PROPERTY Issue 5 - April 2015

MALL OF AFRICA: A PIPE DREAM BECOMES REALITY

ONLINE SHOPPING: THREAT OR OPPORTUNITY OPPORTUNITY? BECKONS FOR RETAILERS IN LISTED PROPERTY: HOW AFRICA LONG CAN THE BULL MARKET CONTINUE? EDITOR Ryk van Niekerk CONTENTS [email protected] PUBLISHER Marc Ashton 4. EDITOR’S NOTE [email protected] PRODUCTION EDITOR 5. SA’S BRICK & MORTAR RETAILERS SAFE, FOR NOW Eleanor Seggie CONSUMERS BROWSE ONLINE BUT STILL PREFER TO BUY IN-STORE. [email protected]

SALES 8. AFRICA RETAIL IS A GOOD BET Tracy Parsons SATURATION OF THE SA MARKET DRIVING CAPITAL ACROSS THE CONTINENT. [email protected]

10. TAKES SHAPE LAYOUT AND DESIGN Alexis Green STRONG OFFICE DEVELOPMENTS AT WATERFALL CITY SET TO SUPPORT THE MALL. [email protected]

14. HOW DOES LISTED PROPERTY KEEP ON RUNNING? PHOTOGRAPHER Desiree Swart DESPITE THE SLUGGISH ECONOMY. [email protected]

16. INVESTMENT CASE: TOWNSHIP AND RURAL SHOPPING CENTRES CONTRIBUTORS OPPORTUNITIES FOR LARGE-SCALE CENTRES ARE DRYING UP. Ray Mahlaka [email protected] 18. WHEN IS PAYMENT MADE TO SARS? TO MEET DEADLINE. Jessica Hubbard [email protected]

Patrick Cairns [email protected]

APRIL 2015 – PROPERTY MOGUL ISSUE 5 3 EDITOR’S NOTE FROM NEWBIE TO MUST-READ

uring the past few months Property Mogul has grown from an innovative newbie in the property news domain, to a must-read for all related to this exciting sector. When Moneyweb published the first edition in September last year, Dwith generous support from Redefine, our focus was education. The scope has since then expanded to also include in-depth articles of news events/ trends in the industry. The response has exceeded all our expectations. More than 8 500 individuals read the previous edition. Over 80% were from and readers spent on average more than 11 minutes reading the publication. This is a pretty good audience for a very niche product in the digital world. We are now confident that Property Mogul has made its mark in the industry and Moneyweb will now increase editorial investment to improve the content and distribution even further. There is however a big debate in the Moneyweb newsroom regarding the format of Mogul. Some love the Joomag format, while others prefer a more rudimentary PDF version. As such we are running an experiment this month and will publish our magazine in both formats. Both formats have their distinct advantages, and of course negatives. Please look at both and let me know what you prefer. There are several excellent, mainly retail-focused articles in this edition. Especially worth noting is Ray Mahlaka’s visit to Waterfall City in Midrand, which is probably the biggest construction yard in South Africa today. Once completed, it may become the new as the dreadful traffic problem in South Africa’s financial capital drives businesses elsewhere.

Please take the time to send your comments and suggestions to me. My email address [email protected].

