Great News - Transfer Duty announcement Budget Speech 2020

 
Finance Minister Tito Mboweni announced, as part of the 2020 Budget Speech, that transfer duty will no longer apply to properties with a purchase price of R1 million and less.
Previously the threshold was R900 000.
The abovementioned will come into effect on all offers accepted on and after the 1st of March 2020. 
In addition to these good news there is also relief related to the Purchase Price intervals and calculations as per table below:

New Table
 

Value of the property (R)??	Rate
1 - 1000 000?	0%
1 000 001 - 1 375 000	3% of the value above R1 000 000
1 375 001 - 1 925 000	R11 250 + 6% of the value above R 1 375 000
1 925 001 - 2 475 000	?R44 250 + 8% of the value above R 1 925 000
2 475 001 - 11 000 000	R88 250 +11% of the value above R2 475 000
?11 000 001 and above	?R1 026 000 + 13% of the value exceeding R11 000 000

Old Table
 

Value of the property (R)??	Rate
?0 -900 000?	?0%
?900 001 - 1 250 000	3% of the value above R900 000
?1 250 001 - 1 750 000	R10 500 + 6% of the value above R 1 250 000
?1 750 001 - 2 250 000	R40 500 + 8% of the value above R 1 750 000
?2 250 001 - 10 000 000	?R80 500 +11% of the value above R2 250 000
?10 000 001 and above	R933 000 + 13% of the value exceeding R10 000 000

Please take note that we will attend to the adjustment of all MacRobert applications and fee lists and will inform and distribute same once finalized.


Kindest regards.


For any queries please contact our property law division at the details below: