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Retirement Funds and Investments

Medical Schemes and Medical Insurance

Wholistic Fee Based Financial Planning

Short Term Insurance: Personal and Commercial

Wholistic Independent Advice

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Capital gains on the disposal of assets are included in taxable income.

 

2011/2012

2012/2013

For Individuals and Special Trusts

25%

33.3%

For Other Persons (Companies and Other Trusts)

50%

66.6%


Maximum effective rate of tax:

The effect of these above amendments are that the highest effective capital gains tax rate applicable to:

  • Individuals and Special Trusts are increased from 10% to 13.32%
  • Companies are increased from 14% to 18.65%.
  • Trusts from 20% to 26.64%

Events that trigger a disposal include a sale, donation, exchange, loss, death and emigration.

The following are some of the specific exclusions:

 Government proposes an increase to the capital gains tax exclusion amounts as follows, with effect from 1 March 2012:

  •  For individuals and special trusts the annual exclusion is increased from R20 000 to R30 000
  • On death, during the year of assessment, the annual exclusion increases from R200 000 to R300 000
  • The primary residence exclusion on capital gains increases from R1.5 Million to R2 Million
  • On the disposal of a small business the exclusion on capital gains increases from R900 000 to R1.8 million, provided the business owner is over 55 or where the disposal is in consequence of ill health, other infirmity, superannuation or death. The maximum business asset value has been increased from R5 million to R10 million, and the asset must have been held for a continuous period of 5 years.
  • With effect from 10 January 2012, pure risk policies (policies with no cash or surrender value) and employer owned policies exempt from tax in the hands of the employee under Sec 10(1)(gG) or 10(1)(gH) will be exempted from CGT. This means that when a policy owner is changed on such a policy no CGT is payable.

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