Regards Ryk van Niekerk Editor

4 PROPERTY MOGUL ISSUE 5 –APRIL 2015 APRIL 2015 – PROPERTY MOGUL ISSUE 5 5 ith data costs tumbling and smartphone However, according to PwC’s Total Retail 2015 report, 81% adoption increasing, South Africa is seeing of SA’s online shoppers (and 70% globally) still prefer to do more people purchasing products online their regular shopping in-store. The top reasons cited by survey for the first time than almost any other respondents were” to experience merchandise, confirm fit and W developing market. immediate ownership.” SA’S BRICK & Yet unlike the trend in both the US and Europe, fast-growing “Even in categories where consumers predominantly buy online shopping isn’t translating into reduced footfall in physical online, some consumers still research online and buy in-store retail stores. “At the moment, there’s no evidence of any impact – 58% for consumer electronics and 29% for books in South on actual space in the malls in SA – at least, nothing visible,” Africa (25% and 13% globally),” the report noted. MORTAR RETAILERS says independent retail analyst Syd Vianello. Peter Hoijtink, PwC associate director and retail specialist, ONLINE DRIVING OFFLINE SALES similarly points to the fact that between 2009 and 2014 visits to physical retail stores in the US almost halved. “The impact Interestingly, some traditional retailers are finding that instead of online shopping on the amount of square metres in malls SAFE, FOR NOW of being a cannibalising force, an attractive online platform can is quite significant in other countries, such as the US, where be a powerful complement to physical stores. the landscape is changing quite rapidly. Locally, there is no real The Mr Price Group, whose core market comprises impact being seen yet,” he explains. 16-24-year-olds, launched its online platform in 2012. It told CONSUMERS BROWSE ONLINE BUT STILL There are several explanations, but chiefly the fact that local PwC analysts that it “is seeing online traffic significantly driving online retail is still in its infancy. While the sector will be worth offline sales”, and has enjoyed a “big growth in market share PREFER TO BUY IN-STORE. an estimated R9.5 billion in 2018, online retail currently counts since launching our online store”. It also noted that the younger for less than 1% of SA’s total retail revenue. This is according to generation browses and the older generations transact. BY JESSICA HUBBARD PwC’s retail and consumer leader, John Wilkinson, who recently The number of online “browsers” who will mature into presented the findings of PwC’s annual consumer survey, Total paying customers will undoubtedly rise exponentially in coming Retail: Retailers and the Age of Disruption. years – a shift which will probably require traditional retailers to Another important factor is the country’s “embedded mall rethink their approach. culture,” says Nic Robertson, head of new business development “With South Africa’s population being so young, the at Efinity - an e-commerce fulfilment service provider. adoption of a more socially connected, digital retailing space “We have 33 (2 000 square metres plus) malls per one million – where not only a product is sold but the customer receives a people in South Africa, which is one of the highest densities memorable experience – is imperative for any retailer looking to in the world. However, the number of consumers who are maintain or gain competitive advantage over its competitors,” beginning their purchasing journey online or via a cellphone says Hoijtink. ■ is increasing. As an example, between OLX (classifieds) and PriceCheck (price comparison), one is seeing more than 5 million visitors a month to their sites,” he says.

APRIL 2015 – PROPERTY MOGUL ISSUE 5 7 outh Africa’s retail sector is 40 in Nigeria which do not exceed 14 000 times the size of all the retail square metres. Its Owerri Mall and Delta available in sub-Saharan Africa Mall in Imo State are expected to open in combined, so it is not surprising April and October, respectively. The Benin Sthat many industry players have been City Mall and Asaba Mall are expected to AFRICA RETAIL IS A investigating lucrative opportunities be completed in 2016. north of over the last five years. Resilient Africa has agreed to acquire Figures from the South African sites in Abeokuta, Asaba and Port Harcourt Council of Shopping Centres suggest that and is also in the process of acquiring four GOOD BET South Africa has about 21 million square more sites. metres of retail space. To put this into perspective, retail space in countries like RISKS SATURATION OF THE SA MARKET DRIVING Kenya, Botswana, Nigeria, Mozambique, Namibia and others do not individually Despite the obvious retail opportunities, exceed 400 000 square metres. Gaddy cautions: “There is a bit more risk CAPITAL ACROSS THE CONTINENT. Nigeria, the biggest African economy, going into these African countries.” has about 230 000 square metres of retail Broll Property Group’s divisional space servicing a population of about director of research Elaine Wilson explains 170 million. that some of the pressing risks include The opportunities are highlighted property rights, exorbitant land costs, in when one considers that there is just some cases corruption and oil-dependent BY RAY MAHLAKA 500 000 square metres of existing developers and retailers put their heads up countries cutting back on infrastructure shopping mall space for the total and say ‘I think Africa is probably a good spend due to a slump in international oil sub-Saharan African population of bet”’. prices. 830 million (excluding South Africa). The JSE-listed property companies She adds that partnerships are important retail market in these respective countries betting on Africa include Resilient for retail developers. is still largely informal, often referred to Property Income Fund (Resilient); Delta “A lot of people have burnt their as ‘the shadow economy’, comprising International; Rockcastle Global Real fingers going into the continent. There are of makeshift retail markets and small Estate; Hyprop Investments and Attacq centres that have come up to brick height convenience centres. But these markets Limited (through AttAfrica, a joint [foundations were laid] but have stopped. are increasingly becoming formalised, venture). You cannot go into any African country as more large shopping centres are being Sesfikile Capital director Kundayi without having a decent partnership.” ■ established, and developers are coining it. Munzara says the listed property sector Divisional director of strategic retail has a very low exposure to property assets leasing at Broll Property Group, Preston in the rest of Africa and a small exposure Gaddy says developers are, on average, to retail assets in particular. seeing higher returns on shopping centres “The sector’s overall exposure to direct that they’re developing in the rest of property assets in the rest of Africa is Africa, than the typical returns being less than 3%. We have seen companies achieved locally. concentrating investments largely in four countries including Zambia, Mozambique CHASING ECONOMIC and Ghana,” says Munzara. Outgoing Delta International CEO GROWTH Louis Schnetler says the company will target African retail growth. It particularly The stellar economic growth expected has an appetite for Mozambique and by some African countries will lead to Morocco. strong capital inflows. Countries like “We choose the Sandtons [financial Nigeria, Kenya, Angola, Mozambique, capitals] of each African country. If you Ghana and Zambia are poised for record look at Casablanca, it is not the capital of growth north of 5% in 2015, while South Morocco, but Casablanca is the financial Africa’s economy will be fortunate to capital.” Delta International owns the grow by 2%. 30 711-square-metre Anfa Place Shopping The economic growth of neighbouring Centre in Casablanca. “And Maputo countries opens a window for the [in Mozambique] is easy, that is where burgeoning middle class who will have everything happens,” he adds. more disposal income to spend at retailers. Resilient Africa – a joint venture Gaddy says consumer and economic between Resilient, Standard Bank and dynamics “has made South African Shoprite – is developing shopping centres

