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The Financial Intelligence Centre Act (FICA) was passed into law in 2001. The main objectives are to combat money laundering and to assist in the identification of the proceeds of unlawful activities.
Capital gains tax is a form of income tax and can be defined as the tax levied on the disposition of an asset. Capital Gains Tax has been introduced in South Africa from 1st October 2001.
Therefore, if the disposal of an asset had taken place on this date or anytime thereafter for proceeds that exceed its base cost; it would be subject to tax levied in the form of Capital Gains Tax.
When a Seller employs the help of an Estate Agent to sell a property, the Seller is liable to pay commission to the Estate Agent who was the effective cause of the sale of their property.
According to Bruce Forrest, managing partner at KwaZulu-Natal legal firm, Meumann White, there are many instances where Sellers are eager to sell their property and thus bring in more than one Estate Agent to sell their property as quickly as possible.
Great, you’ve received your bond approval from your bank / financial institution, you’ve signed your letter of acceptance- but what happens next?
In this article, our attorneys in Cape Town provide you with a chronological step by step explanation of the bond process.
A deed of sale will remain valid and enforceable, should the seller or the purchaser die before transfer has been registered. The executor of the deceased’s estate would have to act on behalf of the estate.
When a person dies, the Master of the High Court appoints an executor to administer the deceased’s estate.
One of the most important aspects for a Muslim is to have their estate in order. This is an easier task when the country you reside in practices Islamic Sharia law. In South Africa however, Sharia law is not the law of the land and as a result, Islamic succession laws are not automatically implemented as they would in a country practicing Sharia law.
In this article our attorneys in Cape Town discuss in brief, the role of the executor in a deceased estate and what qualities to look for in a potential executor.
When describing the role of an executor to my clients, for simplicity, I reference the fact that the executor ‘steps into the shoes’ of the deceased. However, there is a lot more that an executor must know and do, in accordance with the Law, as briefly discussed below.
For most people, Land Expropriation does not require much introduction as it has dominated the news and our social media over the last few months.
With household debt levels in South Africa rising, many home owners have turned to bond consolidation in an attempt to better their financial position, by means of utilising a home loan or existing bond account to pay off several other smaller loans.
A buyer of a unit in a sectional title scheme may be worried when the property description in the Offer to Purchaser fails to mention the simultaneous transfer of a Parking Bay or Garage space (“PB1” or “G1” for example).
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