Minister of Finance Trevor Manuel has extended the deadline for obtaining capital gains tax (CGT) valuations to September 30 2004, auditing firm KPMG said on Thursday.
”The minister of finance has extended the period for obtaining CGT valuations by one year,” KPMG said in a statement.
KPMG said it reminded its customers that valuations of assets acquired before October 1 2001 had to be done before September 30 2003.
”However, in response to requests made by interested parties,the minister of finance has exercised his discretion … and has extended the period for obtaining CGT valuations by one year.
”The extension is in respect of all CGT valuations of assets acquired before October 1 2001 and is not limited to valuations of residential property as was reported in the media.
”The effect of the extension is that taxpayers wishing to adopt the market-value method to determine the base cost of an asset will now have until September 30 2004 to obtain a valuation in respect of that asset,” the auditing firm said.
It said a taxpayer who failed to obtain a valuation within the prescribed period would not be able to adopt the market-value method to determine the base cost of that asset.
”The extended deadline for obtaining CGT valuations will be confirmed by way of a notice in the Government Gazette,” it said. — Sapa