SARS has finally accepted that buildings and other permanent structures depreciate in value due to their limited useful life. Therefore, no reason exists for the tax system to wholly exclude commercial buildings from potential tax write-offs for depreciat...
Anyone buying property from a non-South African resident should be aware that they must withhold tax from the proceeds of that sale as of 1 September this year.
According to Godfrey Timber, director and conveyancer for Smith Tabata Buchanan Boy...
A new property tax was passed over the weekend that requires all South Africans who buy local properties from foreign sellers to withhold a portion of the buying price and pay it directly to the taxman.
Purchasers of immovable property from foreigners in SA will be required to withhold taxes on the purchase price and pay them to the South African Revenue Service (SARS), according to new tax laws.
Thanks to focused lobbying by Sapoa and its Property Management Committee, stamp duties on fixed property leases have been reduced in the latest amendments released by SARS last month.
Stamp duty on short-term leases has been abolished and duty...
