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