11 December 2023 – As from the 2023 year of assessment, taxpayers are required to complete the section for “Local Assets (at Market Value)” on the Individual Income Tax Return (ITR12) if the value of their local assets is in excess of R50 million. Many taxpayers have contacted SARS seeking clarity on whether the asset value declared on the ITR12 return needs to be supported by a professional valuation.
It is not compulsory to obtain professional valuations to complete the market value of the local assets. SARS will accept a market value that is a reasonable best estimate, in other words, an estimate as close as possible to the market value of the particular asset. For more information, please refer to the comprehensive guide below.
The updated external guides are:
IT-AE-36-G05 – Comprehensive Guide to the ITR12 Income Tax Return for Individuals – External Guide
IT-AE-36-G06 – Guide to submit your Individual Income Tax Return via eFiling – External Guide
