Take Tax Break, South African Property Expert Advises
Berry Everitt, MD of the Chas Everitt International property group
, advises affected consumers to keep abreast of developments and to make use of the opportunity when it arises, since it will represent a tax saving of almost 22%.
On top of that, consumers who registered companies or closed corporations for the sole purpose of holding the property will save the costs of maintaining a registered company that is for all intents and purposes dormant.
The South African Revenue Service announced the proposed tax-free window period in June and has since widened the period to apply retrospectively from 11 February this year instead of 1 January 2010. The concession will expire on 31 December 2012 if the bill is enacted.
Everitt points out that the scope of the bill has also been widened to include individuals who use their property mainly for domestic purposes instead of restricting the tax break to individuals using property exclusively as a residence.
This means that South African property owners who work from home or rent out a part of the home may also benefit, he says.
In terms of the proposed scheme, homeowners will be able to transfer properties into their own names without paying Capital Gains Tax, transfer duties and secondary tax on companies.
This translates to tax savings of almost 22%, with the added benefit that once the property is registered in an individuals name the effective tax rate will be lower and there would be considerable savings in Capital Gains Tax on disposal of the property in future.
He cautions, however, that owners should keep in mind that there will be associated costs, such as conveyancing fees and bond cancellation costs.
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