June 22, 2005
According to an article on the Business Day Website, SARS will be able to delay the transfer of your property if your tax affairs are not in order.
The new regulation, that came into effect last month, will affect all taxpayer, from induviduals through to companies. Lindsay Williams asked Peter Frank, SARS Law Administrator, to explain about the new law and why it has been introduced.
Peter replied that the Deeds Office is going electronic soon and it was logical for them to go electronic as well – as far as transfer duty is concerned. They noticed that a large number of wealthy people bought properties without their tax affairs being in order.
What happens now is that when your transfer duty declaration comes in, SARS will check it against your tax record. If there are any problems, SARS will contact you and help you sort out any problems before the transfer can take place. Once the propblems are sorted out, the transfer will go through.
Read the complete article online at the BusinessDay website.
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