{"id":309,"date":"2020-11-28T08:17:32","date_gmt":"2020-11-28T08:17:32","guid":{"rendered":"https:\/\/evafinancialsolutions.co.za\/newsite\/?p=309"},"modified":"2024-11-05T10:03:48","modified_gmt":"2024-11-05T10:03:48","slug":"is-there-vat-on-residential-property","status":"publish","type":"post","link":"https:\/\/evafinancialsolutions.co.za\/newsite\/is-there-vat-on-residential-property\/","title":{"rendered":"Is there VAT on residential property?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/evafinancialsolutions.co.za\/newsite\/is-there-vat-on-residential-property\/#Is_there_VAT_on_residential_property\" >Is there VAT on residential property?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/evafinancialsolutions.co.za\/newsite\/is-there-vat-on-residential-property\/#Understanding_VAT_on_Residential_Property\" >Understanding VAT on Residential Property<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/evafinancialsolutions.co.za\/newsite\/is-there-vat-on-residential-property\/#Is_there_VAT_on_residential_property-2\" >Is there VAT on residential property?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/evafinancialsolutions.co.za\/newsite\/is-there-vat-on-residential-property\/#Is_there_VAT_on_the_sale_of_residential_property_in_South_Africa\" >Is there VAT on the sale of residential property in South Africa?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/evafinancialsolutions.co.za\/newsite\/is-there-vat-on-residential-property\/#Residential_Accommodation\" >Residential Accommodation:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/evafinancialsolutions.co.za\/newsite\/is-there-vat-on-residential-property\/#Is_residential_accommodation_exempt_from_VAT\" >Is residential accommodation exempt from VAT?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/evafinancialsolutions.co.za\/newsite\/is-there-vat-on-residential-property\/#Commercial_Accommodation\" >Commercial Accommodation:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/evafinancialsolutions.co.za\/newsite\/is-there-vat-on-residential-property\/#Does_property_tax_have_VAT\" >Does property tax have VAT?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/evafinancialsolutions.co.za\/newsite\/is-there-vat-on-residential-property\/#The_28-days_Rule\" >The 28-days Rule:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/evafinancialsolutions.co.za\/newsite\/is-there-vat-on-residential-property\/#How_to_calculate_VAT_on_property\" >How to calculate VAT on property?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/evafinancialsolutions.co.za\/newsite\/is-there-vat-on-residential-property\/#Practicality\" >Practicality:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/evafinancialsolutions.co.za\/newsite\/is-there-vat-on-residential-property\/#Frequently_Asked_Questions_About_VAT_on_Residential_Property\" >Frequently Asked Questions About VAT on Residential Property:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/evafinancialsolutions.co.za\/newsite\/is-there-vat-on-residential-property\/#Need_More_Help\" >Need More Help?<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/evafinancialsolutions.co.za\/newsite\/is-there-vat-on-residential-property\/#Leave_a_message\" >Leave a message<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/evafinancialsolutions.co.za\/newsite\/is-there-vat-on-residential-property\/#Subscribe_now\" >Subscribe now:<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"Is_there_VAT_on_residential_property\"><\/span>Is there VAT on residential property?<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<hr \/>\n<h3><span class=\"ez-toc-section\" id=\"Understanding_VAT_on_Residential_Property\"><\/span>Understanding VAT on Residential Property<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>&nbsp;<\/p>\n<p>Let\u2019s get straight into it. There is no VAT on residential property. This is an exempt supply in terms of the VAT Act. However, one needs to be careful and correctly distinguish between residential and commercial letting.<\/p>\n<hr \/>\n<h3><span class=\"ez-toc-section\" id=\"Is_there_VAT_on_residential_property-2\"><\/span>Is there VAT on residential property?