1 Bedroom Apartment For Sale in Cape Town City Centre
The Taj Hotel
Luxury Suite in Taj Hotel…Rare opportunity!!
This Suite has HUGE TAX Benefits!!! It falls within the UDZ Boundaries and therefore you can claim your UDZ Incentive....Explained below
Luxury 1 Bedroom suite. 83m2 in size overlooking the beautiful St Georges Cathedral and Table Mountain. This unit is situated in the luxurious Taj hotel. Be the proud owner of this suite with a monthly income if required. You could use this unit as your own private suite in one of Cape Town’s finest hotel’s or make it part of the hotels options and earn a income monthly. Or both!
Situated in the heart of Cape Town CBD you can be sure that this investment will just grow!
UDZ (Urban Development Zone ) Explained shortly:
BROAD OVERVIEW OF THE TAX INCENTIVE This incentive has been introduced in the form of an accelerated depreciation allowance and has been effected by the insertion of section 13quat into the Act. The tax incentive, when claimed, reduces the taxable income of a taxpayer. The incentive is not limited to the taxable income of the taxpayer and can create an assessed loss. This allowance (the UDZ allowance) is applicable in respect of the – • erection, extension or improvement of or addition to an entire building; • erection, extension, improvement or addition of part of a building representing a floor area of at least 1 000 m²; • erection, extension, improvement or addition to low-cost housing; or • purchase of such a building or part of a building directly from a developer on or after 8 November 2005, provided that certain requirements are met. A taxpayer will only qualify for the UDZ allowance in respect of a building or part of the building constructed, improved or purchased directly from a developer within a UDZ, if the building or that part of the building is used solely for purposes of that person’s trade and was brought into use for these purposes on or before 31 March 2014. A deduction in respect of the UDZ allowance will be allowed in the determination of the taxable income of a person that constructed, improved or purchased a building from a developer, provided all the requirements are complied with. The UDZ allowance will be allowed in respect of – • the erection, extension of or addition to any building or the purchase of such a building or part of a building from a developer, over a period of 11 years; • the improvement of an existing building or part of a building or the purchase of such an existing building or part of a building from a developer, over a period of five years; GUIDE TO THE URBAN DEVELOPMENT ZONE TAX INCENTIVE 2 • the erection, extension of or addition to any building in relation to a low-cost residential unit, over a period of seven years; and • the improvement of any existing building or part of a building in relation to a low-cost residential unit, over a period of four years. The UDZ incentive was initially available until 31 March 2009 but has now been extended for a further five years until 31 March 2014, in order to encourage and promote more investment within the demarcated zones. Municipalities will, furthermore, be given the opportunity to apply for extensions to already existing designated zones and to apply for an additional demarcated UDZ in that municipal zone. This will only be allowed where there is a specific and necessary need for an extra zone and will be subject to Ministerial approval. Contact Gordon or Zander now to schedule a viewing. Viewings by appointment only.
Don’t miss out on this rare opportunity as you can be sure it won’t be on the market long.
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