Mc Naught and Company - Attorneys: January 2011

Monday, January 31, 2011

It's training time

There's never a bad time to improve on your skills, particularly in the competitive property market. And it's time for a re-run of one of our more popular seminars - writing a binding contract that will hold water when buyers or sellers want to wriggle out of a signed deal.

Often due to haste or inexperience there are loopholes in the written contract and this Seminar will help hone your skills writing clauses that are binding and will stand the test of scrutiny if the cancellation of a sale goes to court.

January and February are good training months so that you can kick off the New year with a Flying Start and better contract skills.

Bookings for the one-off seminar are now open and you can phone/fax or email your booking to Lynn on 031-9037307 tel, 031-903 6150 fax or mcnaughtco@hotmail.com

The cost is R50 per delegate and this includes tea/coffee/cake at registration and lunch and drinks after the Seminar. Date/time and Venue - Wed 16 Feb 11am - 1pm at Mc Naught and Company Amanzimtoti offices, 313 Kingsway.

Saturday, January 29, 2011

Sprucing up the Bluff Office

It's our Bluff Office party on Wednesday - can you believe it will be 27 years in business on the 1st March and then into our 28th year!! So I'm not growing plants in my car, but "sprucing" up the Atrium at the office with some new leafy plants. We've done a bit of painting as well and hung some new pictures.. notably the awesome World Cup Stadium photo in the signing office.

If you havn't RSVP'd for the event, click on this link here and let us know you are coming or drop us an email to mark@maclaw.co.za . Dave

Thursday, January 20, 2011

Commission Split Calculator

Thanks to John Wheble from Aida Winkelspruit we are able to share this quick commission split calculator with everyone. All you have to do is click on the link here or on or sideblog and you will be able to Download the Excel Spreadsheet directly to your computer.

The handy Spreadsheet put together by John enables you to quickly calculate the Agents' commission on a sale, any Network listing share, Listing agent/selling agent/office shares, Vat on each share or if a fixed amount of commission has been agreed, the Vatable output Vat etc on such a deal.

Thanks John, I am sure all those in the property market will be delighted to have this handy tool.

Transfer of properties from cc

The tax exemption deadline for transferring properties registered in the name of a close corporation, company or trust to the members of the entity has been extended to this December 2011.

The benefit of transferring a property to the member is that the transfer would be free of transfer duty, capital gains tax, secondary tax on companies and income tax in terms of Para 51 of the 8th Schedule of the Income Tax Act following a recent amendment to the Income Tax Act and subject to the deadline mentioned above.

An example is a property owned by a cc which is being sold for R900 000,00. If the property was to be sold out of the cc, the cc would make a profit, which profits are taxed as well as the capital gain - the difference between the selling price and the cost price. In the example our office is handling this tax amounts to R137 454,00.

If the exemption is used and the property is first transferred to the members and then sold (transfer can be done simultaneously) the tax payabe is R6256 - a considerable difference.

So if you own a property in a corporation, company or trust, discuss with us the best way to save taxes and take action now before the exemption falls away.

Flying Start

Welcoming Bobby (left) to the team at Mc Naught and Company Amanzimtoti office is partner Dave Mc Naught (right). Bobby is off to a flying start in 2011 and is already out and about meeting clients and associates of the firm. As a former estate agent, Bobby has a good working knowledge of the property industry and the hurdles faced in getting a property from listing to sold and registered... FAST with Mc Naught and Co!