People & News

Do not change deals to skip tax

In a report on Property24, Bill Rawson (president of the Institute of Estate Agents) says that some buyers who bought their properties before the 1 March are now trying to alter their contracts to take advantage of the lower rate. This amounts to tax evasion and is therefore illegal. Moreover, estate agents and attorneys who fail to carry out their duties in this regard could risk potential prosecution under the Financial Intelligence Centre Act.

Taking advantage is also not worth the risk and the saving wouldn''t amount to much. For example, on a transfer of R500 000, the savings would be a mere R2600.

Full article on property24

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