Trusts are well-known to facilitate effective estate planning and continuity planning strategies. That said, setting up a trust – whether an inter vivos (between the living) or a testamentary (created in a will) − should be carefully considered and not just implemented blindly. The difference between testamentary and inter vivos trusts A testamentary trust is established when a person (the...
Since the promulgation of the Recognition of Customary Marriages Act, 120 of 1998, the position has changed in that customary marriages are now recognised in our law. A marriage that is valid in terms of customary law and was in existence at the time of commencement of the Act, is for all purposes recognised as a marriage in terms of the Act. In the case of a person being in more than one customary...
In any court case when a person is arrested, the accused person remains to be presumed not guilty until the court finds such person guilty. In our law, no one may be detained without trial. If an accused is arrested, he or she is normally kept in prison or the police cells until the trial is finalised to ensure the presence of the accused at court. If the person wishes not to be imprisoned pending...
Conveyancing (or conveyance) is the legal term for the process whereby a person, company, close corporation or trust becomes the registered and legal owner of immovable property and ensures that this ownership cannot be challenged. It also covers the process of the registration of mortgages. Conveyancing in South Africa can only be carried out by a licensed conveyancer, i.e. a lawyer who has passed the...
The increase was announced in the Minister of Finance’s Budget Speech on 21 February 2018. The standard rate of VAT will change from 14% to 15% on 1 April 2018 (the effective date). How will this VAT increase affect property transactions, property registrations and estate agent commissions? Question 1: How will the rate increase work generally for fixed property transactions? The rate of VAT for...
Hereby a summary of the most significant proposals for the 2018/2019 Budget as tabled by the Minister of Finance 2018/2019 Tax Proposals: VAT: A one percentage point (1%) increase in VAT from 14% to 15%. No adjustments to the top four income tax brackets. Below inflation adjustments to the bottom three income tax brackets proposed. Fuel Levies: Overall increase of 52c/litre for fuel, consisting...
Section 129, read with Section 130, of the National Credit Act (“the NCA”) provides that when a consumer falls into default in terms of a credit agreement, the creditor is required to send a written notice to the defaulting consumer to advise the consumer that the credit agreement be referred to a debt counsellor, alternative dispute resolution agent, consumer court or ombud with jurisdiction with the...
