A practical checklist to help you when buying a property…especially if you are a first time buyer.
So you can afford the purchase price but what about the hidden costs such as VAT and transfer duty? When determining whether you can afford the purchase price ascertain whether the sale will be subject to VAT or transfer duty and what is the implication in terms of your free cash that you need to more...
Update on the Protection of Personal Information Bill
In 2009, the Protection of Personal Information Bill was tabled in Parliament and for the first time South Africans will have their constitutional right to the privacy of their personal information enforced. The Bill will bring South Africa in line with international data protection laws and at the same time will protect personal information collected more...
Dividends tax replaces secondary tax on companies
From 1 April 2012, Secondary Tax on Companies (STC) will be replaced by Dividends Tax. Some refer to this as DT now. This is in line with international tax trends and conceptually moves away from a company tax to an effective tax on shareholders payable on the distribution of dividends by a company. This new more...
The new “hot” top level domain – .xxx
So what is .XXX? This sponsored top level domain (“TLD”) has been designed specifically to cater for the adult entertainment industry. It was approved by the ICANN (Internet Corporation for Assigned Names and Numbers) Board on 18 March 2011 and went into operation on 15 April 2011. Who operates the .XXX domain? It is operated more...
Does the Consumer Protection Act (“CPA”) apply when I am selling my home?
The short answer is that the CPA will only apply if the seller is acting in the course and scope of her business, such as a property developer. (The CPA specifically defines “transaction” as meaning when a person acts in the ordinary course of business.) When you are a once off seller then you will more...
Zero rated property transactions
When transferring immovable property from one party to another either transfer duty or VAT is payable. VAT is payable when the seller is a VAT vendor for purposes of the transaction wherein immovable property is to be transferred. If the seller is not a VAT vendor or where the transaction is VAT exempt, transfer duty more...
To register a Close Corporation or not in light of the new Companies Act?
What will happen to your existing Close Corporation when the new Companies Act is signed by the State President during the course of 2010? Close Corporations can be registered until the new Companies Bill is enacted. Thereafter no new Close Corporations will be able to be registered. Current Close Corporations will continue to exist in more...
Primary Residence Tax Concession
Ryan Dingley comments on the primary residence tax concession that is available to South Africans until the 31st December 2011. Recent Tax Legislation allows homeowners who hold their property in the name of a company, close corporation or trust, to take the opportunity to transfer the property, free of any transfer duty, and capital gains more...
Renunciation of exceptions and benefits – what does all this legal jargon mean?
In many cases we find that our clients are asked by their bankers and financial institutions or in the ordinary course of entering into an agreement to renounce the legal exceptions non numeratae pecuniae, non causa debiti, error calculi, revision of accounts and no value received, and to waive the benefit of excussion, division et more...
Consumer Protection Bill – the right to fair, just and reasonable terms and conditions
The Consumer Protection Bill (“the Bill”) is still to be finally signed off by Parliament but in its current form it will have a far reaching impact not only on the suppliers of goods and services - in terms of the protection afforded to consumers by their new found rights - but the Bill will more...
To join a competitor or not – is a restraint of trade agreement constitutional?
The Supreme Court of Appeal of South Africa in the 2006 decision of Reddy v Siemens (Pty) Limited 2007 (2) SA 486 (SCA) considered, inter alia, whether restraints of trade are unconstitutional in that they deprive a person of their right to choose their occupation or profession without hindrance. Facts Reddy had previously been employed more...