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and Reserve Bank Intervention

  1. In order to answer all your income tax or VAT queries, we have engaged the services of Mr Alro De Swardt of the accounting firm, Adams, Schouw & Cain in Hermanus.
  2. When selling a property, chances are that you will become liable for payment of Capital Gains Tax. If you are a non-resident seller, the transferring attorney is compelled to withhold a percentage of the selling price for payment to SARS unless you have obtained an appropriate tax directive.
  3. Should a non-resident wish to repatriate the proceeds of a sale to his/her country of origin, Reserve Bank intervention is unavoidable but we can assist with the creation of a paper-trial of the funds that were initially transferred to South Africa at the time of the purchase of the property.
  4. In the event that a VAT-registered vendor sells a business owning property, as a running and income-earning activity, together with the assets necessary for carrying on of the business, to another VAT-registered vendor, it is possible to structure the transaction in such a way that neither transfer duty nor VAT is payable.
  5. Even if a purchaser is not registered as a VAT-vendor at the time of entering into a deed of sale, the transaction can still be structured in a way that will ensure that the seller pays no VAT and the purchaser pays no transfer duty.
  6. Should you require income tax advice relating to your sale or purchase of a property, simply call on us to assist you, if necessary, with the aid of the abovementioned accounting firm.

HomeLegal Realty

Buying or selling a home is a big step and at times stressful.

Trust our real estate attorneys to streamline and effectively handle the purchase or sale of your property from start to finish at a low fixed commission.

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Contact Us

LB Vorster Attorneys, Hermanus, trading as: HomeLegal Realty*

Suite 24 & 25, 1st Floor, Astoria Village, Main Road, Hermanus

+27 (0)28 313 0136

lb@lbvorster.co.za
yvonne@lbvorster.co.za
gawie@lbvorster.co.za

https://www.homelegal.co.za/

 

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