IMPORTANT SARS DATES

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There appears to be an increased focus recently by SARS in relation to tax compliance. We therefore want to highlight the below important dates again to our clients to ensure that they are always fully tax compliant. Non-compliance may lead to penalties being imposed against defaulting taxpayers, but also has wider potential implications. This includes that taxpayers may be unable to apply for a tax clearance certificate, or that SARS may be disinclined to favourably consider a request for the suspension of payment of an alleged tax debt while the taxpayer is engaged in a tax dispute with SARS.

VAT:

VAT registered businesses also registered on eFiling are required to file their periodic VAT returns on the last business day of the month following the end of the relevant VAT period. Payment is due by the same day if made by EFT or through the eFiling portal.

Where manual returns are filed, payment and filing is required to be made by the 25th of the month following the VAT period.

PAYE:

Businesses with employees (and from whose salaries PAYE is being deducted) is required to file the relevant EMP201 return by the 7th of the month following the month in which the PAYE was deducted or if the 7th falls on a public holiday or weekend the last business day before the 7th.

Every employer who is registered for PAYE (and or UIF and/or SDL) is further also required to submit an EMP501 form bi-annually by 31 May (final period) and again by 31 October (interim period) which essentially comprises a reconciliation of attendant employees related taxes and levies.

Dividends tax:

Dividends tax returns are required to be filed by the end of the following month after the relevant dividend declaration or receipt has taken place, and payment (if applicable) is required to accompany that return on the same date.

Provisional tax returns:

For those taxpayers who are also provisional taxpayers, provisional tax returns are due after the first 6 months of the relevant year of assessment has passed, and again on the last day of that tax year. Payment is required to be made by the same dates (if applicable). While a third payment of provisional tax is not required, this may be made within 6 months after the end of the tax year (7 months, if a the yearend falls on February) to avoid interest being levied on the underestimation of provisional tax, if it transpires to be the case.

Annual income tax returns:

We again wish to remind our (non-corporate) clients that annual income tax returns for non-provisional taxpayer individuals are usually due by last week of November, while provisional taxpayers are required to submit their annual returns by the following January.

Companies are required to submit their annual income tax returns within 12 months after the end of the end of the relevant year of assessment.

We wish to draw attention that should any due date fall on a public holiday or weekend then submission and payment should take place on the last business day before that due date.

This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted (E&OE)

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END OF FINANCIAL YEAR GOALS FOR BUSINESS OWNERS

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Provisional Tax Deadline: 28 February

The second provisional tax deadline for submission and payment is due on 28 February. Make sure that your final tax planning for the financial year has been done and that your cash flow is in order for the relevant payments to be made. Unexpected accounting profits while there is no cash available to pay the tax thereon has led to many penalties and closed doors. Don’t be caught off guard.

Annual Financial Statements Overdue

For companies with a February year end, Annual Financial Statements for 2017 are now almost 6 months overdue per Companies Act regulations. If you have not yet finalised your 2017 AFS, please make sure that you look into it. Any financier or investor will require your financial statements before being able to assist you with funding.

Annual Returns Outstanding

Companies are legally required to file Annual Returns with the Companies and Intellectual Property Commissioner. Failure to do so could lead to deregistration of the company, which has dire consequences for its operations and contracts. Annual Returns are required to be filed within 30 days of the anniversary of a company’s incorporation. Use the end of this financial year to make sure that your company’s returns are filed and up to date.

Annual Budgeting Not to Be Delayed

January and February is budgeting season. By now, enough information about the previous year of trading should be available to perform accurate budget forecasts for the twelve months ahead. Use this time to fine-tune good budgets that can curb unnecessary expenditure and motivate your team to achieve growth targets. This can be your year!

This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted (E&OE)

By Louw Barnardt | February 16th, 2017

http://www.outsourcedcfo.co.za/blog/end-of-financial-year-goals-for-business-owners/#prettyPhoto

Adjusted for current financial year dates

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7 PITFALLS TO AVOID WHEN SETTING UP A CASH FLOW FORECAST

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Sometimes small businesses think proper financial management is better left for the Fat Cats and industry giants.

No matter the size or age of your business, cash flow forecasting and budgeting is key to its success.