8 PROPERTY MOGUL ISSUE 5 –APRIL 2015 APRIL 2015 – PROPERTY MOGUL ISSUE 5 9 pipe dream: that was the consumers over 300 stores and parking The availability of public transport initial investor sentiment bays with a capacity for 6 500 vehicles. services can make or break shopping towards Atterbury Property’s It is expected that up to 1.3 million centres. As such Atterbury has poured 330 hectare mega mixed-use consumers will frequent the shopping millions into road infrastructure. It has Adevelopment Waterfall City, which would centre on a monthly basis. upgraded roads around the Waterfall MALL OF AFRICA anchor the retail development Mall of Business Estate and is constructing a Africa. GREEN FEATURES R160 million bridge over the N1 Concerns ranged from whether highway. The bridge will connect people Atterbury would have enough capital to to, among others, the Mall of Africa. TAKES SHAPE see the development through, to whether The mall will also feature A taxi rank on the mall’s basement the developers had bitten off more than environmental sustainability features. Tia is planned to support the Gautrain bus they could chew. Kanakakis, partner of MDS Architects, routes already dotted across Waterfall The concerns also centred around which is behind the mall’s design, says a City. Long term, there are opportunities STRONG OFFICE DEVELOPMENTS AT whether Mall of Africa would see the rainwater harvesting system will supply for the roll-out of the Rea Vaya Bus light of day. Since Atterbury broke water to the bathrooms. Photovoltaic Rapid Transit System routes. WATERFALL CITY SET TO SUPPORT THE ground three-and-a-half years ago, the solar panels will be installed on the As to concerns of sufficient capital, 130 000 square metre, two-level, super- roof, which will be constructed of steel financial director Melt Hamman says MALL. regional mall has started to take shape. and glass to allow for natural lighting, Attacq has about R11 billion in committed The structure of the R3.2 billion mall, and there will also be LED lighting. debt facilities for the development. ■ located on both sides of the N1 from the Woodmead interchange to the Allandale BY RAY MAHLAKA interchange, is on track for its roof WATERFALL CITY wetting on April 28 next year. Van Heerden points to another Mall of Africa is South Africa’s biggest unique feature of the mall: it is an infill single-phase retail development, says development. This means that it will director of retail at Atterbury Cobus van benefit from foot traffic from the existing Heerden. commercial and residential space close “This is the first retail centre to be by. Its success rests on the development constructed in one phase while others of Waterfall City. have been done in many phases,” says JSE-listed property development Van Heerden. Mall of Africa will boast fund Attacq Limited is now the sole 130 000 square metres of gross lettable shareholder in the Attacq Waterfall area and the plan allows for it to increase Investment Company, which has the to 150 000 square metres over time. rights to the Waterfall Business Estate Described as a rival to ’s development. It also has a shareholding in Sandton City, the mall already boasts an Atterbury. impressive tenant mix of international December 2014 saw the completion of fashion retailers, with only a year 211 000 square metres of Waterfall City’s remaining before its doors open. Some of 1.4 million remaining development bulk. the international retailers include Cotton The latter is expected to roll out in the On, Hennes & Mauritz (H&M), Zara, next two years. GAP, Forever New, River Island, Mango, Overall Waterfall City - which boasts Lipsy London, Tommy Hilfiger, Express residential living, office and retail space - US and Jo Malone London. is set to be the same size as Sandton and Atterbury’s Mareli Vorster, responsible bigger than Johannesburg’s inner CBD. for leasing at Mall of Africa, says the mall Already corporates are consolidating is already 83% let – representing 100 000 in ‘the new CBD’, which Mornè Wilken, square metres of the total gross lettable CEO of Attacq, says will have a positive area. spin-off for Mall of Africa. Corporates “We have been picky and we have a who already call Waterfall City home very specific idea of who we want and include Group Five, Cell C, Honda Motor where. There were sufficient offers on the South Africa, Premier Foods, Cipla, table,” says Vorster. Altech and Golder Associates. Newly Other retailers include Woolworths, secured office developments include the Checkers, Foschini, , head offices of PwC, Schneider Electric, Truworths, Mr Price and Edgars, among Hilti and Stryker. others. Some of the lease agreements Century Property Developments is secured are between five- and ten- also rolling out private residential estates. year periods. Mall of Africa will offer

