Qount Accounting

08/04/2026

SARS Update for Trusts – Important Deadline Change

The South African Revenue Service (SARS) has given trusts a bit more breathing room

New penalty date:
Administrative penalties for late or non-submission of trust tax returns (ITR12T) will now only start from 4 May 2026.

Why the delay?
SARS received feedback that trust tax compliance is complex, so they’ve allowed an extra 2 months for trustees to get their affairs in order.

What you should do now:
Use this time to:
1.Submit all outstanding tax returns
2.Pay any outstanding tax
3.Update your trust details

If your trust is no longer active:
You must formally deregister with SARS by:
• Filing all outstanding returns
• Settling all taxes
• Providing proof that the trust has been terminated

Don’t wait too long!
From 4 May 2026, penalties will apply if you’re still non-compliant.

If you’re unsure about your trust’s compliance, it’s best to speak to your accountant or tax practitioner.

25/02/2026

🇿🇦 2026 Budget Speech Positive Signals for Individuals & Small Businesses
A notably constructive Budget Speech from the Minister of Finance. Here are the key highlights that stand out for us:
1. Adjustment of Personal Income Tax Brackets & Rebates
Much needed relief for individuals to prevent bracket creep.
This ensures that inflationary salary increases do not automatically push taxpayers into higher tax brackets without real increases in purchasing power.

2. Increase in TFSA Annual Contribution Limit
The annual limit for Tax Free Savings Accounts (TFSA) increases from R36,000 to R46,000.
This is a meaningful step toward boosting the national savings rate and encouraging disciplined long term investing.

3. Higher Retirement Contribution Deduction Cap
Retirement contribution deductions increase from R350,000 to R430,000.
This strengthens incentives for long term retirement planning and aims to shift South Africa’s culture toward sustainable saving.

4. VAT Registration Threshold Increased
VAT threshold increased from R1 million to R2.3 million.
This is a major victory for small businesses:
Reduces compliance costs
Eases administrative burden
Allows growing businesses to scale before being pulled into VAT complexity
Supports the President’s State of the Nation focus on SME growth and employment
This also allows compliant small businesses to compete more fairly without disproportionate regulatory pressure.

5. Capital Gains Tax Relief for Small Businesses
The exemption for the sale of small businesses increases from R1.8 million to R2.8 million.
This encourages:
Entrepreneurship
Business succession planning
Exit strategies for founders
Reinvestment into the economy

Overall View

This Budget sends a strong signal:
Encourage savings
Support entrepreneurship
Reduce compliance friction
Protect individuals from inflation driven tax pressure

For SMEs and professionals, this is a balanced and growth-oriented fiscal approach.

09/12/2025

The Investigating Directorate Against Corruption (IDAC) and the South African Revenue Service (SARS) have secured a major win in the fight against financial crime.

Tshepo Khoza, director of Grey Apple Trading Enterprise, has been sentenced to six years in prison (two suspended) for R3.6 million tax fraud after falsely declaring his company dormant while earning millions through SAPS-linked tenders.

SARS Commissioner Edward Kieswetter stressed that tax fraud steals from the nation and undermines service delivery.

At
Qount Accounting we consistently advise our clients to comply with all tax laws to ensure long-term sustainability, transparency, and business growth. Compliance protects businesses from penalties, reputational damage, and legal risk.

The Investigating Directorate Against Corruption (IDAC) in collaboration with the South African Revenue Service (SARS), and other law enforcement agencies have secured six years direct prison sentence with two years suspended for Tshepo Khoza in a tax fraud matter involving approximately R3.6 millio...

20/11/2025

FASSET extends its heartfelt congratulations to Prof. Lumkile Wiseman Nkuhlu, honoured by IFAC with the 2025 Global Leadership Award!

Your lifelong dedication to excellence uplifts the entire profession.

20/11/2025

Qount Accounting Guidance

To avoid last minute challenges and penalties:

Begin updating your employee database now
Ensure all staff, including casuals and part timers, have valid Income Tax Numbers
Keep records aligned with e@syFile™
Schedule internal deadlines before SARS deadlines

Qount Accounting is ready to assist your HR and finance teams with:

Employee tax number verification
Bulk registration support
EMP501 readiness checks
Full payroll compliance and processing

Need Help?

QQount Accounting Doing Business Right Gives You Peace of Mind
We ensure your business remains compliant, efficient, and penalty free.

19 November 2025 - SARS reminds employers to start preparing for the 2026 Employer Filing Season. From February 2026, employers will not be able to submit

24/10/2025

🇿🇦 Great news for South Africa!

South Africa has officially been removed from the FATF Grey List, a big step forward for our economy and financial reputation.

1. Less scrutiny on international fund transfers
2. Better investor confidence and access to global capital
3. Stronger trust in South African businesses

At Qount Accounting, we see this as a win for all compliant businesses, proof that doing things the right way pays off.

While the beneficial ownership declaration and other transparency rules still apply, this marks real progress for the country and those who value good governance.

Let’s keep doing business right, it gives you peace of mind.

20/10/2025

Last Day to File Your 2025 Individual Tax Return

Today marks the final deadline for individuals to submit their 2025 tax returns to SARS.

If you were not auto-assessed, it’s critical to file before midnight to avoid non-compliance administrative penalties, these are charged monthly until you file all your outstanding income tax returns.

At Qount Accounting, we’re assisting individuals and professionals to:
1. File outstanding returns
2. Resolve SARS correspondence and audits
3. Avoid penalties and maintain compliance

Don’t leave it until it’s too late, file today and stay compliant.

18/10/2025

At Qount Accounting, Culture Comes First

A strong company culture doesn’t happen by luck, it’s built with purpose.
We believe that real success starts with shared values, trust, and accountability, the same foundation we help our clients build in their own businesses.

Our focus is on:
1. Leading with integrity
2. Recognising and rewarding effort
3. Hiring and onboarding with purpose
4. Creating a team built on trust and commitment

Every day, we live by our Company Constitution, aligning our actions with our values. Because at Qount Accounting, doing business right gives you peace of mind.

13/10/2025

The SARS Durban Customs office conducted a collaborative intelligence operation led at the Durban Harbour in the early morning of 12 October 2025. The operation resulted in the seizure of 30 bricks of Suspected Narcotics that were in Re**er Refrigeration Unit of the vessel with the estimated street....

12/10/2025

12/10/2025

The South African Revenue Service (Sars) has hit back at former Prasa CEO Lucky Montana after he revealed he had laid criminal charges against Sars commissioner Edward...