Transfer of a property: Is vat or transfer duty payable?

Posted on 17 of June, 2016 by in Property

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 […]

Misuse of assessed losses

Posted on 17 of June, 2016 by in Business

An assessed loss for income tax purposes is a potentially valuable asset: it represents past losses made by a taxpayer which is able of being carried forward to subsequent tax years against which future taxable profits are able of being set off. The set-off of historic losses – in the form of an assessed loss […]

Should I draft a will?

Posted on 17 of June, 2016 by in Will

A mother who has always wanted her daughter to inherit her diamond engagement ring may never get her wish if she dies without leaving a valid written will. The mother’s estate would then be distributed in terms of the Intestate Succession Act No. 81 of 1987. Taking the time to draft a will can leave […]

Are you a South African tax resident individual?

Posted on 17 of June, 2016 by in Tax

The question of tax residence for individuals has always been relevant in South Africa. It appears as though we find ourselves in a country which has always been a popular destination to which people from across the globe flock to set up businesses, but also a country from which people often travel for long-term stints […]