10 PROPERTY MOGUL ISSUE 5 –APRIL 2015 APRIL 2015 – PROPERTY MOGUL ISSUE 5 11 Grant Duncan Smith, subiacophotography.co.za 12 PROPERTY MOGUL ISSUE 5 –APRIL 2015 Asset class total returns HOW DOES LISTED Period Listed property Listed equities Bonds Cash FY 2014 26.64% 10.88% 10.15% 5.90% PROPERTY KEEP ON Q1 2015 13.69% 5.85% 2.99% 1.53% Source: Stanlib

or the first quarter of 2015, listed property was once costs are lower,” he says. “In Europe, companies can borrow at RUNNING? again South Africa’s best performing asset class. This 4% and buy properties yielding 7% or 8%, so it is easier to make followed 2014, when it delivered a total return more than yield-enhancing acquisitions in the offshore space and those twice that of equities. have been boosting returns.” FAt current valuations, however, listed property is well out of These fundamentals are supporting the property companies DESPITE THE SLUGGISH ECONOMY. cheap territory, so investors may wonder how much longer this themselves, but there’s also an important dynamic at play at bull market can continue. The SA economy is also muddling market level that’s pushing up the prices of listed counters. through a period of low growth, which one would expect to BY PATRICK CAIRNS weigh on the returns property companies can generate. “There is just such an appetite for listed property, but there is a finite number of investable opportunities,” says Evan Jankelowitz SLOW GROWTH IS NOT NO GROWTH of Sesfikile Capital. “I agree that short-term valuations are looking expensive, but there is a question of supply and demand in play that is making investors willing to pay high prices.” Although the fundamentals of property companies may be He says that interest in the sector is coming from many weakening in the current economic climate, they are certainly different quarters and, given that the local listed property space not out of control and property analysts aren’t crying off the remains fairly small, this naturally impacts on what investors sector. have to pay. “If you look at any historic measure, property looks expensive,” “There is more interest coming from local pension funds says Nolan Wapenaar, Efficient Select portfolio manager. “But starting to normalise their allocation to property, from foreigners … listed property companies themselves keep performing.” being more active in this space because companies are more Few companies in the listed property space have missed liquid and more transparent since the introduction of Real distribution targets in their last reporting periods - some have Estate Investment Trusts (REITs), from equity fund managers exceeded them. It may not be unreasonable to expect this to be that have been ignoring the property space for so long but can’t sustainable. ignore it anymore, and even hedge funds,” he says. “So there is “For a start, even though the economy is struggling, GDP excess demand relative to the finite supply.” growth at 2% is not negative,” says Wapenaar. “If you take that 2% GDP growth, and add on 6% inflation as a long-term trend, you are looking at an 8% growth rate for listed property. MODIFY FUTURE EXPECTATIONS If companies can add a few bolts on acquisitions, particularly from abroad, then it’s reasonably plausible for them to sustain Although property returns were strong in the first quarter their growth rates.” of 2015, analysts warn investors to have more reasonable Property companies also tend to be somewhat shielded from expectations about what the sector might deliver going forward. weak economic conditions. This is because tenants tend to be Over the next five years, the incredible returns we have seen from locked in to leases of at least three or four years, and particularly this asset class over the last decade are unlikely to be repeated. in the retail segment, a trading space is not something given up However, that doesn’t mean that it’s necessary to be overly lightly. cautious. Long term, listed property still remains attractive. Wapenaar says: “…we are taking the view that you don’t DIVERSIFICATION PAYING OFF necessarily want to be overweight property, but given the strong earnings dynamic you can’t afford to be underweight either.” ■ Local property companies have also been very successful in diversifying their portfolios into other economies. Keillen Ndlovu, head of listed property funds at Stanlib, says almost 25% of the assets in the sector are now overseas. “The fundamentals offshore are much stronger and funding

