Deceased Estate Valuation – REV246

SARS and the REV246 Form

• REV246 Form Usage: This form is designated for valuing immovable property, such as houses, land, or sectional title units, within a deceased estate.
• Purpose: The REV246 form ensures that the property’s valuation for estate duty is conducted accurately by a qualified valuer.
• Significance: It assists SARS in calculating estate duty based on the property’s actual market value and requires a thorough valuation report from the executor or administrator.
• Estate Duty Explained: Estate duty is a tax applied by SARS to deceased estates exceeding a specific threshold.
• Completion Responsibility: The form must be completed by the executor or administrator of the estate, who acts as the representative taxpayer.
• Submission: The executor needs to submit the REV246 form, along with other necessary documentation, to SARS as part of the estate duty process.
• Special Consideration for Companies/Close Corporations: If fixed property is held within a company or close corporation, the REV246 form must also be completed and attached for such property.