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 […]

Misuse of assessed losses

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?

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?

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 […]

Step by step guide to easy UIF claims

Alice recently lost her job. She is feeling very despondent since she has no income to provide for her family and cover her monthly expenses. She recalls that while she was employed she made monthly Unemployment Insurance Fund (UIF) contributions. However, Alice has no idea how to claim from the UIF and whether she qualifies […]

Tips to get the most out of your short term insurance

We take out short term insurance for peace of mind. You pay your premiums regularly and feel safe because you know you are covered should any of your insured assets become damaged. But do you really have the insurance cover you think you have? Are you sure you will be able to claim if your […]

Die 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 brutowaarde van die boedel […]

Begrotings: Is dit die moeite werd?

Baie klein besighede word deur die eienaar self bestuur, veral aanvanklik wanneer die besigheid op sy voete kom. Aangesien die eienaar intiem betrokke is by die dag tot dag verloop van sake is dit maklik om beheer oor die uitgawes uit te oefen. Soos die besigheid egter groei, mag dit nodig word om werknemers aan […]

Tax rates announced in the budget

On 24 February 2016, Min. Pravin Gordhan tabled National Treasury’s annual budget. While it contained a few surprises (both for what it said and that which it did not), the focus in studying the budget has always been the new tax rates proposed. Below we set out the new rates that will apply going forward. […]

So what is gap cover all about

Something that is a frequent question by consumers is “Why did my medical aid not cover the full cost of my hospitalization?” Thinking they were covered for 100% of all the hospitalization costs. Medical aid can be a minefield for the regular Jane out there, who is just looking for the peace of mind that […]