Property Transfer Tax Increase:
As usual there will be some pain and some gain, the average man on the street will benefit but people buying property for more than 2.5 million rand will be hit hard.
- In a nutshell for sales on or after 1 March 2015, transfer duty will be eliminated for all property acquired up to R750,000 (previous threshold was R600,000)
- Decreased for all properties acquired up to 2.6 million.
- Increase for all properties above R2.6 million.
- For property above R2.6 million the transfer duty will increase from an average of 8% to 11%, a massive increase.