Here Are Seven Don’ts For Setting Up Your Business Cash Flow Forecast:

  1. Don’t bank on cash inflow too early. It can put you at risk

For cash inflows, do not underestimate the difference between the

accounting income (when the revenue is invoices) and the actual cash flow. Depending on debtors terms, although a “sale” was made in month one, the payment (aka cash flow) might only be 30 or 60 days later. In the case of contracts with varying payment terms, take note of the difference between when the accounting revenue is recognised and when cash flow takes place.

  1. Don’t group income streams.

Most businesses have various revenue streams. Split each stream into a separate line item, using unique assumptions for each one.

  1. Don’t confuse accounting items for cash in the bank.

The golden rule is to only use actual cash for outflows in your forecast. Accounting items like depreciation and revaluations form part of accounting profit and loss, but are not cash in nature. They are therefore excluded. Opportunity cost is also not included as it is not cash flow in nature

  1. Don’t guestimate your assumptions.

Assumptions should not be guess work. All line items in your cash flow forecast must be properly grounded using reasonable assumptions.

  1. Don’t overestimate inflows and underestimate outflows.

Be prudent when setting up your forecast. You want your end product to be a realistic representation of expected cash flow.

  1. Don’t under-report

Inflows and outflows that are not income statement items (income or expenses) also need to be included. Purchase of assets is not an expense, but it is an outflow.

Similarly, the receipt of funds from an investor or lender is not income in the income statement, but does lead to a cash inflow.  It is here where the major difference between an income statement and a cash flow model lies.

  1. Don’t be negligent

It is critical to be thorough. Details like the cash flow effect of tax, bi-monthly VAT and other non-general expenses can have a big effect on available cash.

This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted (E&OE)

References:

http://www.outsourcedcfo.co.za/finance/7-pitfalls-to-avoid-when-setting-up-a-cash-flow-forecast/

By Louw Barnardt | February 14th, 2014

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U BOEDEL EN BEGRAFNISKOSTES

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Die kostes ten opsigte van ‘n begrafnis of verassing kwalifiseer as geldige eise teen ‘n boedel en behoort dus as ‘n eis teen die boedel genoteer te word.

In die verlede was begrafnisondernemers bereid om die diens te verskaf en die begrafnis- of verassingkostes word dan as eis teen die boedel noteer om vereffen te word sodra die Eksekuteur formeel aangestel is en dus toegang tot boedelfondse kan verkry.

Weens die tydsverlope met Eksekuteursaanstellings en ook die vertragings wat ondervind word met die sluiting van bankrekeninge, was begrafnisondernemers met verstaanbare redes genoodsaak om daarop aan te dring dat die begrafnis of verassingskostes onmiddellik en voor die uitvoering van die begrafnisdiens vereffen word.

Normaalweg word die kostes dan deur die familie of ‘n familielid vereffen en word die kostes dan as eis teen die boedel genoteer om vereffen te word sodra fondse beskikbaar is.

Dit skep uiteraard probleme indien die familie nie oor sodanige befondsing beskik nie, maar Artikel 11 van die Boedelwet (Wet 66 van 1965) bepaal wel duidelik dat al was ‘n Eksekuteur nog nie formeel aangestel en indien ‘n oorledene oor fondse besik, ‘n finansiële instelling by magte is om fondse aan die oorledene se familie beskikbaar te stel om aan hom ‘n behoorlike begrafnis te besorg.

Daar is soms verwarring dat dit ook die Eksekuteur se plig is om begrafnisreëlings te tref.

Alhoewel die Eksekuteur soms die familie behulpsaam is om reëlings rondom die begrafnis te tref, is dit beslis nie een van die Eksekuteur se pligte nie en in meeste gevalle raak die Eksekuteur eers betrokke by die administrasie van die boedel nadat die begrafnis afgehandel is.

Indien die boedel aanspreeklik is vir Boedelbelasting is dit ook belangrik om kennis te neem dat slegs die begrafniskoste (begrafnis of verassing) en die kostes van ʼn grafsteen of ʼn nis as toelaatbare eise teen die boedel sal kwalifiseer.

Ander kostes, byvoorbeeld telefoon-en verblyfkoste, reiskostes van die familie en die koste van die begrafnisverversings en pamflette, kan nie geëis word nie.

