10 - CGT Flashcards
1
Q
which CG of residents are taxed?
A
worldwide property/assets
2
Q
which CG of non-residents are taxed?
A
- immovables situated in SA
- right or interest in SA immovable
- any asset of permanent SA establishment of the non-res
3
Q
what are the requirements for CG on a right/interest in an immovable?
A
- 80% of the MV of the interest is attributable to SA immovable
AND - the non-res together with their connected persons owns at least 20% of the equity shares in the company
4
Q
what are the 3 types of employee benefits?
A
- cash salary
- fringe benefits
- allowances/advances
5
Q
what is an allowance/advance?
A
a cash amount received by taxpayer meant for business expenditure; before it is incurred
6
Q
what is a reimbursement?
A
a cash amount received by taxpayer meant for business expenditure; after it is incurred
7
Q
what is required from an employee for reimbursement?
A
proof of amount incurred
8
Q
how do we include allowances into GI?
A
- through s8(1)
- must take into account certain reductions to reflect only the amount used for employee’s own benefit
