HOW DO I DECLARE ESTATE DUTY?

What's New?

12 December 2016 - Estate Reform
SARS introduced system changes in respect of deceased estates on 9 December 2016, read more.
 
 

How do i declare estate duty?

The executor will calculate the Estate Duty payable when preparing the liquidation and distribution account.  The executor must complete the Estate Duty Return (Rev267) and submit it to the Master of the High Court where the estate is being administered.  SARS has delegated its authority to the Master of the High Court to issue the Estate Duty assessment.  SARS remains responsible for the collection of the Estate Duty payable.

At what rate must estate duty be paid?

20% on the deceased’s nett estate in excess of R3, 5 million when someone has died between 01/10/2010 to date.  When there is a previously deceased spouse, a maximum of R7Million is allowed before Estate Duty is calculated.

What were the previous rates and thresholds?

                               
01/03/2007–31/12/2009 – 20% - R3 500 000
01/03/2006–28/07/2007 – 20% - R2 500 000  
01/03/2002–28/02/2006 – 20% - R1 500 000
01/10/2001–28/02/2002 – 20% - R 1000 000
14/03/1996–30/09/2001 – 25% - R1 000 000
16/03/1988–13/03/1996 – 15% - R1 000 000

Who is responsible for payment of Estate Duty?

The estate is liable for Estate Duty and it is payable by the executor. Where a policy was paid to a beneficiary directly, the beneficiary is liable for the proportional share of the Estate Duty payable.
Last Updated: 12/12/2016 10:01 AM     print this page
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