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>&nbsp;<\/p>\n<p>In South Africa, residential property sales are generally exempt from VAT, except in certain cases, such as new developments sold by a VAT-registered developer.<\/p>\n<hr \/>\n<h3><span class=\"ez-toc-section\" id=\"Is_there_VAT_on_the_sale_of_residential_property_in_South_Africa\"><\/span>Is there VAT on the sale of residential property in South Africa?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>&nbsp;<\/p>\n<p>Generally, the sale of residential property by a non-developer is exempt from VAT. However, if the seller is a VAT-registered developer, the sale may be subject to VAT.<\/p>\n<p>&nbsp;<\/p>\n<p>The distinction between residential and commercial property is important because while residential accommodation is exempt, commercial accommodation attracts VAT at the standard rates. Also, certain rules apply where commercial accommodation is supplied for less than 28 days and where it is supplied for more than 28 days. We will look at this later. First, let us define and distinguish between residential and commercial accommodation.<\/p>\n<hr \/>\n<h3><span class=\"ez-toc-section\" id=\"Residential_Accommodation\"><\/span>Residential Accommodation:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>&nbsp;<\/p>\n<p>Simply put, this is where you own a residential house that you let out, predominately used as a place of residence or abode of a natural person but excludes the supply of \u201ccommercial accommodation.\u201d Where this is the case, there is no VAT applicable to your rental income. Also, you cannot claim input tax.<\/p>\n<hr \/>\n<h3><span class=\"ez-toc-section\" id=\"Is_residential_accommodation_exempt_from_VAT\"><\/span>Is residential accommodation exempt from VAT?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>&nbsp;<\/p>\n<p>Yes, residential accommodation is typically exempt from VAT. This includes rentals of residential properties.<\/p>\n<hr \/>\n<h3><span class=\"ez-toc-section\" id=\"Commercial_Accommodation\"><\/span>Commercial Accommodation:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<hr \/>\n<p>This is the supply of such accommodation as hotels, B&amp;Bs, guest houses, retirement homes, frail care homes, etc. It is clear that excludes a dwelling as defined under residential accommodation.<\/p>\n<p>&nbsp;<\/p>\n<p>This kind of accommodation attracts VAT at the standard rates.<\/p>\n<hr \/>\n<h3><span class=\"ez-toc-section\" id=\"Does_property_tax_have_VAT\"><\/span>Does property tax have VAT?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>&nbsp;<\/p>\n<p>Property taxes themselves do not include VAT. However, other related services provided by VAT-registered entities, like property management, may include VAT.<\/p>\n<h3><\/h3>\n<hr \/>\n<h3><span class=\"ez-toc-section\" id=\"The_28-days_Rule\"><\/span>The 28-days Rule:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>&nbsp;<\/p>\n<p>It gets a bit interesting when the commercial stay is a bit longer.<\/p>\n<p>&nbsp;<\/p>\n<p>Under commercial accommodation, if the stay is 28 days or less, then the full amount chargeable to the client is vatable at the full standard rate. In other words, the VAT charge is the standard rate multiplied by the full charge before VAT. For example, assuming that the full charge before VAT is R100 and the standard rate is 15% then the VAT charge would be equal to R100 x 15% and the full price plus VAT would be equal to R115.<\/p>\n<p>&nbsp;<\/p>\n<p>If the stay is of an unbroken period of longer than 28 days, then only 60% of the amount charged is deemed to be vatable. Using the example above, this would be R60 of the full price charged. This effectively means that the VAT rate drops to 9% (15% x 0.6).<\/p>\n<hr \/>\n<h3><span class=\"ez-toc-section\" id=\"How_to_calculate_VAT_on_property\"><\/span>How to calculate VAT on property?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>&nbsp;<\/p>\n<p>To calculate VAT on property, multiply the sale price by the VAT rate (currently 15%). For example, if a property is sold for R1,000,000, the VAT would be R1,000,000 x 0.15 = R150,000.