From the Horse’s Mouth: House Sales and the VAT Increase

From the Horse’s Mouth: House Sales and the VAT Increase

We all know by now that the VAT rate increased from 14% to 15% on 1 April, but how does that affect your residential property sale/purchase? We are talking big money here – if for example you bought a house from a developer for R10m + VAT, that extra 1% adds R100,000 to your cost. Fortunately a little-known (until now) section of the VAT Act provides some relief to residential property buyers. This is what SARS has to say about it (slightly simplified) – Question – “Is there a rate specific rule which is applicable to me if I signed…
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Do You Read Online Terms and Conditions? You Should and Here’s Why

Do You Read Online Terms and Conditions? You Should and Here’s Why

We live in an age of online commerce. We buy and sell pretty much anything you can think of on the Internet, whilst contracting online for everything from an Uber ride to a plumber’s call out has become second nature. So we should all know just how important it is to take note of those annoying little tick boxes saying things like “I agree to the terms and conditions available here” (with of course a hyperlink under the “here” leading you to a list of terms and conditions as long as your arm). An interesting case between Ward v Netbet…
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How to Avoid Disputes over Jointly Owned Property

How to Avoid Disputes over Jointly Owned Property

Buying property can be an excellent investment, but it can also be expensive. So sometimes it makes a lot of sense to share the financial burden with someone else. Perhaps for example you are spouses or life partners buying your first home. Perhaps you are a group of families planning to share a holiday house, or two firms looking to co-own business premises. Just be very careful here… What can go wrong? Co-ownership (or “joint ownership” – it’s the same thing) always starts off all fine and friendly. You’re life partners, or business partners, or best friends (you may even be…
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