable income. Understand when CGT will be triggered. Understand which questions in the ITR12 tax return to answer in order to disclose capital gains and capital losses.


0.51 Hour | R158.00

Basic Proceeds and Base Cost calculations

Overview On 1 October 2001 Treasury implemented Capital Gains Tax into our South African tax legislation.  Prior to this date, any profits on the disposal of capital assets were not subject to tax. When a capital asset is sold it will result in either a taxable capital gain that will be included in a taxpayer’s taxable income or an assessed capital loss that should be carried forward to the next year of assessment. Capital Gains Tax (“CGT”) is regarded as a tax on income (gains that are capital in nature) and is therefore subject to normal tax. CGT is not a separate tax and is incorporated into the Income Tax Act. The Eighth Schedule of the Income Tax Act provides principles and rules to determine the CGT consequences of the disposal of assets. Section 26A forms the link between the Act and the Eighth Schedule by including taxable capital gains into taxable income. Recording content This subtopic cover: Basic Proceeds and Base Cost Calculations. Competencies developed in this recording After studying this topic related to capital gains tax, you should be able to: Understand what capital gains tax is. Understand where capital gains tax fits into the income tax framework of an individual taxpayer. Understand that the Eighth Schedule contains the provisions in respect of capital gains tax and how to apply these provisions to determine its inclusion in a taxpayer’s taxable income calculation. Understand the basic working of CGT. Understand the process to calculate a taxable capital gain or assessed capital loss to be included in a taxpayer’s taxable income. Understand when CGT will be triggered. Understand which questions in the ITR12 tax return to answer in order to disclose capital gains and capital losses.


0.4 Hour | R158.00

Potential capital gain

Overview On 1 October 2001 Treasury implemented Capital Gains Tax into our South African tax legislation.  Prior to this date, any profits on the disposal of capital assets were not subject to tax. When a capital asset is sold it will result in either a taxable capital gain that will be included in a taxpayer’s taxable income or an assessed capital loss that should be carried forward to the next year of assessment. Capital Gains Tax (“CGT”) is regarded as a tax on income (gains that are capital in nature) and is therefore subject to normal tax. CGT is not a separate tax and is incorporated into the Income Tax Act. The Eighth Schedule of the Income Tax Act provides principles and rules to determine the CGT consequences of the disposal of assets. Section 26A forms the link between the Act and the Eighth Schedule by including taxable capital gains into taxable income. Recording content This subtopic cover: Potential capital gain. Competencies developed in this recording After studying this topic related to capital gains tax, you should be able to: Understand what capital gains tax is. Understand where capital gains tax fits into the income tax framework of an individual taxpayer. Understand that the Eighth Schedule contains the provisions in respect of capital gains tax and how to apply these provisions to determine its inclusion in a taxpayer’s taxable income calculation. Understand the basic working of CGT. Understand the process to calculate a taxable capital gain or assessed capital loss to be included in a taxpayer’s taxable income. Understand when CGT will be triggered. Understand which questions in the ITR12 tax return to answer in order to disclose capital gains and capital losses.


0.22 Hour | R158.00

Potential capital loss

Overview On 1 October 2001 Treasury implemented Capital Gains Tax into our South African tax legislation.  Prior to this date, any profits on the disposal of capital assets were not subject to tax. When a capital asset is sold it will result in either a taxable capital gain that will be included in a taxpayer’s taxable income or an assessed capital loss that should be carried forward to the next year of assessment. Capital Gains Tax (“CGT”) is regarded as a tax on income (gains that are capital in nature) and is therefore subject to normal tax. CGT is not a separate tax and is incorporated into the Income Tax Act. The Eighth Schedule of the Income Tax Act provides principles and rules to determine the CGT consequences of the disposal of assets. Section 26A forms the link between the Act and the Eighth Schedule by including taxable capital gains into taxable income. Recording content This subtopic cover: Potential capital loss. Competencies developed in this recording After studying this topic related to capital gains tax, you should be able to: Understand what capital gains tax is. Understand where capital gains tax fits into the income tax framework of an individual taxpayer. Understand that the Eighth Schedule contains the provisions in respect of capital gains tax and how to apply these provisions to determine its inclusion in a taxpayer’s taxable income calculation. Understand the basic working of CGT. Understand the process to calculate a taxable capital gain or assessed capital loss to be included in a taxpayer’s taxable income. Understand when CGT will be triggered. Understand which questions in the ITR12 tax return to answer in order to disclose capital gains and capital losses.