<\/p>\n<hr \/>\n<h3><span class=\"ez-toc-section\" id=\"Practicality\"><\/span>Practicality:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>&nbsp;<\/p>\n<p>You may need to get your accounting system to have this additional VAT rate for stays longer than 28 days (but of course, you need to remember that this is for an unbroken period of stay).<\/p>\n<p>&nbsp;<\/p>\n<p>Secondly, your VAT201 return must disclose the 60% and 40% separately because they are using different tax rates. One needs to be careful with the 40% because it is not an exempt supply, which means it may not have a place on the VAT return.<\/p>\n<p>&nbsp;<\/p>\n<p>This will now mean that reconciliations should be done and kept because an IT14SD reconciliation may be issued because the 40% may not necessarily be disclosed on the VAT return.<\/p>\n<p>&nbsp;<\/p>\n<p>We must also point out that you will be able to still claim 100% on the input side because the 40% is not treated as an exempt supply.<\/p>\n<hr \/>\n<h3><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions_About_VAT_on_Residential_Property\"><\/span>Frequently Asked Questions About VAT on Residential Property:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>&nbsp;<\/p>\n<p><strong>Is there VAT on the sale of residential property in South Africa?<\/strong><\/p>\n<p>In South Africa, the sale of residential property is generally exempt from VAT, except in certain cases such as new developments sold by VAT-registered developers.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Is residential accommodation exempt from VAT?<\/strong><\/p>\n<p>Yes, residential accommodation, including rentals of residential properties, is typically exempt from VAT.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Does property tax have VAT?<\/strong><\/p>\n<p>Property rates itself does not include VAT, but related services provided by VAT-registered entities, like property management, may include VAT.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>How to calculate VAT on property?<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>To calculate VAT on a property, multiply the sale price by the current VAT rate of 15%. For example, a property sold for R1,000,000 (Excl VAT) would have a VAT of R150,000 or R130,434.78 (R1000 000 x 15\/115) if the sale price was Inclusive of VAT.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Is VAT payable on an estate agent&#8217;s commission?<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>Yes, if the estate agent is VAT-registered, then VAT is payable on their commission, and the invoice should show the VAT amount separately.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>How to calculate without VAT?<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>To find the price excluding VAT from a VAT-inclusive price, divide the total amount by 1.15 (the VAT rate plus one). For example, if the VAT-inclusive price is R115, the price excluding VAT would be R100 (R115 *100\/115).<\/p>\n<hr \/>\n<h3><span class=\"ez-toc-section\" id=\"Need_More_Help\"><\/span>Need More Help?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>&nbsp;<\/p>\n<p>Do you need more help regarding:<\/p>\n<ul>\n<li>The VAT treatments of your business<\/li>\n<li>VAT registrations<\/li>\n<li>VAT submissions<\/li>\n<li>Bookkeeping<\/li>\n<li>Financial Statements<\/li>\n<li>VAT optimization<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>Unlock the power of VAT knowledge for your property transactions! Understanding VAT exemptions and rates is crucial when navigating residential or commercial property. Don&#8217;t let uncertainty slow you down\u2014ensure compliance and make informed decisions.<\/p>\n<p>&nbsp;<\/p>\n<p>Need expert advice or assistance with VAT, bookkeeping, or financial statements?<\/p>\n<p>&nbsp;<\/p>\n<p>Contact us today, and let us help you optimize your property ventures. Stay ahead with Eva CFO\u2014join our Telegram channel for financial insights and business growth tips. 