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2022 Sectional Titles Amendment Act now effective
- 05 January 2023
- Accounting
- South African Accounting Academy
Among other things, the new piece of legislation has implications for letting agents; exclusive use areas; sectional plans; and common property.
The purpose of this Act is to, among other provisions, amend certain definitions found in the STA, to include not only owners but also occupiers of sections. For example, the definition of exclusive use area now contemplates that it is a part of the common property allocated for the exclusive use of either, an owner or owners, or an occupant or occupants recognised by law. This is a practical and much-needed amendment for the owner may not be enjoying the exclusive use area, because their tenant is enjoying it under a lease agreement (for example, a parking bay).
Some of the other amendments are discussed in an article: https://www.stsolutions.co.za/new-changes-ushered-in-the-new-year-for-the-sectional-titles-act/
Click here to download the Government Gazette Notice containing the Act:
Relevance to Auditors, Independent Reviewers & Accountants:
- The Sectional Titles Amendment Act is yet another piece of legislation that your clients must comply with, and which you must assess compliance with. If they don’t comply with the relevant laws and regulations, you have certain reporting obligations in terms of NOCLAR (NOn-Compliance with Laws And Regulations) – this could include reporting to management, qualifying your audit opinion, reporting a Reportable Irregularity, etc.
- As an auditor, accountant and independent reviewer, you need to consider the implications of these amendments on your relevant clients.
Relevance to Your clients:
- Various entities have a duty to comply with the Sectional Titles Amendment Act, otherwise they could be held liable.
To stay current with all the latest changes and updates subscribe to our Monthly Compliance and Legislative Update series for R 250.00 per month. This gives you access to a monthly 2-hour webinar and monthly newsletter:
https://accountingacademy.co.za/profession/monthly-legislation-update
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https://cpd.accountingacademy.co.za.