Change entities and save Capital Gains Tax on your primary residence
Change ownership of your primary residence from legal entity to natural person before 31 December 2011 and save Capital Gains Tax on the first R1,500,000 when you eventually sell.
 
Would you benefit from the Tax exemption offered by SARS until the end of the year?
This limited period exemption is available for the transfer of a property from a Trust, Company or Close Corporation to a natural person but these transfers must be registered by 31 December 2011.

Why would you want to take advantage of this offer from SARS?
Because a Trust, Company or Close Corporation does not qualify for the exclusion of the first R1 500 000 for the calculation of Capital Gains Tax when you sell the property, and a natural person does.

So…. You will be exempt from paying transfer duty and capital gains tax on this transaction and, when you sell your property, you will be entitled to exclude the first R1 500 000 for the calculation of your capital gains tax liability.
There are a few requirements that need to be met in order for this exemption to apply so please contact Natasya from AMC Hunter Attorneys on 082 907 0711 to discuss.

Don’t leave it to the last minute. There will probably be a plethora of transfers stampeding SARS and the Deeds Office towards the end of the year which will mean some of them won’t register in time.

Please contact Natasya from AMC Hunter Attorneys for a quotation and advice on this offer.