VAT and levies explained
The recent change in the VAT rate, from 14 to 15 percent, prompted a revisit of the issue around VAT with regards to levies in body corporates, share-block companies and homeowners’ or property owners’ associations in South Africa.
According to Martin Bester, Managing Director of Intersect Sectional Title Services, a subsidiary of the Spire Property Group, levy income for body corporates, share block companies or homeowners’ associations (except those created for managing time-share schemes) is exempt from VAT.
Bester says this is provided such schemes supply services to their members and the costs for these services are paid from levy fund contributions received from members.
Building owners warned about illegal occupation after tragic deaths
Gauteng Co-operative Governance and Traditional Affairs and Human Settlements MEC, Dikgang Uhuru Moiloa, has renewed calls to owners of private buildings to work with authorities to prevent the illegal occupation of buildings.
MEC Moiloa’s call follows the tragic death of three children aged three, five and 10, who passed away when a dilapidated building they were in collapsed on Monday.
Members of Emergency Medical Services and Urban Search and Rescue services were called out to the scene after the collapse of the structure in Doornfontein, Johannesburg.
According the provincial department, the building was illegally occupied by about 100 families at the time.
‘Have your say’ in Johannesburg's skyline of the future
If you have a vision for the future of Sandton Central and the City of Joburg, now is the time to have your say and share your passion, insights and ideas.
With the recent approval of Johannesburg’s Spatial Development Framework 2040, the Department of Development Planning and Urban Management began reviewing the boundaries and controls of the urban areas within the city. They have assessed each key node with the aim of guiding and encouraging good urban growth and development.
The city has published its draft nodal review, which outlines its new development zone approach. The document also indicates the development guidelines for each of the city’s development zones.
Life rights vs sectional title property in retirement: what’s the difference?
The term life rights may seem unfamiliar to those outside of the retirement community. Far from climbing the property ladder, it could be considered the equivalent of finding a steady balance on the top rung.
What is a life right? An investment in a retirement development, which guarantees the holder a safe and secure home for the rest of their life.
Buying a life right rivals a traditional ‘bricks and mortar’ sectional title investment in that its primary objective is to offer a stress-free retirement lifestyle, without burdensome admin. Sectional title offers financial growth, but brings with it concerns such as special levies, body corporates and managing agents.
This model is globally recognised for its distinct advantages, enabling residents to live active, independent, autonomous lives without the traditional burdens that come with owning a property outright.
Ten tips for South Africans investing in UK property
United Kingdom property offers South Africans an opportunity to develop their wealth and enjoy monthly cash returns in sterling.
Buy-to-let is a massive business in the country, now exceeding £1 trillion, with many investors building lucrative property portfolios over 7 to 15 years. The UK offers a stable currency, and demand from tenants is at an all-time high.
However, it can be a daunting task, says Anthony Doyle from UK-based Propwealth, a property investment company catering to South Africans.
South Africans are often caught up in the emotional aspects of UK property, he says. "Don’t fall for this approach and be guided purely by rental yields. Never get caught out by glossy sales brochures and stick to these ten key points to reduce your risk.”
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