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class=\"forminator-required\">*<\/span><\/label><input type=\"text\" name=\"name-1\" value=\"\" placeholder=\"E.g. John\" id=\"forminator-field-name-1_69f11ff62c0f8\" class=\"forminator-input forminator-name--field\" aria-required=\"true\" \/><\/div><\/div><\/div><div class=\"forminator-row\"><div id=\"email-1\" class=\"forminator-field-email forminator-col forminator-col-12 \"><div class=\"forminator-field\"><label for=\"forminator-field-email-1_69f11ff62c0f8\" id=\"forminator-field-email-1_69f11ff62c0f8-label\" class=\"forminator-label\">Email Address <span class=\"forminator-required\">*<\/span><\/label><input type=\"email\" name=\"email-1\" value=\"\" placeholder=\"E.g. john@doe.com\" id=\"forminator-field-email-1_69f11ff62c0f8\" class=\"forminator-input forminator-email--field\" data-required=\"true\" aria-required=\"true\" \/><\/div><\/div><\/div><input type=\"hidden\" name=\"referer_url\" value=\"\" \/><div class=\"forminator-row forminator-row-last\"><div class=\"forminator-col\"><div class=\"forminator-field\"><button class=\"forminator-button forminator-button-submit\">Subscribe<\/button><a href=\"#\" class=\"forminator-save-draft-link disabled\" title=\"Fill in form fields before saving it as a draft\" formnovalidate>Save as Draft<\/a><\/div><\/div><\/div><input type=\"hidden\" id=\"forminator_nonce\" name=\"forminator_nonce\" value=\"94c041659a\" \/><input type=\"hidden\" name=\"_wp_http_referer\" value=\"\/newsite\/wp-json\/wp\/v2\/posts\/309\" \/><input type=\"hidden\" name=\"form_id\" value=\"1010\"><input type=\"hidden\" name=\"page_id\" value=\"309\"><input type=\"hidden\" name=\"form_type\" value=\"default\"><input type=\"hidden\" name=\"current_url\" value=\"https:\/\/evafinancialsolutions.co.za\/newsite\/is-there-vat-on-residential-property\/\"><input type=\"hidden\" name=\"render_id\" value=\"0\"><input type=\"hidden\" name=\"action\" value=\"forminator_submit_form_custom-forms\"><input type=\"hidden\" name=\"save_draft\" value=\"false\"><label for=\"input_3\" class=\"forminator-hidden\" aria-hidden=\"true\">Please do not fill in this field. <input id=\"input_3\" type=\"text\" name=\"input_3\" value=\"\" autocomplete=\"off\"><\/label><\/form>\n","protected":false},"excerpt":{"rendered":"<p>Is there VAT on residential property? Understanding VAT on Residential Property &nbsp; Let\u2019s get straight into it. There is no VAT on residential property. This is an exempt supply in terms of the VAT Act. However, one needs to be careful and correctly distinguish between residential and commercial letting. Is there VAT on residential property? [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3216,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[58,56,60],"tags":[],"class_list":["post-309","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-vat","category-accounting-and-bookkeeping","category-financial-reporting"],"_links":{"self":[{"href":"https:\/\/evafinancialsolutions.co.za\/newsite\/wp-json\/wp\/v2\/posts\/309","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/evafinancialsolutions.co.za\/newsite\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/evafinancialsolutions.co.za\/newsite\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/evafinancialsolutions.co.za\/newsite\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/evafinancialsolutions.co.za\/newsite\/wp-json\/wp\/v2\/comments?post=309"}],"version-history":[{"count":11,"href":"https:\/\/evafinancialsolutions.co.za\/newsite\/wp-json\/wp\/v2\/posts\/309\/revisions"}],"predecessor-version":[{"id":4539,"href":"https:\/\/evafinancialsolutions.co.za\/newsite\/wp-json\/wp\/v2\/posts\/309\/revisions\/4539"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/evafinancialsolutions.co.za\/newsite\/wp-json\/wp\/v2\/media\/3216"}],"wp:attachment":[{"href":"https:\/\/evafinancialsolutions.co.za\/newsite\/wp-json\/wp\/v2\/media?parent=309"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/evafinancialsolutions.co.za\/newsite\/wp-json\/wp\/v2\/categories?post=309"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/evafinancialsolutions.co.za\/newsite\/wp-json\/wp\/v2\/tags?post=309"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}