This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted (E&OE)

By Marius Vorster

http://www.fhbc.co.za/2017/06/05/u-boedel-en-begrafniskostes-2/

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THE IMPORTANCE OF HAVING A GOOD ACCOUNTING SYSTEM

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If your business doesn’t have an effective accounting system in place, you run the risk of making serious errors in your finances. Furthermore, a good accounting system simply makes life easier and allows you to focus more on growing your business.

  • It helps you evaluate the performance of your business: A good accounting system gives you a thorough overview of the financial performance of your business. If you don’t have an accounting record, how will you know if your business is growing or shrinking? So, your account records help you know if your business is growing, stagnant or slowing down.
  • It helps you manage cash flow and meet deadlines: Cash flow management means knowing what you do with the cash that comes into the organisation. Your accounting system helps you know areas that need cash. For instance, cash may be needed to finance your debts, or make major renovations or order for new stocks, and it is your accounting system that will help you know this. In short, no business will growth further without a good cash management system. Also, your accounting books help you know when bills like your rent needs to be paid.
  • It’s needed for business goal setting: Your accounting system will help when setting new business goals for the week, month or year, as seeing the business performance for the last financial year will help you project and set goals for the New Year and plan ahead for the business.

This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted (E&OE)

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CLAIMING INPUT TAX FOR VAT PURPOSES ON IMMOVABLE PROPERTY

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When a registered VAT vendor sells a property, that transaction is subject to VAT and not to transfer duty.[1] Where the purchaser of the property is itself a VAT vendor, input tax may be claimed against the acquisition price paid for the property, and which will in most instances effectively equate to the VAT charged by the seller-VAT vendor, therefore leaving the purchaser eventually in a VAT neutral position subsequently once the input tax is paid back to it.

Where the purchaser-vendor however buys immovable property from a non-VAT registered seller, the transaction is not subject to VAT, but rather to transfer duty being levied on the purchaser and which transfer duty is payable over to SARS. The question which then often arises in practice is whether the purchaser-vendor is entitled to claim input tax on the acquisition of the property, and whether that input tax claim should be limited to the transfer duty charge levied against the purchaser-VAT vendor.

In terms of section 16(3) of the VAT Act,[2] VAT vendors are entitled to claim an amount of input tax against amounts incurred to acquire “second-hand goods” from non-VAT vendors. In the case of immovable property, this rule similarly applies, and immovable property too may amount to “second-hand goods”, it being defined as “… goods which were previously owned and used”.[3]

Paragraph (b) of the definition of “input tax” is the relevant provision governing the relevant VAT treatment. Assuming that a sale of immovable property entered into between a non-VAT vendor seller and a VAT vendor purchaser is undertaken at open market value, the “input tax” definition then determines that the input tax to be claimed by the VAT vendor on the acquisition would equate to an amount equal to the “tax fraction” (also a defined term, being 14 / 114) as applied to the price paid for the property.) Assume for example that a property is purchased for R1.14m by a VAT vendor from a person not registered for VAT. Applying the transfer duty rates to this transaction, an amount of transfer duty of R7,200 would be payable by the purchaser to SARS. This notwithstanding though, the purchaser-vendor may also claim a deemed VAT input tax amount of R140,000 (being 14 / 114 x R1.14m) during that relevant VAT period.

This position was not always the case. Previously, in terms of a proviso to paragraph (b) of the definition of “input tax”, an input tax claim would have been limited to the amount of transfer duty payable by the VAT vendor when it acquired the property. This is however now no longer the case, and the applicable proviso has since been deleted.

This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted (E&OE)

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HOW IS CRYPTO CURRENCY SUCH AS BITCOIN TAXED IN SOUTH AFRICA?

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Please note that the information below is an opinion and cannot be used to rely on as formal tax advice. In order to obtain formal tax advice regarding your tax situation, please contact us directly for a consultation.

For the lazy reader I start with a summary:

  1. It is my opinion that Bitcoin will be classified as an asset for tax purposes in the current ambit of the income tax act.
  2. It is my opinion that the gains made on the sale of Bitcoin will be taxed as trading income (except in the unlikely case where it was held as a long term investment where it will be taxed as capital gains).
  3. See the example at the end of the article.

