Potential capital gain
Title / Topic
Potential capital gain
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| OUTCOMES OF TOPIC 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. |