De Kock & Co Inc Attorneys

08/05/2016

20/10/2015

Thought for the week

WINDFALLS AND SARS

Being on the receiving end of an unexpected large sum of money is usually very pleasing indeed, but is SARS equally pleased?

From a tax law perspective, a lottery winning must be declared to SARS but is generally regarded as capital in nature and neither subject to normal income tax, nor capital gains tax.

Casino winnings, after gambling for entertainment purposes, are also excluded from normal tax. However, if an individual systematically undertakes gambling activities, it can become a business (profit-making scheme), rendering the winnings subject to normal tax.

Competition prize money related to services rendered will be included in an individual’s gross income and subject to tax, even if it is voluntary such as prize money received for the best employee. If an outsider awarded the prize and did not receive the benefit of the services, the situation could be different. Prize money unrelated to services rendered (for example a cash prize in a mountain bike race) would normally not be subject to normal tax.

Call us for any assistance or advice!

01/09/2015

Have a beautiful day!

Hello Spring

20/07/2015

SARS have implemented new income tax returns for trusts from the 2015 tax year onwards. The laws around trust taxation have remained in place, but the new format of the return will allow SARS a better bird's eye view of the dealings of a trust.The new ITR12T requires a 'Schedule of transactions with…

29/06/2015

Truly Spectacular Modern Family House or Guest House Option in Langebaan.

Superb family home with many extras situated near the beach and lagoon on a green belt. Boasting 4 en-suite double bedrooms, gourmet kitchen...134775067

22/05/2015

Real Property: Present Estates

16/05/2014

There are several good reasons to pay a deposit when you buy a home - among them the fact that you will have a smaller bond repayment to make each month and that you will save a mint in interest over the life of your home loan.

“Well, one answer is to rent a home now from an owner who is prepared to give you an option to buy it later at a pre-agreed price,” says Berry Everitt, MD of the Chas Everitt International property group.

However, with property prices and interest rates at their current lows, many buyers who feel they can comfortably afford a monthly loan instalment really don’t want to wait until they have saved up a deposit before getting into the market.

So what should they do, especially when most banks are still very sticky about granting 100 percent bonds?

“Well, one answer is to rent a home now from an owner who is prepared to give you an option to buy it later at a pre-agreed price,” says Berry Everitt, MD of the Chas Everitt International property group.

This is not so unlikely as it sounds, he says, as many homeowners are only renting out their properties at the moment because they have not been able to sell.

“There are those who would be very happy to have the prospect of a sale at the end of a lease with rental income in the meantime from financially-sound tenants who also have an incentive to keep the property in good repair because it is going to become their own.

Everitt says the advantage of such an arrangement for the prospective buyer/ tenant is that the contract will usually provide for him to buy the property at a pre-agreed price at the end of the lease or sooner – therefore fixing the price while allowing sufficient time to save up a deposit.

In addition, he says landlords looking forward to a sale at the end of the lease period might charge a lower rental or perhaps even allow a portion of the monthly rent to be offset against the agreed purchase price.

This, he adds, would provide the tenant with a ‘readymade’ deposit at the end of the lease as long as he goes through with the purchase - INFO FROM PROPERTY 24

05/05/2014

Please have a look at our web page: http://http://dekoco.weebly.com/

10/04/2014

Thinking of going to the small claims court? Visit the website for all the information you may need. Else come see us.

http://www.smallclaimssa.co.za

about the small claims court and processes in general, things you need to know

08/04/2014

In a murder trial, the defense attorney was cross-examining the coroner:

"Before you signed the death certificate, did you take the pulse, listen to the heart or check for breathing?"

"No."

"So, when you signed the death certificate, you weren't sure the man was dead, were you?"

"Well, the man's brain was in a jar on my desk, but I suppose he could have still been practicing law for a living."

08/04/2014

Know your rights. Be protected at all times.

With more than 30 years experience in the field we pride ourselves with service excellence. Contact us with any legal matters.