Author : SARS
TRANSFER DUTY RATES [on are after: 1 March 2020]
Transfer Duty is a tax levied on the value of any property acquired by any person by way of a transaction or in any other way. For the purpose of Transer Duty, property means land and fixtures and includes real rights in land, rights to minerals, a share or interest in a “residential property company” or a share in a share-block company.
All Conveyancers are requested to register with SARS.
These are the Transfer Duty rates applied to properties acquired on or after 1 March 2020 and apply to all persons [including Companies, Close Corporations and Trusts]
|Value of property||Actual amount||%||Amout due|
|R0 – R 1 000 000||0%||nil|
|R 1 000 001 – R 1,375 000||R375 000||3%||R 11 250|
|R1,375 001 – R 1,925 000||R550 000||6%||R 33 000|
|R1,925 001 – R 2,475000||R550 000||8%||R 44 000|
|total|| * R 88 250
|R 2,475 001 – R11,000 000||R8,525 000||11%||R 937 750|
|Over R11, 000 000||13%|
Transfer Duty is payable on the Purchase Price of a Property.
Transfer Duty is ‘built up in levels’ and all the levels need to be added together until You get to the Total Duty applicable to the amount of the Purchase Price.
The above rates are applicable to both: Natural and Legal Persons.