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(Chapter 23.01)
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INTRODUCTION
Introduced on 1 August 1981.
A tax levied on the gain realised on the
disposal of a specified asset.
Levied on non-traders, who sell their
specified assets.
i.e On TPs who are not dealers in the
specified asset, i.e those who wd have
acquired the specified asset for investment
purposes.
Levied on assets acquired after 1/2/09.
INTRODUCTION CONT’D
Payable in the tax year in whc the disposal
takes place ( unless an election to defer the
liability is made per the provisions of the
Act).
CGT is levied on CG >/= $50.
2. Impvt cost
3. Inflation all
Section 17
1. The property must be used for purposes of his
trade.
2. TP is deemed to ve control if he has more than
50% shareholding.
3. No liability arises on transfer.
Taxable CG 4 264
Required:
Calculate Kuzivakwashe’s tax liability/refund.
SOLN 3
• 2009: Shares purchased 4 500
• 2010: Bonus 2/3 x 4 500 3 000
• 2014: Total # of shares sold 7 500
• Price per share $1.50
• Gross Capital Amt 11 250
= $10 667
a) Base Cost
Cost of share sold 10 667
Inflation all on cost of shares sold 1 600
Base cost 12 267
SOLN 4 CONTD
b) Gross Capital Amt 24 000
Less base cost (12 267)
CG 11 733
Compensation amounting
To $6,000 is received