Short Course: CGT Refresher


Duration: 10.8 Hours

Price: R1279.80

Video Type: Series

Individuals Tax
...

Short Course: CGT Refresher

Duration: 10.8 hours

Price: R1279.80


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Title / Topic

Short Course: CGT Refresher


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.


Short course content (self-paced) 

This short course includes the following topics:

  • Capital Gains Tax Basic Working
  • Basic Proceeds and Base Cost Calculations
  • Basic CGT diagram
  • Potential Capital Gain or Loss
  • Loss limitation diagram
  • Special Base Cost
  • Deemed Disposal Rules
  • Other CGT exclusions and roll-over relief

Competencies developed in this short course (self-paced)

After studying this short course, you should be able to:

  • Outline which disposals made by natural persons fall into the scope of the Eighth Schedule of the Income Tax Act and will potentially trigger capital gains tax or a capital loss.
  • Determine the values to be used when calculating capital gains tax (i.e. proceeds, base cost, capital gain).
  • Understand and identify the special rules and exclusions that apply when specific capital assets are disposed of.
  • Compute the capital gains tax to be included in an individual’s taxable income and in the case of a capital loss understand how to account for that loss.

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

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