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 […]
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 […]
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 […]
Ondernemingsredding – SARS ook saam in die tou.
SARS het nog altyd, tydens sekwestrasies en likwidasies voorkeur geniet ten opsigte van hulle aansprake en eise ingevolge die toepaslike insolvensie wetgewing.Dividende word eers aan versekerde skuldeisers (“verbandhouers”) en daarna gedeeltelik aan personeel toegeken. Hierna is die Suid – Afrikaanse Inkomstediens as skuldeiser wat statutêre voorkeur geniet, die volgende in die rangorde van betalings. Dit […]
Business rescue – SARS told to stand in line (for now).
SARS has always enjoyed a privileged position in liquidation matters because its claims are “preferent”, in other words whatever money may be left in the liquidation pot after secured creditors and staff claims have been settled goes to SARS first. As a result concurrent creditors, who only get a look in if there’s anything left […]