14 PROPERTY MOGUL ISSUE 5 –APRIL 2015 APRIL 2015 – PROPERTY MOGUL ISSUE 5 15 outh Africa’s retail property retail in previously underserviced areas,” market has focused on shopping Playne explains. centres in metropolitan areas, with Despite the slower economic growth, hundreds of large- and small- township and rural shopping centres Sscale centres rolled out over the last two continue to perform. According to INVESTMENT CASE: decades. head of listed property funds at Stanlib Retail property investors were Keillen Ndlovu these shopping centres comfortable in this market, given that “have benefited from high foot counts. they understood the nuances of urban The spend per head is lower than urban TOWNSHIP AND consumers and the return was lucrative. shopping centres, but this market is How dynamics have changed over the volume driven”. last 14 years. JSE-listed property companies are The market has reached a point taking advantage of opportunities in RURAL SHOPPING of saturation in metropolitan areas, this market. In 2002, only the Resilient forcing developers, institutions and Property Income Fund had exposure into property companies to look elsewhere township and rural centres. for opportunities. The search is pointing Now Vukile Property Fund (Vukile), “Otherwise, consumers who live 20 towards township and rural areas. Synergy Income Fund (a listed subsidiary kilometres away will drive into town CENTRES Township and rural retail developments of Vukile) Dipula Income Fund and to collect their pension or grants, often are growing. Figures from MSCI Real Rebosis Property Fund are invested in bypassing a centre. So where are they Estate and the South African Council this market. going to shop?” Wilson asks. OPPORTUNITIES FOR LARGE-SCALE of Shopping Centres (SACSC) indicate Nodes such as Soweto, Umlazi, Despite the clear opportunities, the that about 1.8 million square metres of Mbombela, Giyani, Gugulethu, market does come with risks. Playne CENTRES ARE DRYING UP. retail space in township and rural areas Khayelitsha, Ulundi, Phuthaditjhaba, says township and rural shopping centres has been built since 2000, from 405 000 Lephalale, Mahwelereng, Mdantsane are vulnerable to economic disruptions BY RAY MAHLAKA square metres in the 1990s. and other emerging towns continue to such as job losses. Also securing land or The combined space in this market see multi-million rand inflows in retail getting it rezoned may pose challenges now amounts to more than 2.6 million developments. – especially if land is owned by a square metres. Institutions such as Stanlib, asset municipality or tribal authorities. manager of the Liberty Property Portfolio, are also getting in on the act. GROWTH DRIVERS Stanlib recently announced that it is OPPORTUNITIES breaking ground on the 21 000 square DRYING UP Growth has been driven by improving metre Botshabelo Mall in the economic fundamentals. Head of capital with Khora Investments worth R320 CEO of Vukile Laurence Rapp says markets at real estate services firm Jones million. Fund manager for the Liberty now is the time to become selective as Lang LaSalle (JLL), Henry Playne says Property Portfolio Alex Phakathi says this most rural and township retail centre during the past ten years household is the first Free State development for the opportunities have been exploited. expenditure has grown, resulting in portfolio, which is set for completion in Rapp – who runs a fund which owns economic growth. 2016. township and rural centres worth R8.5 From 2004 to 2014 South Africa’s Explaining the investment case for billion including the Dobsonville average real GDP (adjusted for inflation) Botshabelo, Phakathi says some of the Shopping Centre in Soweto, Phoenix grew by 3.1% and employment grew over non-metropolitan areas are showing Plaza in Durban, East Rand’s Daveyton 11%, fuelling the growth of the black high growth and “there is still some life Shopping Centre and more – says certain middle class. remaining”. areas of the market are starting to reach The appetite for credit also grew, “Some of the markets we have chosen saturation, although this is not as extreme further driving consumption-led growth are largely undersupplied in terms of as metropolitan areas. in the economy. Playne says private sector proper and aspirational retail centres. We The opportunities for bigger shopping credit extension to households increased do find support in terms of demand [and] centres on the scale of the Maponya by 76% from 2010, but has since slowed there are the right demographics,” he Mall and the Jabulani Mall are gone, says to 27% in 2014. says. Ndlovu. “Every major township now has Some consumers targeted by township For developments in township and good shopping facilities with a reasonable and rural shopping centres depend on the rural areas to become efficient, Broll mix of food, fashion and entertainment. social grant system, which Playne says Property Group’s divisional director of There is room for shopping centres of will pay out a “staggering R155 billion research Elaine Wilson says the offering smaller size, with a food anchor or a big this year”. must be diversified. Wilson says to lure grocery chain.” “All of these factors have contributed people, retail centres should not only The jury is still out on whether this to growing household consumption in offer retail amenities, but also social grant market can trump shopping centres in the economy, encouraging demand for and pension collection points. metropolitan areas. ■

