Author : SARS
With effect from the 1st of October 2012
Conveyancers will no longer be issued with a transfer duty receipt, unless SARS is provided with the following documentation and/or information on their software system at the time that application is made for the issue of a transfer duty receipt:
- The personal income tax number for the individual Estate Agent
- The income tax number of both Seller and Purchaser, or their annual income
- A newly formed trust or company that is purchasing a property must ensure that they are issued with an income tax number as soon as they are registered, to avoid any delays.
SARS can issue directives in terms of which conveyancers are compelled to pay over commission upon transfer where there are any unpaid taxes due by estate agents.
The same applies in respect of sellers in respect of the proceeds of a sale.