The increase of Vat was announced in the Minister of Finance’s Budget Speech on 21 February 2018. The standard rate of VAT will change from 14% to 15% on 1 April 2018 (the effective date).
Sellers, landlords and estate agents face many challenges every day when it comes to selling or renting their properties, and have to be “experts”, or at least be well informed in many different fields. One of these fields is VAT, and what the implication will be on the asking price and on the estate agents’ commission.
The most common of the four main options is buying a home in your own name as an individual, without representing any other legal entity. When purchasing a property as a natural person, will be paid according to a sliding scale depending on the purchase price of the home...
Property ownership, and how this is dealt with upon two people entering into a marriage, is governed by the Matrimonial Property Act, 88 of 1984. According to this Act...
Since the promulgation of the Recognition of Customary Marriages Act, 120 of 1998, the position has changed in that customary marriages are now recognised in our law. A marriage that is valid in terms of customary law and was in existence at the time of commencement of the Act...
Persons who are not South African citizens (or residents) may purchase immovable property in South Africa. Our law permits the registration of immovable property into a foreigner’s name in the Deeds Registry. Instead of buying property in their personal names, foreigners may choose to register a South African trust or company to take transfer of the property. The shares in a South African company can be held by a foreigner or an off-shore entity.
The sectional title property industry has been long awaiting the Sectional Title Schemes Management Act (STSMA) and Community Services Ombuds Service Act (CSOSA) to fully come into effect. The changes will have the following effects...
lt’s a given that moving is stressful. However, if you cross off the items on the following checklist as you go, your advance planning may pay off with a welcome reduction in stress levels. Here’s the moving checklist you’ll need to prepare for your move..
Very often the question arises as to whether the purchaser must pay transfer duty on a particular transaction or whether there is no transfer duty payable as the transaction is in fact a VAT transaction.
It is important for practitioners dealing with a change of ownership of immovable property to be aware of the latest developments in terms of the Occupational Health and Safety Act 85 of 1993 (the Act) regarding electric fences.
Transferring ownership of a property from the Seller to the Buyer (i.e. conveyancing) is a complicated and often misunderstood process. It involves a number of parties, many of whom have conflicting interests. All of them, however, have to coordinate their efforts to ensure that the documents arrive at the Deeds Office on the same day.
Registering a Mortgage Bond over a property is a complicated and often misunderstood process. It involves a number of parties and institutions, many of whom have conflicting interests. All of them, however, have to coordinate their efforts to ensure that the documents arrive at the Deeds Office on the same day.
Due to circumstances varying from transaction to transaction, the costs listed below may not be applicable to every seller/purchaser but nevertheless offer a good guideline as to what costs one may expect to encounter when entering into a conveyancing transaction.
Does an Acknowledgement of Debt (“AOD”) constitute a Credit Agreement to which the National Credit Act, No. 34 of 2005 (“the NCA”) applies? The NCA contains no clear answer to the above question.
A Company or Close Corporation has the following disadvantages in regard to the payment of tax when it sells a property:- 1. The Capital Gains Tax (CGT) is calculated at a rate of 18,6% of the capital gain; 2. In addition, the shareholders or members shall pay Dividends Tax of 15% when receiving a dividend i.e. this tax is payable when the net profit is distributed to the shareholders or members;
Parents travelling internationally with children would now be requested to provide an unabridged birth certificate (including the details of the child's father as well as the mother) of all travelling children. This applies even when both parents are travelling with their children and it also applies to foreigners and South Africans alike.
The ramifications and implications of South Africa’s Capital Gains Tax are these days fairly well understood by the business community and those with substantial assets, but the average homeowner quite often has never really investigated or got to grips with the Act and has in his mind a number of erroneous conceptions regarding it.