26 February 2015

BUDGET SPEECH 2015



Hi

The most relevant part of Minister Nene's Budget Speech for those involved in the Property Industry was the amendment to Transfer Duty. The new rates will only apply to property acquired on or after 1 March 2015 by any person, including companies, close corporations and trusts. 

In summary, the following was announced in the Budget:

Rate of transfer duty               
Taxable Income (R)
Rate of Tax (R)
R0 - R750 000
0% of property value
R750 001 - R1 250 000
3% of property value above R750 000
R1 250 001 - R1 750 000
R15 000 + 6% of property value above R1 250 000
R1 750 001 - R2 250 000
R45 000 + 8% of property value above R1 750 000
R2 250 001
R85 000 + 11% of property value above R2 250 000


 Please don't hesitate to contact us if you require a detailed quote relating to the total costs involved in Property Transfers or if you want advice on how to mitigate against such costs.
 
Gareth Shepperson