Mc Naught & Co
Raised limit for Transfer Duty Exemptions
In the budget speech today the Minister of Finance announced that the exemption limit for transfer duty on property purchases has been raised from R750 000 to R900 000. In other words, if you buy a property for less than R900 000 you will pay no duty.
The rates of duty applicable after that remain unchanged. This is good news for those purchasing lower priced properties.
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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.