Transfer Duty
To whom is Transfer Duty Payable and how is it calculated?
Transfer Duty is not to be confused with Transfer Costs or Fees. Transfer Duty is a tax payable to the government by the Purchaser, prior to transfer.
Transfer Duty will be exempted if the purchase price / value is under R750 000 or when the Seller is a registered Vat Vendor and the property is being sold as part of a going concern.
Penalty Transfer Duty is payable if same is not paid to the Receiver of Revenue within 6 months after the date of acquisition of the immovable property.
Transfer Duty is calculated on the value of a immovable property (purchase price or market value whichever is the highest).
Transfer Duty is calculated as follows:
- 0% up to R750 000
- 3% on the balance between R750 001 and R1 250 000
- 6% on the balance between R1 250 001 and R1 750 00 + R15 000
- 8% on the balance between R1 750 001 and R2 250 000 + R45 000
- 11% on the balance between R2 250 001 and R10 000 000 + R85 000
- 13% on the balance above R10 000 0001 + R937 500
What kinds of costs are involved in a normal transaction?
The costs relating to the transfer of fixed property fall into the following categories:
- Transfer Fees
- Bond Fees
- Transfer Duty or VAT
- Rates and Levies
- Deeds Office Levies
Use our mobile transfer calculator to determine the fees on any transfer or bond registration:
Calculate Now!
Written by Wessel de Kock
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