What are the tax implications of dying?

by | Mar 20, 2017 | tax planning

The following taxes and costs would be applied to your estate. Capital Gains Tax (CGT) Income Tax Estate Duty Funeral Costs Executor Fees Master of the High Court Fees Newspaper adverts Bank charges Asset Valuation fees Mortgage cancellation fees Property transfer...

More about cgt and estate duty

by | Mar 20, 2017 | tax planning

Capital gains tax (CGT) is not a separate tax but forms part of income tax. A capital gain arises when you dispose of an asset on or after 1 October 2001 for proceeds that exceed its base cost. The relevant legislation is contained in the Eighth Schedule to the Income...

Death and taxes

by | Mar 20, 2017 | tax planning

There are 4 general taxes applicable to estate planning. These are Income tax (tax payable by the deceased, the estate or beneficiaries) Individual income tax (otherwise known as Personal income tax) rates in South Africa range from 18% (for income below R188,000 p.a)...