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ALL house price brackets save R4,500 in transfer duty

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Sale agreements entered into from 1 March 2017 will see buyers liable for transfer duty according to the new scale. Finance Minister Pravin Gordhan yesterday only amended the R750,000 margin against which no transfer duty was payable, to a higher margin of R900,000. For any property above R900,000 the difference across the board is R4,500.

Value Transfer duty 2017 Transfer duty 2016 Difference
R900,000 R0.00 R4,500 -R4,500
R1,000,000 R3,000 R7,500 -R4,500
R2,000,000 R60,500 R65,000 -R4,500
R3,000,000 R163,000 R167,500 -R4,500
R4,000,000 R273,000 R277,500 -R4,500
R5,000,000 R383,000 R387,500 -R4,500
R10,000,000 R933,000 R937,500 -R4,500

Buyers who have entered into sale agreements from now until 28 February 2017 will not pay less transfer duty, as it will only be applicable from 1 March 2017. Existing sale agreements’ dates cannot be changed as this will amount to fraud.

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david.steynberg@gmail.com

David A Steynberg, managing editor and director of HomeTimes, has more than 10 years of experience as both a journalist and editor, having headed up Business Day’s HomeFront supplement, SAPOA’s range of four printed titles, digimags Asset in Africa and the South African Planning Institute’s official title, Planning Africa, as well as B2B titles, Building Africa and Water, Sewage & Effluent magazines. He began his career at Farmer’s Weekly magazine before moving on to People Magazine where he was awarded two Excellence Awards for Best Real Life feature as well as Writer of the Year runner-up. He is also a past fellow of the International Women’s Media Foundation.

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