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Tax and Legal Advice | Transactions Involving Land and Personal Property
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Application (Pub: 3 Dec 2007)
This section distinguishes between taxable and non-taxable property transactions.
Typically, taxable property transactions involve entities that operate as builders or developers but can include those who acquire houses to be “done up” and on-sold, or acquire a site then subdivide and subsequently on-sell. In addition, these transactions may include “town house developments” being developed for investment purposes and yet being sold very quickly thereafter.
In the case of non-disclosure of this type of income, the Tax Authorities may impose significant penalties (between 20% to 40%) plus use of money interest.
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Exempt Transactions (Pub: 3 Dec 2007)
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Land Transactions (Pub: 3 Dec 2007)
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Practical Hints (Pub: 3 Dec 2007)
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