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What you need to know about Property Tax

Investing in a property or buying your dream home is an exciting and rewarding experience. But one of the not-so-exciting, but crucial parts of any property purchase is the calculation and payment of one or more different kinds of tax.

SAAudit July 17, 2019July 17, 2019 Property, Tax Read more

Non-resident sellers of immovable property

Section 35A of the Income Tax Act[1] came into effect on 1 September 2007 and sets out the capital gains tax consequences of the sale of immovable property situated in South Africa in instances where the seller is not a

SAAudit February 7, 2019February 7, 2019 Property Read more

Can I obtain financing if I don’t own immovable property as security?

The article gives a brief overview of what a notarial bond is, the requirements that need to be complied with to register a notarial bond and give tips regarding clauses that will prove to be useful in a notarial bond.

SAAudit September 5, 2018 Property Read more

How to evict an illegal tenant

Landlords who have tenants that they believe are occupying their premises illegally may not forcefully remove such tenants. The Prevention of Illegal Eviction from and Unlawful Occupation of Land Act (No. 19 of 1998) provides for the prohibition of unlawful

SAAudit August 17, 2018August 17, 2018 Property Read more

Transfer duty

Transfer duty is a tax levied upon the purchaser of immovable property situated in South Africa.[1] The duty is levied in accordance with the following sliding scale and is based on the value of the property which is the subject

SAAudit April 10, 2018April 10, 2018 Property Read more

Withdrawal of VAT relief for residential property developers

Section 18B of the Value-Added Tax Act[1] was introduced effective 10 January 2012 in a bid to grant relief for residential property developers caused by the slump in the property market at that time. Many property developers, registered for VAT,

SAAudit February 19, 2018February 26, 2018 Property Read more

Provisional tax when you sell your property

The provisional tax regime operates as a continuous cash flow mechanism in favour of Government whereby tax on income earned is paid over provisionally in anticipation of the final tax liability to be calculated when a person is finally assessed

SAAudit August 3, 2017August 7, 2017 Property Read more

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

SAAudit August 2, 2017August 7, 2017 Property Read more

A new twist in the question: 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

SAAudit July 26, 2016July 28, 2016 Property Read more

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

SAAudit February 12, 2016February 12, 2016 Property, Uncategorized Read more
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