The long awaited Sectional Title Amendment Act 11 of 2010 has finally been published on 7 December 2010. The Amendment Act aims to clarify, define and redefine a number of issues related to the everyday dealings with Sectional Title concepts.…
The Sectional Titles Act has recently been amended. Some of the managing agents are interpreting the amendment to mean that the Seller has to pay all levies which are due up to the financial year end. In effect therefore the…
We are pleased to advise that a new protection mechanism has recently come into effect which provides protection for sectional title owners. Prior to the amendment, members of body corporates could be held personally liable for body corporate bad debt,…
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. This question can arise where…
Exemption of transfer duty when taking transfer after divorce EFFECTIVE 25 JULY 2006 Please note that from 25 July 2006 a surviving or divorced spouse who acquires the sole ownership in the whole or any portion of the property registered…
The Receiver of Revenue will now do a risk analysis regarding outstanding taxes on both the transferor and the transferee on all transfer transactions. If there are any taxes outstanding by either of the parties, the Receiver will not issue…
A) For properties acquired at any time (i.e. before or after the 1st of October 2001):- The normal method The capital gains tax is calculated on the difference between the price for which the property is eventually sold and the…
This brief guide is intended to outline in very broad and brief terms, the key principles that form part of Capital Gains Tax legislation in South Africa relating to immovable property.
As you are aware the judgment in the case of City of Tshwane v Mathabathe has led to the Municipalities seizing upon the opportunity to demand payment of rates and taxes and other debts not incurred by the new owner…
The National Environmental Management: Biodiversity Act 2004 (Act No 10 of 2004) (The “Act”) provides for the management and conservation of South Africa’s biodiversity and the establishment of a National Biodiversity Institute for the implementation of the Act. In terms…