why invest at the wynne?
The Wynne presents a fantastic property investment opportunity, thanks to both its location and financial accessibility. Located in an area that has been identified by the City of Cape Town as an Urban Development Zone, purchasers can enjoy fantastic tax savings. Additionally, zero deposit and a monthly bond repayment from only R6750, makes it impressively affordable. Both these elements make The Wynne a lucrative long-term property investment.
pay zero deposit.
55% tax deduction.
high rental demand.
what is an urban development zone?
An Urban Development Zone is an area identified by the City of Cape Town for regeneration that forms part of a tax incentive administered by SARS. It aims to encourage private sector-led residential and commercial development in inner-city areas in Cape Town with developed public transport facilities.
what is the benefit to purchasers at the wynne?
This tax incentive was introduced to the Income Tax Act in 2003 and allows property owners to
claim a tax deduction of 55% of the purchase price against taxable income. The tax allowance is claimed over eleven years at a rate of 20% in the first year and 8% in the succeeding ten years.
The tax allowance is recouped on the sale of the apartment for an amount greater than or equal to cost, which can be deferred for as long as the owner holds the property.
how do I claim the tax deduction?
1
All property purchasers should submit an annual tax return with SARS on their properties.
2
The UDZ tax deduction should be submitted along with investors’ annual tax returns and SARS will then factor the deduction into the tax return