SARS Transfer Duty Information for 2014
<h2>The South African Revenue Service Transfer Duty 2014</h2>
Transfer Duty in South Africa Information 2014
Transfer to Normal Person:
|First R 600,000 of cost of immovable property||0%|
|R 600,001 to R 1,000,000||3% of the value above R 600,000|
|R 1,000,001 to R 1,500,000||R12,000 plus 5% of the value above R 1,000,000|
|R 1,500,001 and above||R 37,000 plus 8% of the value exceeding R 1,500,000|
Transfer duty is paid where immovable property is acquired and the transaction is not subject to VAT. It also now applies to where the rights of ownership are transferred to immovable property where a company, close corporation or trusts are involved.
If a registered vendor purchases property from a non-vendor, the VAT notional input tax credit is limited to the VAT fraction (14/114) of the lower of the selling price or the open market value. A notional input tax credit is only claimable to the extent to which the purchase price has been paid and the property is registered in the Deeds Office;
With effective date of 10 January 2012, the restriction that the notional input is limited to the transfer duty paid is no longer applicable; and
Persons attempting to evade transfer duty may be charged with an additional duty of up to double the amount of duty that was originally payable. The person will also be guilty of an offence and liable upon conviction to either a fine, or imprisonment, for a period not exceeding sixty months.
If you have any questions relating to these exemptions / deductions please contact us on 011 447 8823 Today to speak to a consultant for FREE.