0.3 Hour | R158.00

Special base cost rules

Overview On 1 October 2001 Treasury implemented Capital Gains Tax into our South African tax legislation.  Prior to this date, any profits on the disposal of capital assets were not subject to tax. When a capital asset is sold it will result in either a taxable capital gain that will be included in a taxpayer’s taxable income or an assessed capital loss that should be carried forward to the next year of assessment. Capital Gains Tax (“CGT”) is regarded as a tax on income (gains that are capital in nature) and is therefore subject to normal tax. CGT is not a separate tax and is incorporated into the Income Tax Act. The Eighth Schedule of the Income Tax Act provides principles and rules to determine the CGT consequences of the disposal of assets. Section 26A forms the link between the Act and the Eighth Schedule by including taxable capital gains into taxable income. Recording content This subtopic cover: Special base cost rules. Competencies developed in this recording After studying this topic related to capital gains tax, you should be able to: Understand what capital gains tax is. Understand where capital gains tax fits into the income tax framework of an individual taxpayer. Understand that the Eighth Schedule contains the provisions in respect of capital gains tax and how to apply these provisions to determine its inclusion in a taxpayer’s taxable income calculation. Understand the basic working of CGT. Understand the process to calculate a taxable capital gain or assessed capital loss to be included in a taxpayer’s taxable income. Understand when CGT will be triggered. Understand which questions in the ITR12 tax return to answer in order to disclose capital gains and capital losses.


0.3 Hour | R158.00

Primary residence exclusion

Overview On 1 October 2001 Treasury implemented Capital Gains Tax into our South African tax legislation.  Prior to this date, any profits on the disposal of capital assets were not subject to tax. When a capital asset is sold it will result in either a taxable capital gain that will be included in a taxpayer’s taxable income or an assessed capital loss that should be carried forward to the next year of assessment. Capital Gains Tax (“CGT”) is regarded as a tax on income (gains that are capital in nature) and is therefore subject to normal tax. CGT is not a separate tax and is incorporated into the Income Tax Act. The Eighth Schedule of the Income Tax Act provides principles and rules to determine the CGT consequences of the disposal of assets. Section 26A forms the link between the Act and the Eighth Schedule by including taxable capital gains into taxable income. Recording content This subtopic cover: Primary residence exclusion. Competencies developed in this recording After studying this topic related to capital gains tax, you should be able to: Understand what capital gains tax is. Understand where capital gains tax fits into the income tax framework of an individual taxpayer. Understand that the Eighth Schedule contains the provisions in respect of capital gains tax and how to apply these provisions to determine its inclusion in a taxpayer’s taxable income calculation. Understand the basic working of CGT. Understand the process to calculate a taxable capital gain or assessed capital loss to be included in a taxpayer’s taxable income. Understand when CGT will be triggered. Understand which questions in the ITR12 tax return to answer in order to disclose capital gains and capital losses.


0.4 Hour | R158.00

Other Loss Limitation Provisions and Rules Regarding Disregarding Tax consequences

Overview On 1 October 2001 Treasury implemented Capital Gains Tax into our South African tax legislation.  Prior to this date, any profits on the disposal of capital assets were not subject to tax. When a capital asset is sold it will result in either a taxable capital gain that will be included in a taxpayer’s taxable income or an assessed capital loss that should be carried forward to the next year of assessment. Capital Gains Tax (“CGT”) is regarded as a tax on income (gains that are capital in nature) and is therefore subject to normal tax. CGT is not a separate tax and is incorporated into the Income Tax Act. The Eighth Schedule of the Income Tax Act provides principles and rules to determine the CGT consequences of the disposal of assets. Section 26A forms the link between the Act and the Eighth Schedule by including taxable capital gains into taxable income. Recording content This subtopic cover: Other Loss Limitation Provisions and Rules Regarding Disregarding Tax consequences. Competencies developed in this recording After studying this topic related to capital gains tax, you should be able to: Understand what capital gains tax is. Understand where capital gains tax fits into the income tax framework of an individual taxpayer. Understand that the Eighth Schedule contains the provisions in respect of capital gains tax and how to apply these provisions to determine its inclusion in a taxpayer’s taxable income calculation. Understand the basic working of CGT. Understand the process to calculate a taxable capital gain or assessed capital loss to be included in a taxpayer’s taxable income. Understand when CGT will be triggered. Understand which questions in the ITR12 tax return to answer in order to disclose capital gains and capital losses.


