HomeHome SearchSearch MenuMenu Our productsOur products

SARS stopped the transfer of your new property because you did this one thing wrong

by , 31 May 2013
You just bought property for your business, after viewing countless properties. Dragging around with real estate agents, looking at unsuitably priced premises... and finally you've found the perfect position at a great price.

You expect the transfer to come through quickly. It's a clean sale. 

You need to start planning the move because the new owners of your existing premises take occupation in a month's time.  You don't want to have to pay occupational rent for property you own.

At the worst possible moment, SARS drops a bombshell. 

They've put the transfer of the property on hold because of one small mistake you made. Let's have a look  at what it is… and how you can avoid this situation.

+++ You can consult an Accounting expert every day – 24 hours a day+++

You can make use of accounting expertise every time you need it. It is always at your disposal – simply lying on your desk. Don't look for a solution yourself or risk making an expensive error, when you can use the Practical Accountancy Loose Leaf  instead.

You can read about how a particular problem is seen by the experts. You can turn their knowledge and experience to your benefit as often as you want or need. 
+++

Make sure SARS doesn't stop the transfer of your property!

If you owe SARS any tax, it will stop the transfer of the property (and the money) to you. This may sound like a small detail, but the effects of SARS having this power are massive. You may have planned to settle your tax bill with the funds from the sale of your property.

You may be selling your current property on condition of transfer of your new property into your name. Even if it's a small amount that you somehow overlooked, it creates an unpleasant administrative backlog in the sale or purchase of fixed property for your business.

+++ Have you received a Supplementary Declaration IT14SD form?+++

Do you know how to complete it correctly? If you've opened the form you'll see it's quite tricky.

How to successfully complete your IT14SD form will ease the burden of completing this form.

Get your copy now.

+++

SARS has setup a fixed property office in Worcester to monitor property sales for Vat vendors. This is a red flag for Vat vendors involved in buying or selling property. SARS is on the lookout for even the slightest error on your side. So make sure you keep your taxes paid up, and your books in order. 

 There are also SARS rules about whether you must pay transfer duty or Vat on the sale of your property. For all the insider information on fixed property as it relates to Vat vendors, turn to chapter F01: Fixed Property in your Practical Vat Loose Leaf.

Not a member of this service? Click here to become part of the group.

P.S Do you have Vat questions to ask? Check out our Accounting and Tax Club site where we 1100 people have already been asking for free. Have you?


Related articles




Related articles



Related Products



Comments
1 comments


Lindie Lucas 2014-02-12 06:34:38

I am in the process of selling my house far under market value due to huge financial difficulties. I also owe SARS R130k. The cancellation figures have now been released by my bank. I am now concerned that SARS will stop the deal due to me owing them money. What can I do to avoid this from happening?

Recommended for You 

  Quick Tax Solutions for Busy Taxpayers – 35 tax answers at a glance



Here are all the most interesting, thought-provoking and common tax questions
asked by our subscribers over the last tax year – everything from A to Z!

To download Quick Tax Solutions for Busy Taxpayers – 35 tax answers at a glance click here now >>>
  Employees always sick? How to stop it today



Make sure you develop a leave policy to regulate sick leave in your company.

BONUS! You'll find an example of the leave policy and procedure in this report.

To download Employees always sick? How to stop it today click here now >>>
  Absenteeism: Little known ways to reduce absenteeism



This FREE e-report will tell you how you can reduce absenteeism in your workplace while avoiding the CCMA and without infringing your employees' labour rights.

To download Absenteeism: Little known ways to reduce absenteeism click here now >>>
  7 Health & safety strategies to save you thousands



Don't let a health and safety incident cost you one more cent. Implement these seven
strategies in your company today.

To download 7 Health & safety strategies to save you thousands click here now >>>