Mc Naught & Co
Budget 2016 – Wonderfully stable for the property market!
The Minister of Finance has completed his 2016 budget speech and the news is overall far more muted than most of us expected.
Aside from raising a few taxes on the periphery and bringing in a new tyre tax and even a tax on sugar next year, not much has changed.
Once small change which affects the property market is that the transfer duty rate on property sales above R10million has been hiked by 2%. This will not affect the majority of residential buyers and we therefore do not see it having any impact on the property market in the next year.
The new transfer duty rates effective 1 March 2016 are:
Remember, the date of sale is the date which determines your transfer duty amount payable, so if you are intending to purchase in the R10million and above bracket, make sure you conclude your sale before the 29th of February!
Our contact details are available on our website and you can let us know if you have any queries regarding the transfer duty changes, or in fact any other aspect of the budget speech.
Share this article
Property Practitioners Act – The new law
Some new legislation will bring far-reaching changes to the property industry as it will be replacing the Estate Agency Affairs Act, 1976 (“The old Act”). If you are an estate agent, you will likely already be aware that the Property Practitioners Bill was signed into South African law on 2 October 2019 and we can expect that it will become operational within the next few months. However, Estate Agents are not the only ones who this bill applies to.