n Without Prejudice - Dealing with the disposal by Public Benefit Organisations of capital assets : tax
|Article Title||Dealing with the disposal by Public Benefit Organisations of capital assets : tax|
|© Publisher:||JetBlue Publishers (Pty) Ltd|
|Publication Date||Oct 2007|
|Pages||20 - 21|
Public benefit organisations (PBO) previously enjoyed complete exemption from income tax and, therefore, from capital gains tax where the PBO only engaged in qualifying public benefit activities. The exemption from CGT was dealt with under para63 of the Eighth Schedule to the Act, which applied to exempt persons. Under this para, PBOs disregarded all capital gains or losses on the disposal of an asset on the basis that its gross income of whatever nature was exempt from income tax in terms of s10 of the Act.
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