Key Property Takeaways from the 2023 Budget Speech

Transfer Duty: The brackets of the transfer duty table will also be increased by 10 percent, allowing properties below R1.1 million to avoid any transfer duty payments.

UDZ Zone: The Urban Development Zone tax incentive will also be extended, by two years, to allow for the review of the incentive to be completed.

Renewable Energy Fiscal Support Package: From 1 March 2023, businesses will be able to reduce their taxable income by 125% of the cost of an investment in renewables. There will be no thresholds on the size of the projects that qualify, and the incentive will be available for two years to stimulate investment in the short term.

As announced by the President, a new tax incentive will be introduced for individuals to install rooftop solar panels to reduce pressure on the grid and help ease loadshedding. Individuals who install rooftop solar panels from 1 March 2023 will be able to claim a rebate of 25 percent of the cost of the panels, up to a maximum of R15 000. This can be used to reduce their tax liability in the 2023/24 tax year. This incentive will be available for one year.

Government will guarantee solar-related loans for small and medium enterprises on a 20 percent first-loss basis.

National Treasury will launch the Energy Bounce Back Scheme in April 2023.