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A TIMING ANOMOLY WHEN DISPOSING OF PROPERTY

A TIMING ANOMOLY WHEN DISPOSING OF PROPERTY

Property related transactions are typically significant transactions, and therefore tax considerations linked thereto should be carefully considered. One such consideration involves the timing of the disposal of immovable property that was held by persons as capital assets. Sales of such property will comprise a transaction subject to capital gains tax (“CGT”). This article considers whenRead more about A TIMING ANOMOLY WHEN DISPOSING OF PROPERTY[…]

TRANSFER OF A PROPERTY: IS VAT OR TRANSFER DUTY PAYABLE?

TRANSFER OF A PROPERTY: IS VAT OR TRANSFER DUTY PAYABLE?

A purchaser is responsible for payment of transfer cost when acquiring an immovable property, but it should further be established if the transaction is subject to the payment of VAT or transfer duty to SARS. When an immovable property is transferred, either VAT or transfer duty is payable. To determine whether VAT or transfer dutyRead more about TRANSFER OF A PROPERTY: IS VAT OR TRANSFER DUTY PAYABLE?[…]

Is the buyer of an immovable property responsible for paying the seller’s outstanding municipal account?

Is the buyer of an immovable property responsible for paying the seller’s outstanding municipal account?

Municipalities are required to issue rates clearance certificates without which a property cannot be transferred from a seller to a buyer. The rates clearance certificate certifies that outstanding debts owing to a municipality up to the date of transfer have been settled. Property buyers relied on these certificates as proof that all previous debt onRead more about Is the buyer of an immovable property responsible for paying the seller’s outstanding municipal account?[…]