Guthrie & Theron | Attorneys in the Overberg Region

Ensure a Transfer Duty with No Surprises Part 3

I have recently been inundated by elderly parents wishing to transfer their immovable property to their children before they pass away. I reminded the parents that if the children are not liable to pay for the property, the transaction may be deemed to be a donation by the South African Revenue Services (SARS), and they […]

Transfer duty. No surprises. Part I

Transfer duty is a duty levied for the benefit of the National Revenue Fund on the value of any property acquired by any person by way of a transaction or in any other way, or on the amount by which the value of any property is enhanced by the renunciation of an interest or restriction […]

SARS prescription

Imagine the following scenario: a taxpayer named Andrew is on his annual vacation for four weeks. On the fifth day of his vacation, he is lying carefree in the sun with his toes wiggled into the warm beach sand. A thought crosses his mind: perhaps he must check his email for a change. Fast forward […]

SARS prescription

Imagine the following scenario: a taxpayer named Andrew is on his annual vacation for four weeks. On the fifth day of his vacation, he is lying carefree in the sun with his toes wiggled into the warm beach sand. A thought crosses his mind: perhaps he must check his email for a change. Fast forward […]

Capital Gains Tax and the sale of a property

Capital Gains Tax was introduced on 1 October 2001. Capital Gains Tax is payable on the profit a seller makes when disposing of his property. What is meant by Capital Gain? A person’s capital gain on an asset disposed of is the amount by which the proceeds exceed the base cost of that asset. What […]

Capital Gains Tax and the sale of a property

Capital Gains Tax was introduced on 1 October 2001. Capital Gains Tax is payable on the profit a seller makes when disposing of his property. What is meant by Capital Gain? A person’s capital gain on an asset disposed of is the amount by which the proceeds exceed the base cost of that asset. What […]

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 duty […]

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 duty […]