A change to the transfer duty payable on purchases of new property!
All sales of immovable property where no VAT is payable will be subject to transfer duty at the following rates:
R0 to R600,000.00 - No transfer duty payable
R600,000.00 to R1 mill - Transfer duty calculated at 3%
R1 000 001 to R1.5 mill - Transfer duty calculated at 5%
Above R1.5 mill - Transfer duty calculated at 8%
Therefore a buyer purchasing a property for R1 million today will save R13,000.00 compared to if they had purchased the property before this change! The duty for purchases by Companies, Close Corporations and Trusts has also been reduced to equate to that of natural persons. You can download your full costs table here.
Mc Naught and Company are completely up to speed on the new budget and can advise you on how these changes will affect you. Contact us now!
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