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- November
SARS comes down heavily on those trying to skip their VAT when selling a property |Anne Porter
Posted: 30th November -0001
Agents will be held partially responsible.
Lanice Steward, MD of Anne Porter Knight Frank, has drawn the attention of estate agents to the fact that SA Revenue Services now insist on that it is the estate agent’s duty to check whether a seller has his property listed in a company and is VAT registered. If it is, Steward says, VAT is payable when it is sold.
“The impression that I get from the SARS directive,” said Steward, “is that certain property owners have ducked out of paying these taxes, sometimes thereafter being uncontactable because they are overseas.”
SARS, said Steward, is now checking carefully to see if the seller has filed returns, paid late or still has outstanding payments. If this is the case, she said, the estate agent will be held responsible along with the seller.
The seller, said Steward, has to ensure that he is up to date with all tax payments, has provided surety for payments on current transactions and has instructed the conveyancer to pay all monies owed within five days of the transaction. Late payment is a fineable offence.
Exemptions or extensions, which previously were given in certain instances, will no longer be countenanced, said Steward.
For further information contact Lanice Steward on 021 671 9120 or email lanice@anneporter.co.za
Lanice Steward, MD of Anne Porter Knight Frank, has drawn the attention of estate agents to the fact that SA Revenue Services now insist on that it is the estate agent’s duty to check whether a seller has his property listed in a company and is VAT registered. If it is, Steward says, VAT is payable when it is sold.
“The impression that I get from the SARS directive,” said Steward, “is that certain property owners have ducked out of paying these taxes, sometimes thereafter being uncontactable because they are overseas.”
SARS, said Steward, is now checking carefully to see if the seller has filed returns, paid late or still has outstanding payments. If this is the case, she said, the estate agent will be held responsible along with the seller.
The seller, said Steward, has to ensure that he is up to date with all tax payments, has provided surety for payments on current transactions and has instructed the conveyancer to pay all monies owed within five days of the transaction. Late payment is a fineable offence.
Exemptions or extensions, which previously were given in certain instances, will no longer be countenanced, said Steward.
For further information contact Lanice Steward on 021 671 9120 or email lanice@anneporter.co.za
Posted by: Anne Porter Kinght Frank
