The South African Revenue Service (SARS) reaffirms what obligations home owners associations need to comply with in South Africa.
The South African Revenue Service has published its 2023 guidelines for tax-exempt institutions, alerting Home Owner Associations to their tax obligations.An HOA is an association of persons formed to manage the collective interests common to all its members regarding the expenditure applicable to common immovable property. They are common fixtures in sectional title developments, gated communities and other similar setups.
SARS said that when determining whether an amount is a levy that is exemptable from income tax – regard must be given to the true nature of the transaction.Refers to a levy that covers the community’s day-to-day running, maintenance or operation. These are exempt from income tax.This type of levy may be raised to pay for capital improvements, such as installing a satellite dish or upgrading paving in the community, said SARS.
The founding document of the association makes provision for the establishment and management of the fund
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