Monday, 30 November 2009

New SARS updates

Is your house currently held in a Company, Close Corporation or Trust? Then it could be very beneficial to you to be aware of the current “SARS given” opportunity to SAVE a lot of money if you would like to transfer it into you own name?

The Taxation Laws Amendment Act, promulgated at the end of September 2009 gives you until the end of 2011 to transfer residential property that you use mainly for residential purposes into your own name free of transfer duty, capital gains tax(CGT), secondary tax on companies (STC).
This saving will be available to you if:

you (or you and your spouse) are the holder/s of all the interest in the Company or Close Corporation that owns the residential home in which you are ordinarily resident; or,
you (or you and your spouse) transferred such residential property into a Trust and financed the Trust`s acquisition of the property or serviced the mortgage loan repayments, if the property is bonded; provided

you (or you and your spouse) have ordinarily resided in the home and have used it for normal domestic purposes (and not merely as holiday house) since 11 February 2009; and
you transfer ownership in the property into your name, or in both you and your spouse’s names jointly before 31 December 2011.


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