The definition of cost in Assets and Liabilities section of the ITR12?
By Evan Robinson · Updated
In the completion of the ITR12 assets and liabilities section, SARS are asking for the assets at cost. This is the first time I am submitting assets and liabilities so want to be sure the cost is reflected "correctly". What is the definition of cost, example for a home purchased 20 years ago. The current value or the original price that was paid?
It is the original purchase price paid. You would also need to include the cost price of any improvements/renovations over the years, but NOT the cost of repairs.