0.37 Hour | R158.00

Roll-over of capital gains

Overview On 1 October 2001 Treasury implemented Capital Gains Tax into our South African tax legislation.  Prior to this date, any profits on the disposal of capital assets were not subject to tax. When a capital asset is sold it will result in either a taxable capital gain that will be included in a taxpayer’s taxable income or an assessed capital loss that should be carried forward to the next year of assessment. Capital Gains Tax (“CGT”) is regarded as a tax on income (gains that are capital in nature) and is therefore subject to normal tax. CGT is not a separate tax and is incorporated into the Income Tax Act. The Eighth Schedule of the Income Tax Act provides principles and rules to determine the CGT consequences of the disposal of assets. Section 26A forms the link between the Act and the Eighth Schedule by including taxable capital gains into taxable income. Recording content This subtopic cover: Roll-over of capital gains. Competencies developed in this recording After studying this topic related to capital gains tax, you should be able to: Understand what capital gains tax is. Understand where capital gains tax fits into the income tax framework of an individual taxpayer. Understand that the Eighth Schedule contains the provisions in respect of capital gains tax and how to apply these provisions to determine its inclusion in a taxpayer’s taxable income calculation. Understand the basic working of CGT. Understand the process to calculate a taxable capital gain or assessed capital loss to be included in a taxpayer’s taxable income. Understand when CGT will be triggered. Understand which questions in the ITR12 tax return to answer in order to disclose capital gains and capital losses.


0.22 Hour | R158.00

Deemed disposal rules

Overview On 1 October 2001 Treasury implemented Capital Gains Tax into our South African tax legislation.  Prior to this date, any profits on the disposal of capital assets were not subject to tax. When a capital asset is sold it will result in either a taxable capital gain that will be included in a taxpayer’s taxable income or an assessed capital loss that should be carried forward to the next year of assessment. Capital Gains Tax (“CGT”) is regarded as a tax on income (gains that are capital in nature) and is therefore subject to normal tax. CGT is not a separate tax and is incorporated into the Income Tax Act. The Eighth Schedule of the Income Tax Act provides principles and rules to determine the CGT consequences of the disposal of assets. Section 26A forms the link between the Act and the Eighth Schedule by including taxable capital gains into taxable income. Recording content This subtopic cover: Deemed disposal rules Competencies developed in this recording After studying this topic related to capital gains tax, you should be able to: Understand what capital gains tax is. Understand where capital gains tax fits into the income tax framework of an individual taxpayer. Understand that the Eighth Schedule contains the provisions in respect of capital gains tax and how to apply these provisions to determine its inclusion in a taxpayer’s taxable income calculation. Understand the basic working of CGT. Understand the process to calculate a taxable capital gain or assessed capital loss to be included in a taxpayer’s taxable income. Understand when CGT will be triggered. Understand which questions in the ITR12 tax return to answer in order to disclose capital gains and capital losses.


0.3 Hour | R158.00

Capital Gains Tax (CGT) Refresher – Revitalise Your Knowledge

Overview As we know, capital gains tax is not a separate tax but forms part of income tax and is based on the profit earned from the sale of an asset which has increased in value over time. The basic calculation isn’t hard to forget but it&r squo;s easy to overlook the finer details of costs that should be included in base cost and disposal. Are you aware of the number of changes to the principles of CGT have occurred over the years? This session is aimed at renewing your technical knowledge on the subject, as well as informing you of the correct practical procedures to follow when calculating CGT. Video 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 will develop 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.


2 Hours | R195.00
Carmen Westermeyer

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