Calculate CGT in my company for tax purposes?
By Marc Sevitz · Updated
My CC has purchased property prior to Oct 2001 for an amount of R150000. 00 , The CC is dormant and has never traded, I now want to sell the property for R 680 000. 00, what is my tax liability on the CC and what would be the best way to show this?
The CC would have to include 66.6% of a gain of (R820 000 less an annual exclusion of R30 000) so R790 000 in the taxable income of the CC which would then get taxed at 28%.