Archive for Oct 2009

BUYERS BEWARE! CHECK THE SELLER’S MARITAL STATUS BEFORE BUYING!

Where a couple is married in community of property, certain assets (including property interests, shares, investments etc) cannot be disposed of by one spouse without the consent of the other. There’s danger there for the buyer, as illustrated in two recent High Court cases, where sales were set aside because the husband in each case…

Read More

INVENTORS: S.A. PATENTS LAUNCHED INTO CYBERSPACE!

“There’s a way to do it better – find it!” (Thomas Edison) Inventors (budding and veteran) take note – CIPRO’s new electronic patent database has just been launched. Go to the “Public Patent Search” site at http://patentsearch.cipro.gov.za/home/default.aspx to view all South African patents for the period 1984 to 2005 (other years will be added to…

Read More

DEBT RECOVERY INTEREST AND COSTS CAPPED

Credit providers and consumers need to be aware of a recent High Court ruling that applies to any debt governed by the National Credit Act (the relevant sections of which came into effect on 1 June 2007). In a nutshell, interest and costs stop accruing on such a debt as soon as it equals the…

Read More

PROPERTY TAX GAP WIDENS – EXTENDED TO TRUSTS

The draft tax legislation we mentioned last month (tax relief for the transfer of residential property out of companies and CCs) has been extended to include properties held in trusts. Again, we’ll give you full details if and when the legislation is approved and promulgated – in which event it will apply retrospectively to 11…

Read More

WATCH THIS SPACE FOR A PROPERTY TAX GAP

If you hold your home in a company or close corporation, stand by for a possible opportunity to save a lot of tax. If new tax legislation is passed as is (it’s still in draft form), you could benefit significantly by transferring the property into your own name without paying transfer duty and STC (CGT…

Read More