16 PROPERTY MOGUL ISSUE 5 –APRIL 2015 APRIL 2015 – PROPERTY MOGUL ISSUE 5 17 ADVERTORIAL You see a building CapitalWE SEE Gains WHEN IS PAYMENT MADE TO SARS? TO MEET DEADLINE

he issue: THE UNCERTAINTY: When are payments legally effected to ensure they In terms of section 162(2) of the Tax Administration Act Tmeet the statutory deadlines? Clarity on this matter is of 2011, the Commissioner has the right to prescribe the manner vital importance, as payments or submissions received after their of payment, including electronic payments. However, based on specified deadlines are marked as late by SARS, and will be liable the principles established by the Supreme Court’s judgement in for penalties and interest. Stabilpave v SARS (615/12) [2013] ZASCA 128 (26 September Although the issue is of general application to all SARS 2013). Though dealing with cheques, this judgement implies payments, this issue was highlighted by the recent SARS that SARS’ right and practice to prescribe the method of payment communication issued through their website to taxpayers to which the taxpayer must adhere, could result in a transfer of who made payments or return submissions on 31 March 2015, risk to SARS of the particular payment method. SARS currently urging them to do so by midday. prescribes various methods of payments i.e. payments via A question arises as to when payment should be effected eFiling (Credit Push payments); electronic funds transfer (EFT) by the various prescribed payment methods that would be in and cheque payments at SARS Revenue branches. If it could compliance with such deadlines. be established that SARS has in fact prescribed the method of payment, the result would be that payment is effected once the THE SARS VIEW: taxpayer has complied with the method based on the principle It appears that SARS is of the view that payment has only been established in Stabilpave v SARS, and not when the payment is made once the relevant amount is reflected in its bank account honoured by the bank through crediting SARS’ account. (for example, the SARS External Guide: Provisional Tax, 2015 states at page 13 that “where payments are done electronically, CONCLUSION: provision must be made for your bank’s cut-off times and for The complexity of the various payment methods as to a clearance period that could take between two and five days”). when payment is legally effected, may result in an unfair an Furthermore, in terms of SARS External Guide: Payment Rules, administratively burdensome process for taxpayers if time of any payment made and placed in a SARS drop box on a business payment is only once payment is received by SARS. For example, day must be received by 15:00. Where payments are received if the taxpayer makes an EFT payment from the same bank as after 15:00, this will be deemed to have been received on the first that of SARS, the payment should clear immediately. However, following business day. SARS views is supported by the courts if payment is made from a different bank, such payment is i.e. the high court in Bush and Others v B J Kruger Inc and subject to that specific bank’s internal clearing processes, which Another (2009/36699) [2013] ZAGPJHC 4; [2013] 2 All SA differ from bank to bank and may thus result in timing delays While you see the great architecture of your new building, a CA(SA) can see 148 (GSJ) (8 February 2013) confirms that an EFT is paid when from the time that the EFT payment is effected, to when it how to make room for your new asset during tax season. CAs(SA) have a received by the recipient - the same as for cheques. actually clears in SARS’ bank account. This will then result in solid foundation of expertise in tax law so that you focus on building your penalties and interest being imposed by SARS. Legal certainty business, not on tax. and administrative fairness may inevitably only be achieved by legislative amendment. ■ Find a tax leader in your area, go to www.findacasa.co.za

18 PROPERTY MOGUL ISSUE 5 –APRIL 2015 APRIL 2015 – PROPERTY MOGUL ISSUE 5 19 ARE YOU A PROPERTY INVESTOR? FIND OUT MORE ABOUT PROPERTY INVESTMENTS AT THE MONEY EXPO

THE MONEY EXPO 2015 The Sandton Convention Centre

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