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| in short |

| potential tax break for residences in CC's or PTY's |

 

The Draft Taxation Laws Amendment Bill, 2009, proposes a potential tax break for individuals who have utilised a company or close corporation to hold their residential property.

 

In the past this was an effective way of avoiding transfer duty and protecting one’s home from creditors, however the repercussion of Capital Gains Tax (hereinafter “CGT”), which was imposed in 2001, made it all the less attractive. Basically, the tax man noted this loophole and imposed a CGT by stipulating that the sale of such a residential property would be a capital gain in the hands of the juristic entity, and therefore taxable as such. The Secondary Tax on Companies (hereinafter “STC”) compounded the unpleasant consequence of this form of ownership.

 

>>> Read further (full article)

 

 

 

The recent case of KPMG Chartered Accountants (SA) v Securefin LTD and Another 2009 (4) SA 399 (SCA), discussed the admissibility of evidence in the form of an interpretation of contract by an ordinary or expert witness. The case sets precedent by stating that the interpretation of contract is a matter of law and not that of fact, and thus a matter for the court and not that of witnesses. A witness (an expert or otherwise) may not testify as to the meaning of a contract.

 

>>> Read further (full article)

 

 

| nowheresville |

Like the first part, this instalment addresses what not to do in our courts. This case, like last months, illustrates how outrageous individuals can be. In S v Moila the courts held Mr Moila in contempt of court on 10 different counts of scandalising the courts. The facts were as follows.

 

A bitter dispute had ensued between Mr Moila and the University of the North which resulted in his ejectment from the premises. He sought an order to address the unlawful ejectment, whereupon the university instituted its own counter application to have Mr M ejected. The courts found in favour of the University. Mr M was unhappy with the outcome - and from here the trouble ensues.

 

>>> Read further (full article)

 

| rollonfriday |

| judge suspended for f**l-mouthed tirade |

 

A US judge has been suspended without pay for four months after leaving a voicemail which would have made Gordon Ramsey blush.

 

Judge Jeffry Marcuzzo called Deputy County Attorney Chad Brown after Brown and his opposing counsel agreed to delay a case without telling Marcuzzo. This seemingly minor infraction so infuriated Marcuzzo that he left the following message:

"I did not appreciate that one f****ing bit. And if I find out you ever did that again to me or any other members of the county court bench, I'll shove it up your a** so far it will make your throat hurt".

 

Marcuzzo later apologised to Brown, noting that he hadn't exercised "proper judicial judgment", but the Nebraska Supreme Court handed him a four month suspension. Brown refused to comment on the decision.

 

(This section is made possible courtesy of RollOnFriday.com, visit them at www.rollonfriday.com)

 

 

| admin stuff |

|as boring as the small print |

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