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The Conveyancing Process
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What is Conveyancing?
The term "conveyancing" describes the legal process whereby rights in fixed property are registered in the deeds office. These rights include ownership, mortgage, servitude, mineral rights and others. All these rights vest legally in a person only on registration. The registration process, therefore, places an official "seal" on a person's rights in fixed property.
A conveyancing transaction involves a chain of steps which begins with the deed of sale and which continues through to the ultimate registration of ownership and the reconciliation of finances and payment.
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Capital Gains Tax
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What is Capital Gains Tax?
Capital Gains Tax (CGT) exists in most first developed countries such as the United States of America, Canada, the United Kingdom and Australia. On 1 October 2001, CGT was introduced in South Africa, bringing our country in line with international practice. CGT is basically a tax (government charge) you pay on the profits made from the resale of assets.
You are only liable for payment when you sell, or otherwise dispose, of your asset. All taxpayers, including individuals, trusts, companies and close corporations are taxed on the profit made from selling assets (or property of a capital nature, i.e. equipment with which goods and services are produced, like tools, machinery, buildings and so on).
CGT helps to widen the tax net, which should help reduce personal income tax
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Independent Contractor or Employee?
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The South African law, in combination with pending labour legislation, places significant constraints on the employer in respect of the manner in which they deal with employees. Apart from labour legislation, specific formal procedures have to be followed in order to fairly dismiss an employee. In an attempt to sidestep the constraints placed on the employers by the Labour Relations Act, employers have previously entered into contracts that portrayed their employees as “independent contractors”.
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