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Buying into a residential estate can be a great way of acquiring a safe and secure “dream home” for you and your family. Choose wisely and you also gain a valuable asset.
You can either buy an existing house in the estate or you can buy a vacant stand on a “plot-and-plan” or “buy-to-build” basis. The latter gives you both added flexibility and (again, if you choose wisely) greater value.
Just be aware upfront of the building clause in your contract – be sure that you will be able to develop your plot by whatever deadline is imposed on you. A recent High Court decision illustrates the risk and the financial cost of not complying.
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Corruption hurts us all in both our business and our private lives. Even those of us who aren’t the direct victims of tender fraud or bribery requests lose out from the general loss of confidence and investment in the country.
So we can all take heart from two recent Supreme Court of Appeal decisions relating to corrupt politicians and businesses in the Northern Cape. In the first case, long “minimum sentence” terms of direct imprisonment were confirmed, and in the second the deceased estate of another politician who died during the course of her criminal trial was ordered to pay over her ill-gotten proceeds to the state.
Read on for the details…
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Property development can be a profitable business, but it also carries substantial risks. One of those is cash flow problems – get your projections wrong and you could face serious financial trouble.
So it’s important you know of the recent SCA decision about a R1.9m income tax assessment levied by SARS on a developer which had sold plots in one tax year but was paid only during the next tax year when the transfers took place. Was it justified in declaring the income only in the second tax year?
The Court’s decision has serious cash flow implications for developers in a similar position.
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