 The View of SARS

SARS has not given their interpretation for the specific tax treatment of cryptocurrency yet. There is a common misconception that this means that no tax has to be paid on cryptocurrency gains. This is not the case, as the income tax act does make provision for gains on cryptocurrency albeit not directly. According to an article published by IOL, in Personal Finance, SARS has made their current position clear “Transactions or speculation in Bitcoin is subject to the general principles of South African tax law and taxed accordingly” (https://www.iol.co.za/personal-finance/youre-liable-for-tax-on-bitcoin-gains-11508366).

For the rest of this article I will refer to Bitcoin as an example, since this is a well known cryptocurrency. Where I use the term Bitcoin I also refer to other forms of cryptocurrency unless explicitly indicated otherwise.

The nature of Bitcoin – Currency vs Asset

In order to assess how Bitcoin fits into the South African Income tax act a first consideration should be to assess the nature of Bitcoin.

Bitcoin cannot be classified as a currency since it is not related to a specific country. Section 24I of the income tax act defines local currency as “currency of the Republic” and foreign currency as: “any currency which is not local currency”. It is thus clear that Bitcoin is not local or foreign currency and therefore not currency.

The next logical consideration would be to assess Bitcoin as an asset (similar to for example shares).

Paragraph one of the the eight schedule of the income tax act defines an asset as:

“property of whatever nature, whether movable or immovable, corporeal or incorporeal, excluding any currency, but including any coin made mainly from gold or platinum and a right or interest of whatever nature to or in such property”

Section 1 of the income tax act defines trading stock as:

“anything produced, manufactured, constructed, assembled, purchased or in any other manner acquired by a taxpayer for the purposes of manufacture, sale or exchange by the taxpayer or on behalf of the taxpayer “

Trading stock is also classified as an asset.

It is therefore in my opinion clear that Bitcoin will be classified as an asset for tax purposes in the current ambit of the income tax act and in the majority of the cases as trading stock when it is traded in a speculative manner.

Capital gain vs trading income

The next question that arises is whether the Bitcoin (asset) will be taxed as a capital gain or as normal trading income when you sell the Bitcoin.

The income tax act is clear on this area as it is well established.

If an asset is held as a long term investment it will be taxed as a capital gain and if the asset is for short term trading (speculative) purposes it will be regarded as trading income.

It can be complex exercise to determine the intention of a taxpayer as to whether the asset was purchased as a long term investment or for trading purposes.  This article will not focus on the complexities of determining the long term or trading nature of the asset. In the current Bitcoin environment I am of the opinion that most of the parties buying and selling Bitcoin is doing this for trading purposes. As soon as you buy low and sell high or even only sell high you are providing an indication that you do not have a set investment period.

Conclusion

It is therefore in my opinion clear that the gains made on the sale of Bitcoin will be taxed as trading income (except in the unlikely case where it was held as a long term investment where it will be taxed as capital gains).

In simple terms, the amount you sell the Bitcoin for, less the amount you paid for the Bitcoin will be added to your normal taxable income.

Example

An illustration by example:

Example:

Mr Nakamoto works as a plumber and earns R500 000 salary per year. In addition to this Mr Nakamoto buy and sell Bitcoin.

In the relevant year Mr Nakamoto did the following Bitcoin trades:

  1. Bought Bitcoin for R100 000 and sold this in the same year for R150 000
  2. Bought Bitcoin for R60 000 and sold this in the same year for R170 000

Thus the total gain Mr Nakamoto made is R50 000 (R150 000 – R100 000) + R110 000 (R170 000 – R60 000) = R160 000.

The R160 000 should be added to his salary of R500 000. Thus his taxable income will be R660 000 (R500 000 + R160 000).

Please note that exchange gains can also play a role, but will not be discussed in this article.

Author: Chris Herbst, CH Consulting

This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted (E&OE)

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PROVISIONAL TAX RULES

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Since the provisional tax season has arrived, it is important to remember the rules regarding your estimates. The provisional tax payment must be received by SARS on or before the due date, 28 February 2018. Failure to do so could result in penalties and interest imposed by SARS.

Important rules regarding provisional tax;

Provisional tax is a method of paying tax due, to ensure the taxpayer does not pay large amounts on assessment, as the tax liability is spread over the relevant year of assessment. It requires the taxpayers to pay at least two amounts in advance, during the year of assessment, which are based on estimated taxable income. A third payment is optional after the end of the tax year, but before the issuing of the assessment final liability is worked out upon assessment and the payments will be off-set against the liability for normal tax for the applicable year of assessment.

