The definition of cost in Assets and Liabilities section of the ITR12?

By Evan Robinson · Updated

Shaun

Shaun said:
8 August 2015 at 13:34

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?
TaxTim Evan

TaxTim Evan said:
11 August 2015 at 10:45

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.