December 11, 2020

Emigrating while retaining your property?

The exodus of South Africans to foreign jurisdictions has been well publicised, and due to this, much has been written about the so-called “exit tax” that applies when one ceases to be a tax resident in South Africa, as well as matters relating to foreign employment income earned. However, what is often overlooked is what happens when you emigrate but retain your home in South Africa. The general principle is that when you cease to be a South African tax resident, your home (constituting immovable property in South Africa) will not be subject to the “exit charge”, since that immovable property always remains a […]
June 2, 2017

WITHHOLDING TAX ON PROPERTY SOLD BY NON-RESIDENTS

A remarkable number of non-residents own property in South Africa. While non-residents are not subject to South African capital gains tax generally, an exception is to be found where non-residents dispose of South African immovable property, or shares in “South African property rich” companies.A obvious practical difficulty arises though for SARS to collect taxes from non-residents once they have sold their properties and have no further connection with South Africa. There is very little SARS can do to collect a tax debt from such non-residents, let alone compel them to file the necessary tax returns. Section 35A of the Income […]
June 1, 2017

BELASTINGVERBLYF VIR INDIVIDUE

In Suid-Afrika word inkomstebelasting op ‘n bronbasis gehef, met ander woorde, alle Suid-Afrikaanse bron inkomste is onderhewig aan inkomstebelasting, ongeag of dit deur Suid-Afrikaanse belastingpligtiges verdien is al dan nie. Suid-Afrikaanse belastingpligtiges word egter ook op hul wêreldwye verdienste belas, ongeag of die inkomste vanuit ‘n Suid-Afrikaanse bron ontstaan het al dan nie. Nie-belastingpligtiges word egter nie op buitelandse inkomste belas nie.In ‘n toenemende wêreldgemeenskap waar individue meer dikwels oor grense reis en in staat is om oor bates in verskeie lande te beskik, word dit belangrik vir individue wat bande met Suid-Afrika het om seker te maak of hulle […]
May 8, 2017

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 property will comprise a transaction subject to capital gains tax (“CGT”). This article considers when the property in question will have been “disposed” of for CGT purposes, and which surprisingly appears very often NOT to be the date of transfer in the Deeds’ Office (which many assume to be the case). Paragraph 13 of the Eighth Schedule[1] determines when an […]
May 8, 2017

VOORLOPIGE BELASTING WANNEER U EIENDOM VERKOOP WORD

Die voorlopige belasting-regime funksioneer as ‘n deurlopende kontantvloeimeganisme ten gunste van die Regering waarvolgens belasting voorlopig betaal word op inkomste verdien in afwagting op die finale belastingaanspreeklikheid wat bereken word wanneer ‘n persoon finaal vir inkomstebelasting aangeslaan word. Wanneer ‘n persoon vir voorlopige belasting geregistreer is, word daar vereis dat vooruitskattings van belasbare inkomste sesmaandeliks aan die SAID voorgelê word (en voorlopige belasting dienooreenkomstig betaal word), naamlik na die eerste 6 maande van die aanvang van die persoon se belastingjaar en weer op die laaste dag van daardie belastingjaar. Heelwat van ons kliënte is nie vir voorlopige belasting geregistreer nie, […]
October 7, 2015

Is die koper van ‘n vaste eiendom verantwoordelik?

Is die koper van ‘n eiendom verantwoordelik vir die betaling van uitstaande munisipale skuld wat deur die vorige eienaar van die eiendom opgeloop is? Die kort antwoord is “Nie meer nie”. Lees asseblief die res van die artikel vir die meer volledige antwoord. Wat in die verlede gebeur het Munisipaliteite moes uitklaringsertifikate rakende munisipale skuld uitreik waarsonder geen eiendom vanaf ‘n verkoper na ‘n koper oorgedra kon word nie. Hierdie sertifikate het gesertifiseer dat alle uitstaande skuld wat aan ‘n munisipaliteit verskuldig is tot op die datum van oordrag ten volle vereffen is. Kopers van eiendom het redelikerwys op die […]
April 28, 2015

Oordrag van eiendom: Is BTW of hereregte betaalbaar?

Die Koper is verantwoordelik vir die betaling van die oordragkoste wanneer ‘n onroerende eiendom aangekoop word, maar dan moet verder bepaal word of BTW of hereregte op die transaksie aan SAID betaalbaar is. By die oordrag van onroerende eiendom is daar altyd  BTW of hereregte betaalbaar aan SAID. Daar word na die status van die verkoper en die aard van die transaksie gekyk ten einde te bepaal of BTW of hereregte betaalbaar sal wees. BTW Indien die Verkoper as ‘n ondernemer vir BTW geregistreer is en die eiendom verkoop in die loop van sy besigheid, is BTW op die transaksie […]
March 18, 2014

Co-ownership of land

The word “co-ownership” in relation to land means that two or more persons own land simultaneously in undivided shares. A share in land does not represent, and may not be held to represent a defined portion of land. A co-owner who holds a share in land does not hold title to a defined piece of land even if by arrangement with his co-owners they might have agreed to give him occupation of a specific portion of land.  The title he has is to an undivided share only, in the whole of the land, held in joint ownership.  The portion he […]
November 18, 2013

Implikasies van boedelbelasting

Boedelbelasting word, kragtens die Wet op Boedelbelasting, gehef op die belasbare waarde van die boedel. Die algemene reël is dat indien die belastingbetaler gewoonlik in Suid-Afrika woonagtig is ten tye van sy/haar dood, al die bates (insluitend eiendom geag eiendom te wees), waar ook al geleë, ingesluit sal word in die bruto waarde van die boedel vir die bepaling van die boedelbelasting daarop betaalbaar. Tans bedra boedelbelasting 20% van die belasbare waarde van die boedel. Buitelanders/nie-inwoners betaal ook boedelbelasting op hulle eiendom in Suid-Afrika. Om die gevolge van boedelbelasting te minimaliseer moet mens die berekening daarvan verstaan. Die volgende is […]