Good News for Property Sellers and Buyers, and Some Useful Tax Calculators
“To support the property market, the threshold for transfer duties is adjusted” (Finance Minister Tito Mboweni)
Transfer Duty Exemption Up
Some good news for property sellers and buyers in particular is the increase in the transfer duty exemption to R1m. See the table below for details and note that with all the brackets being adjusted upwards, buyers at every level will save – for example the buyer of a R2.5m house will save R17,000.
(Source: National Treasury)
Some useful Tax Calculators for you
- How long will you work for the taxman today?Input your salary into the 2020 Tax Clock calculator and find out how many hours you will spend today working for the taxman, and at what time precisely you will finally start working for yourself (warning – it’s not pretty!).
- How will your income tax change?Put your monthly taxable income into Fin24’s Budget 2020 Income Tax Calculator to find out.
- How much extra will your sin taxes cost you this year? Work out how much more you will be shelling out for spirits, wine, beer and cigarettes (or how much you will be saving if you don’t indulge!) with Fin24’s Budget 2020 Sin Tax Calculator.