Mc Naught & Co
News

Budget 2016 – Wonderfully stable for the property market!

The Minister of Finance has completed his 2016 budget speech and the news is overall far more muted than most of us expected.

Aside from raising a few taxes on the periphery and bringing in a new tyre tax and even a tax on sugar next year, not much has changed.

Once small change which affects the property market is that the transfer duty rate on property sales above R10million has been hiked by 2%. This will not affect the majority of residential buyers and we therefore do not see it having any impact on the property market in the next year.

The new transfer duty rates effective 1 March 2016 are:

Remember, the date of sale is the date which determines your transfer duty amount payable, so if you are intending to purchase in the R10million and above bracket, make sure you conclude your sale before the 29th of February!

Our contact details are available on our website and you can let us know if you have any queries regarding the transfer duty changes, or in fact any other aspect of the budget speech.

Share this article
Now!
Read our
most recent!
Wrongfulness and Legal Duty

Wrongfulness and Legal Duty

A recent judgment was passed in the Supreme Court of Appeal, the facts to the case itself are indeed interesting, especially for pet owners. The claimant in the matter, arranged with her friends for a weekend of leisure at the Harmony Park Resort, a day camp (the Day Camp) situated at Strand in the Western Cape. The Day Camp was a public facility under the control of the defendant, the City of Cape Town.

Read More
SA Divorces up by 20% since Lockdown Level 4

SA Divorces up by 20% since Lockdown Level 4

Courts around South Africa are battling a surprising divorce backlog. This is such a problem that a plan to fast-track annulments of more than 11 000 failed marriages in Limpopo alone has had to be devised. Limpopo is not the only province with a heavy load of divorce applications. The South Gauteng High Court heard 33 unopposed divorces last Friday.

Read More
Are Mothers’ rights more equal than Fathers’?

Are Mothers’ rights more equal than Fathers’?

Parental Responsibilities and Rights are under the spotlight today. The Children’s Act 38 of 2005 has attempted to focus our society and courts’ attention on the interests of the child which are paramount in any custody or contact dispute between parents.

Read More