  1. Provisional tax payments are calculated on estimated taxable income, which includes taxable capital gains for the particular year of assessment.
  2. It is imperative that if you have earned a capital gain during the current year that you declare it for provisional tax purposes.
  3. In the event that you do not advise us of a capital gain that should be included in provisional tax, an understatement penalty may very well be levied by SARS.

There are certain penalties for underpayment of provisional tax, which will be levied by SARS.

  1. If your actual taxable income is more than R1 million a penalty will be levied if the second period estimate is less than 80% of actual taxable income.
  2. If your actual taxable income is equal or less than R1 million a penalty will be levied should the second period estimate of taxable income for the year of assessment deviate from the basic amount applicable to that period.
  3. A penalty of up to 20% of the underpayment may be charged by SARS.
  4. Interest will be charged on all late payments.

Should your payment not reach the South African Revenue Service on or before the due date, a penalty of 10% will be levied on outstanding amounts and/or SARS will consider your estimated income for the 2nd provisional tax payment to be zero and will apply the relevant penalties.

This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted (E&OE)

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KEEP YOUR BUSINESS GROWING

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Having a successful business means ensuring that it continues to grow. Without growth, your business will eventually run dry and stagnant. But with the added responsibility of maintaining your business and keeping things running smoothly, it can be difficult to know where to look for business growth.

  1. Look for cost savings

This point is especially true when your business is trying to survive a struggling economy. Making cost saving choices can become more or less difficult depending on how you manage your incomings and outgoings.

Try find cost savings wherever you can. What subscriptions are you still paying for that you no longer need? Which supplier relationships need to be terminated? Are you spending too much on stationery? Aim to eliminate all unnecessary costs, even if they’re small.

  1. Automate everything

When you waste time, you waste money. When it comes to things like report preparation, data entry, and accounts payable and receivable, it’s worth investigating your automation options. Things like pursuing invoices can now be done with a click of a button and a few strokes of the keyboard. What’s more, they can be handled safely, legally, and efficiently.

Once you’ve automated portions of your business, you can focus exclusively on growing the business rather than just maintaining it. This is critical, because growing a business takes extreme dedication and commitment.

  1. Target other markets

If your current market is serving you well, then ask yourself if there are others. Sometime, those other markets are what make money. If your consumer market ranges from young professionals to young families, think about where these people spend most of their time. Could you introduce your business to schools, restaurants or community events? You could also offer discounts to special-interest clubs or donate part of your profits to schools and associations.

This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted (E&OE)

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ONROERENDE EIENDOM IN OORLEDENE SE BOEDEL

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In die eerste plek sal slegs onroerende eiendomme wat in die Akteskantoor in die oorledene se persoonlike naam geregistreer is as boedelbates kwalifiseer.

Indien die oorledene ‘n geldige Testament nagelaat het, sal die eiendom in terme van die bepalings van die Testament vererf. Die eiendom kan dus as ‘n spesiale bemaking aan een of meer erfgename vererf of in baie gevalle is daar nie spesifieke instruksies hoe daar met die eiendom gehandel moet word nie en dan sal die eiendom of eiendom(me) deel uitmaak van die restant van die boedel.

Uiteraard sal die bepalings van die testament, die boedel se kontantposisie, boedelskuld en ook die belange en behoeftes van die naasbestaandes deeglik oorweeg moet word.

Dit is ook belangrik om daarop te let dat indien ‘n eiendom as spesiale bemaking vererf, die vererwing onbelas is, m.a.w die erfgenaam wat die eiendom erf, ontvang die eiendom sonder enige skuldlas en enige kostes gekoppel aan die insluiting van die eiendom bv. die Prokureur se oordragkoste en Kapitaalwinsbelasting kwalifiseer as boedeluitgawes wat uit boedelfondse vereffen sal moet word.

Dit beteken dus ook dat indien die eiendom met ‘n verband beswaar is, kan die eiendom alleenlik oorgedra word as die verbandskuld afgelos en die verband gekanselleer is.

