Transfer Duty Exemption increased from 23 February 2011
The budget speech held on 23 February 2011 proposed that transfer duty exemption be increased to R600,000.00. The sliding scale as reflected beneath now applies to Companies, Close Corporations and Trusts too. Due consideration must however be given to all other tax implications and Value Added Tax if applicable.
This proposal is calculated as follows:
VALUE OF PROPERTY TRANSFER DUTY
Property not exceeding R600 000.00 0%
Property R600 001.00 - R1 000 000.00 3%
Property R1 000 001.00 - R1 500 000.00 R12 000.00 + 5% of amount exceeding R1 000 000.00
Property that exceeds R1 500 000.00 R37 000.00 + 8% of amount exceeding R1 500 000.00
This amendment does not affect agreements signed before 23 February 2011 as the transfer duty will still be calculated on the old rate for these matters.
VALUE OF PROPERTY TRANSFER DUTY
Property not exceeding R600 000.00 0%
Property R600 001.00, - R1 000 000.00 3%
Property R1 000 001.00 - R1 500 000.00 R12 000.00 + 5% of amount exceeding R1 000 000.00
Property that exceeds R1 500 000.00 R37 000.00 + 8% of amount exceeding R1 500 000.00
THIS AMENDMENT DOES NOT AFFECT AGREEMENTS SIGNED BEFORE 23 FEBRUARY 2011 AS THE TRANSFER DUTY WILL STILL BE CALCULATED ON THE OLD RATE FOR THESE MATTERS