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Thread: Transfer of membership in a cc between spouses

  1. #11
    Bronze Member msmoorad's Avatar
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    i have a CC of which i am 100% owner/partner

    its just over 2 yrs old.

    what i wish to do is transfer it onto my sisters name as she & her husband want to open a small business

    i registered thecc witht he intention to do contracting for the Ethekwini municipality but things did not work out
    i keep on getting letters from SARS though, every few months, which shows an increasing amount that im owing them for failing to submit returns etc
    i went once to their offices in Mt Edgecombe & explained that the company is dormant and has not been trading
    i thought things were sorted out but these notices keep on coming

    and i really do want to transfer it onto my sisters name

    whats the quickest/cheapest/easiet way out?
    A “conspiracy theory” no longer means an event explained by a conspiracy. Instead, it now means any explanation, or even a fact, that is out of step with the government’s explanation and that of its media pimps.

  2. #12
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    Generally speaking, donations between spouses does not attract tax. If you transfer member's interest between spouses, the difference between "market value" and price represents a donation.

    As mentioned, if creditors are an issue behind the transfer, I am under the impression that any such transfer, if within 6 months of any action, will be set aside.

    The SST (security transfers tax) referred to in one of the posts amounts to the old stamp duty which it replaced. It is 0.25% of the proceeds and does not relate to cc's, only companies and it's shares.

    The transferor also needs to consider the effect of any sureties he may have signed - he will not easily be released from these.

  3. #13
    Silver Member geraldenek's Avatar
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    Although the company is dormant you will still need to compelete the outstanding tax returns as they will keep sending penalty notices and payment is due on them.

    I suggest you consult with an accountant as to what is outstanding and what needs to be done for SARS and CIPC as i guess you have not done your annual returns with CIPC either.

    It is a simple process to change membership at CIPC but your annual returns must be up to date in order to do so
    Geraldene Kapp
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    www.mytaxhelp.co.za

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    msmoorad (18-Apr-12)

  5. #14
    Bronze Member msmoorad's Avatar
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    Quote Originally Posted by geraldenek View Post
    Although the company is dormant you will still need to compelete the outstanding tax returns as they will keep sending penalty notices and payment is due on them.

    I suggest you consult with an accountant as to what is outstanding and what needs to be done for SARS and CIPC as i guess you have not done your annual returns with CIPC either.

    It is a simple process to change membership at CIPC but your annual returns must be up to date in order to do so
    thanks
    so it looks like i have to go back to SARS, take a number & wait for it to come up on the screen & then go give them my sad stories.
    A “conspiracy theory” no longer means an event explained by a conspiracy. Instead, it now means any explanation, or even a fact, that is out of step with the government’s explanation and that of its media pimps.

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