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Source code for CGT on a tax return

28 January 2015   (0 Comments)
Posted by: Author: SAIT Technical
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Author: SAIT Technical

Q: As at date of death of a client of mine, all taxes were calculated.  Then from date of death the funds, which comprised of interest, dividends and some CGT were transferred into a Testamentary Trust. Thereafter the interest, dividends and the CGT were paid out to the beneficiary.

The question is: when the trust distributes these funds, we have to put the source codes on the tax return of the Trust. I would imagine that interest would have a source code of 4201: dividends 4216. What code would the trust in its tax return use for the distribution of the CGT?  

A: The source code page on SARS’ website indicates that for a Local Capital Gain the source code is 4250 and for a Foreign Capital Gain the source code is 4252.

Please click here for all the source documents code.

Disclaimer: Nothing in this query and answer should be construed as constituting tax advice or a tax opinion. An expert should be consulted for advice based on the facts and circumstances of each transaction/case. Even though great care has been taken to ensure the accuracy of the answer, SAIT do not accept any responsibility for consequences of decisions taken based on this query and answer. It remains your own responsibility to consult the relevant primary resources when taking a decision.


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