Navigating the amendments to the Trust Property Control Act: Beneficial ownerships in South Africa
Navigating the amendments to the Trust Property Control Act: Beneficial ownerships in South Africa The Trust Property Control Act, a key piece of legislation governing South Africa’s trusts, recently underwent a substantial transformation with the passage of the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act. This regulatory overhaul was aimed at […]
The Subdivision of Agricultural Land Act No. 70 of 1970 explained: Part 1
The subdivision of agricultural land or “farmland” is regulated by the Subdivision of Agricultural Land Act No. 70 of 1970 (hereafter “the Act”) which came into operation on 2 January 1971. Baker J, in the case of Van der Bijl v Louw, stated that the Act has its purpose in preventing the situation where farming units […]
Buying or selling a home? Know the process
The transfer process is synonymous with building a house. The foundation must be laid and certain parts are built simultaneously in order for the process to be completed as one cannot be done without the other. There are many parties involved in a transfer process and each one has an important role to play. The […]
Preparing your budget for your dream home
Purchasing a new home is undoubtedly an exciting decision, but it is also an extremely emotional one. A home is where family traditions are brought to life and where lifelong memories are made. However, in addition to the immense pride that comes with having a place to call your own, comes the heavy costs that […]
The ups and downs of property co-ownership
Property ownership is no small feat. It is one of the most reliable forms of investment and one of the biggest items that most people have on their financial “to-do” lists. Unfortunately, it is not always an easily achievable goal. Property ownership has always been a costly endeavour, and in recent years the age of […]
Is it time to downsize?
Property ownership in today’s economy is no small feat. But even when you’ve worked most of your adult life towards buying the family home of your dreams, the possibility of downsizing should never be discounted. Whether you’re looking at lowering the costs of homeownership, or reassessing your property needs once your children have moved out, there are a number of clear indications that it’s time for you to move on to something […]
Transferring the unwanted
According to reports, given current low interest rates, there have been an uptick in property transactions. Therefore, it is worthwhile considering the potential impact of any transfer duty taxes to be imposed on such transactions. The Transfer Duty Act imposes a transfer duty on the value of any property acquired by any person by way of a transaction, or in any […]
Primary residence exclusion
The Eighth Schedule of the Income Tax Act, which deals with capital gain tax, allows for exclusion from liability on any gains realised on the sale by a taxpayer of a primary residence on the first R2 million of such gains. There are, however, several more complex matters that often arise in the determination of any gain, and we examine some of those in more […]
Thinking of buying your first property?
The question of whether renting or buying is the best is almost always in circulation in the real estate industry. While one is affordable in the short term, the other holds more benefits in the long run. In 2020, however, things took a turn, and the answer to the question may be a bit clearer than usual. Historically low […]
Usufructs and tax consequences
A usufruct is a limited real right in property. The usufruct construct takes the form of a common-law personal servitude, which, as a limited real right, grants the holder (the usufructuary) the right to use someone else’s property, including the fruits. Typical examples include where someone is granted the right to use a house, or […]