Met die bekendstelling van Kapitaalwinsbelasting (KWB) is dit natuurlik ook baie waarskynlik dat daar KWB betaalbaar sal wees op tweede en derde eiendomme en weereens is die KWB ‘n boedeluitgawe en impliseer dit dus dat die persoon wat die spesiale bemaking ontvang, vrygestel is van enige kostes t.o.v. die vererwing.

Kom ons kyk na ‘n voorbeeld:

Kosie Kramer kom in Maart 2017 met die volgende boedelbates te sterwe:

Primêre woonhuis, Wellington R1 500 000-00 (Basiskoste R600 000-00)
Strandhuis, Stilbaai R1 200 000-00 (Basiskoste R800 000-00)
Woonstel, Stellenbosch R1 400 000-00 (Basiskoste R700 000-00)
Kontant (Restant) R2 000 000-00

Daar is geen verbande oor die woonhuis in Wellington en die strandhuis in Stilbaai nie. Daar is wel ‘n verband van R400 000-00 oor die woonstel in Stellenbosch.

Wyle Mnr Kramer vererf die strandhuis en woonstel in gelyke dele aan sy seun en dogter. Sy gade, Mev Kramer, erf die Wellington eiendom asook die restant van die boedel.

Vir hierdie voorbeeld aanvaar ons dat die boedel nie enige ander skuld gehad het nie.

Daar is ook geen KWB op die Primêre eiendom betaalbaar nie.

Die KWB betaalbaar op die strandhuis en woonstel word soos volg bereken:

Wins, Strandhuis (R1 200 000-00 – R800 000-00) R 400 000-00
Wins, Woonstel (R1 400 000-00 – R700 000-00) R 700 000-00
Totale wins R1 100 000-00
Min: KWB Korting in jaar van afsterwe R 300 000-00
R 800 000-00

Die Kapitale wins beloop dus R800 000-00 en teen die insluitingskoers van 40%, sal R320 000-00 by die oorledene se belasbare inkomste ingesluit word.

Kom ons veronderstel Wyle Mnr Kramer betaal belasting teen die marginale koers van 45%.

Die inkomstebelasting betaalbaar, wat natuurlik ook as boedeluitgawe gelys word, sal dan R144 000-00 beloop. (R320 000-00 X 45% = R144 000-00).

Indien die verband oor die woonstel hierby ingesluit word, sal dit beteken dat die totale laste in die boedel R544 000-00 sal beloop. (R144 000-00 + R400 000-00).

Hierdie uitgawes sal uit die restant van die boedel verhaal word en dit beteken dus dat die
R2 000 000-00 wat Mev Kramer as restanterfgenaam erf met R544 000-00 sal verminder.

Die verdeling lyk dan soos volg:

Kramer kinders (Strandhuis en Woonstel) R 400 000-00
Mev Kramer (Wellington eiendom) R 700 000-00
Mev Kramer (Restant) R1 456 000-00

Uit die voorbeeld is dit dus duidelik dat Mev Kramer, of dan die restant van die boedel verantwoordelik is vir die totale kostes en dat die kinders dan die eiendomme wat hulle as spesiale bemakings ontvang, onbelas erf.

Die Testateur behoort deeglik ingelig te word en bewus te wees van wat die uitwerking van sodanige bemakings sal wees.

Indien dit nie die Testateur se bedoeling is dat die restant of restanterfgename, die kostes moet dra t.o.v. eiendomme wat as spesiale bemakings vererf nie, behoort die Testament duidelik te bepaal dat die bemakings onderhewig is aan die voorwaarde dat die persoon of persone wat sodanige eiendomme as spesiale bemakings ontvang, persoonlik verantwoordelik sal wees vir die oordragkostes, kapitaalwinsbelasting, verbandskuld, eksekuteursvergoeding of selfs boedelbelasting t.o.v. die betrokke eiendom(me) wat aan hulle vererf word.

Hierdie artikel is ʼn algemene inligtingsblad en moet nie as professionele advies beskou word nie. Geen verantwoordelikheid word aanvaar vir enige foute, verlies of skade wat ondervind word as gevolg  van die gebruik van enige inligting vervat in hierdie artikel nie. Kontak altyd ʼn finansiële raadgewer vir spesifieke en gedetailleerde advies. (E&OE)

Verwysing:

April 6, 2017

By FHBC In All Categories, Estates and Trusts

ONROERENDE EIENDOM IN OORLEDENE SE BOEDEL

 

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