Airbnb is an increasingly popular and lucrative way for residential property owners to earn extra income from short-term rentals of spare rooms, holiday houses, apartments and the like. Bear in mind these 3 factors – You need to provide for
BUYING AND SELLING PROPERTY: WHO PAYS THE TAXMAN?
Note: What follows is of necessity just a general summary of some complex provisions, there are various exemptions and exceptions (such as possible zero-rating of going concern sales), and many traps for the unwary. So take specific advice on your particular
SARS: (TAX) CRIME DOESN’T PAY!
“The income tax created more criminals than any other single act of government” (Barry M. Goldwater) SARS it seems retains a much higher enforcement capability than some recent media speculation has suggested. It has announced a 92% conviction rate in
THE NEW TRANSFER DUTY RATES: WILL YOU PAY LESS, OR MORE?
In a nutshell, the transfer duty tax breaks announced in Budget 2015 will reduce costs for most middle-income households but will increase costs of property transactions above about R2,65m (with maximum savings at about the R2m to R2,3m level). Remember
TAX PENALTIES: WHAT MUST SARS PROVE?
SARS has the power to impose severe penalties on any taxpayer failing to declare or pay taxes in accordance with law. For example, in a case recently before the Tax Court, a corporate taxpayer was audited by SARS and found