Jan L Jordaan – Page 2

Antenuptial contracts: Can I get one after marriage?

March 19, 2018 Jan L Jordaan Comments 0 Comment

Couples who are interested in an antenuptial contract often make the decision to get one before they are married. That is the ideal scenario. However, some couples may have already gotten married in community of property, and later decide to change to another form of marriage contract. Can it be done? The Matrimonial Property Act allows a husband and wife to apply jointly to court for leave to change the matrimonial property system which applies to their marriage. According to…

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VAT increase and the effect on property transfers and the registration of transfers before and after 1 April 2018

March 16, 2018 Jan L Jordaan Comments 0 Comment

The increase was announced in the Minister of Finance’s Budget Speech on 21 February 2018. The standard rate of VAT will change from 14% to 15% on 1 April 2018 (the effective date). How will this VAT increase affect property transactions, property registrations and estate agent commissions? Question 1: How will the rate increase work generally for fixed property transactions? The rate of VAT for fixed property transactions will be the rate that applies on the date of registration of…

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How does the Budget Speech affect you, your property transactions and your estate?

February 23, 2018 Jan L Jordaan Comments 0 Comment

On 21 February 2018, Finance Minister Malusi Gigaba delivered his 2018 Budget Speech. Hereby a summary of the most significant proposals for the 2018/2019 Budget as tabled by the Minister of Finance: 2018/2019 Tax Proposals: VAT: A one percentage point (1%) increase in VAT from 14% to 15%. No adjustments to the top four income tax brackets. Below inflation adjustments to the bottom three income tax brackets proposed. Fuel Levies: Overall increase of 52c/litre for fuel, consisting of a 22c/litre…

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Minimum wage increase

January 11, 2018 Jan L Jordaan Comments 0 Comment

The Department of Labour released a media statement notifying trade unions about the wage increase. Once it becomes enacted as a law, no employee may be paid below the minimum wage, and trade unions are there to ensure that this law is upheld by the employer. South Africa’s labour market is largely characterised by high levels of unemployment, inequality and poverty. As a means of reducing these and building towards achieving the broader policy objectives of the country, social partners…

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Spanking your child is illegal in South Africa

January 11, 2018 Jan L Jordaan Comments 0 Comment

The South Gauteng High Court ruled that the common law defence of reasonable chastisement is not in line with the Constitution and no longer applies in our law. This means disciplining your child in the form of a spanking is no longer considered legal within South Africa. How did it come to this? It has always been considered a crime of assault to hit a child, however, if a parent was charged, they would be able to raise a special…

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Demystifying the executor in a deceased estate

November 9, 2017 Jan L Jordaan Comments 0 Comment

During a person’s lifetime s/he will gather assets, in other words, belongings such as a house or a motor vehicle. These assets and liabilities will form part of a person’s estate. At the death of that person, his/her deceased estate must be administered, in other words, divided, distributed and controlled by someone. This person is called an executor. However, the role of an estate executor and who can be appointed as one has been largely misunderstood. What does the executor…

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WHO SHOULD YOU ASK TO BE EXECUTOR OF YOUR ESTATE?

September 19, 2017 Jan L Jordaan Comments 0 Comment

If you have a valid will it is of grave importance to mention who you want to appoint as executor. But the question always arises, who? John O. McManus, an estate attorney in New York City said this – “If you appoint someone you love as executor, get your house in order. Otherwise, appoint someone you do not”. And he was not speaking in jest. As much as we wish this wasn’t true, an executor has a real tough responsibility…

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READY TO SIGN THE OFFER TO PURCHASE FOR YOUR DREAM HOME? MAKE SURE YOU HAVE CONSIDERED ALL THE
COSTS INVOLVED.

September 19, 2017 Jan L Jordaan Comments 0 Comment

You’ve finally found the property you want. Your bank says your chances of being approved for a mortgage loan are good. You’ve even saved up a 10 % deposit in case this is required. You’re happy, because you’re now ready to sign the offer to purchase. Before you sign however, do you know what other costs you need to pay when purchasing property? Buyers rarely take the time to find out the details with regards transfer fees and bond registration…

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Can I amend my will?

September 15, 2017 Jan L Jordaan Comments 0 Comment

Having a will is a final statement of how you want your assets to be managed after your death. However, sometimes you may want to change it. You may have had a child, for example, and what to add him/her into your will. You may have also acquired more assets and would like to reconsider how they get divided among your possible heirs. What is a codicil? When you want to add something to your will or make a minor…

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