FAQ: What is deemed to be residential property for VAT purposes?
“Residential” is defined under the word definition “dwelling” in the VAT Act and is defined as any building, structure, premises or any other place which is mainly used as a residence of a natural person. A family home leased on a long-term basis is an example of residential letting that is exempt from VAT.
FAQ: What happens when Transfer Duty was underpaid on an application? Can SARS recover the amount underpaid?
Yes, in terms of Section 13 and Section 20B of the Transfer Duty Act, SARS may recover any underpayment or duty due. The Conveyancer will need to cancel the receipt and correctly apply under a new application. If payment was made on the original submission, the Conveyancer has the option of reallocating the initial amount […]
FAQ: Section 9(1)(h) – does the acquisition of an undivided share in property qualify for the exemption?
No, Section 9(1)(h) represents the transferee’s original share in the jointly owned property. Any further acquisition will attract Transfer Duty which will be calculated in terms of Section 2(5) read with Section 5(6) of the Transfer Duty Act.
FAQ: Under what circumstances do I need to submit 2 Fair Values?
You can either submit 2 Fair Values by 2 different and independent Estate Agencies or 1 Sworn Valuation when: Less than 100% is transferred; Parties are connected; Whenever a usufruct, usus or bare dominium is acquired, retained or renounced. Note however that SARS could request valuations under any circumstance should the value need to be […]
FAQ: Why does SARS exclude the spouse who marries in community of property after the date of acquisition (usually in matters of divorce or inheritance.)
Transfer Duty receipts need to reflect the party/parties that acquire rights to property on the date of acquisition. Should, for example, John acquires the half share of his ex-wife (Sue) in terms of the Divorce Order and later marries Amore, Amore is not to be added to the transfer duty application in terms of the […]
FAQ: Option to make payment is not available on the Transfer Duty platform.
Go to Account Maintenance and follow the MAKE PAYMENT process – enter the TDE number (ensure all in capital letters) and continue with the payment process.
FAQ: How do I do a top-up payment?
Go to your transaction and click on MAKE PAYMENT – the amount due will reflect and continue with the payment process as per normal process.
FAQ: Why won’t my receipt release after I have made payment?
It could be due to interest/additional interest that became due from the time the initial assessment was obtained till date of payment. A top up payment is required.
FAQ: How do I correct an error on my receipt?
An amendment cannot be done on a receipt that has been issued. The conveyancer will have to cancel the incorrect application and apply for a new receipt under a new TDE number. If payment was made, supporting documents will be requested for the refund to be issued. When uploading supporting documents, remember to include the […]
FAQ The TAT has expired. Why do I not have my receipt?
Check to see whether you met the timeframes in the latest letter sent by SARS. Once the Final Request For Supporting Documents is issued, you only have 7 days to upload. If you took longer than the 7 days, the case might have moved out the active pool. You can either do a Request for […]
