Johan joined STBB in 2013 and works in the Cape Town office where he specialises in tax structuring and commercial drafting.

Newsflash | 2017 Budget News

Minister of Finance, Mr Pravin Gordon, delivered the National Treasury’s budget for 2017/2018 this afternoon. The following amendments stand out:

  • Super Tax Bracket (Individuals) – 45% on income above R1,500,000 p.a.
  • Trust Tax Rate increased to 45% (from 41%)
  • Increase to Effective rate of Capital Gains tax for Trusts / Super Tax Bracket
  • Dividends Tax increased to 20% (from 15%)
  • Withholding Tax for non-resident sellers of fixed property increased to 7.5%, 10% and 15% respectively (from 5%, 7.5% and 10%)
  • The value at which property is taxed at 0% is increased from R750 000 to R900 000.

A new bracket of “Super Tax” has been introduced on personal income that levies tax at 45% on income exceeding R1,500,000 per annum. This increases the effective rate on capital gains above this level to 18% (from 16.4%).

The increase in the Trust tax rate to 45% increases the effective rate of CGT for trusts to 36% (from 32.8%).

View the amended personal, transfer duty and CGT tables here. For more information contact your attorney at STBB.