Qount Accounting

20/07/2026

Interesting article on how far can sports use AI.

Major League Baseball has quietly implemented a sweeping change before the start of the second half of the season, restricting the use of iPads in the dugout to prevent teams from using artificial intelligence to help make strategy decisions.

04/07/2026

📢 2026 SARS Tax Filing Season is Now Open!

The 2026 individual tax filing season has officially started. Don't wait until the last minute, review your tax affairs early and ensure you meet the SARS filing deadlines.

📅 Important Dates

1 – 12 July 2026 – Auto Assessments issued by SARS.
13 July – 23 October 2026 – Filing period for non-provisional taxpayers.
13 July 2026 – 22 January 2027 – Filing period for provisional taxpayers and trusts.

Who needs to submit an income tax return?

You may be required to file if you:

- Carried on a trade or business (other than earning only a salary as an employee).
- Had capital gains or capital losses exceeding R40,000.
- Held foreign assets or foreign currency worth more than R250,000 at any stage during the year.
- Earned foreign income or owned interests in a controlled foreign company.
- Had taxable turnover.
- Earned gross income above:

R95,750 (under 65 years)
R148,217 (65 to under 75 years)
R165,689 (75 years and older)
- Received a notice from SARS requiring you to submit a return.

⚠️ Received an Auto Assessment? Don't simply accept it.

Take a few minutes to check that SARS has correctly included:

- All your income
- Medical aid and medical expenses
- Retirement annuity contributions
- Investment income
- Capital gains
- Any other allowable deductions or tax credits

Accepting an incorrect assessment could mean paying more tax than necessary or missing out on a refund.

At Qount Accounting, we're here to make tax season stress-free.

We assist with:
- Individual Income Tax Returns (ITR12)
- Provisional Tax Returns (IRP6)
- Capital Gains Tax
- Foreign Income & Asset Disclosures
- SARS Verifications, Audits & Disputes

📞 Need assistance with your 2026 tax return? Contact Qount Accounting today and let our experienced team help you file accurately and on time.

22/05/2026

Pan-Africanist writers such as Steve Biko of South Africa, and Frantz Fanon and Aimé Césaire of Martinique, have eloquently writ-
ten about the self-perpetuating mental subjugation that persists in the minds of the oppressed long after the colonial jackboot has lifted from their necks. The most debilitating theft a people can suffer is not that of assets, land and treasure. Rather, it is the theft of memory and identity, because in the absence of those two critical elements of our humanity, one loses purpose, confidence and a sense of belonging, instead drifting in a sea of unanswered questions, where refusing to know becomes the easiest default position. An absence of purpose and confidence invariably leads to emptiness, which often manifests in unmitigated materialism and depravity.
The way we view ourselves matters greatly to what we can achieve.

Phuthuma Nhleko - The Invisible People

29/04/2026

CCompensation FundFiling Season is Open (Deadline: 30 June 2026)

Hi everyone

Just a quick reminder to all business owners and employers, it’s time to submit your annual CCompensation Fundreturns.

This is often overlooked, but it’s very important not just for compliance, but for protecting your employees and your business.

What is the CCompensation Fund
It protects employees if they suffer:
- Injuries at work
- Occupational diseases
- Death due to work-related incidents

Important to note:
Even domestic workers are covered. If you employ a cleaner, gardener, or nanny, you are required to register and file annually.

Who needs to file?
All employers with staff must submit a Return of Earnings (ROE) every year.

What happens if you don’t file?
- Penalties and interest
- No Letter of Good Standing
- Financial risk if an employee gets injured at work

A Letter of Good Standing is often required when applying for:
• Tenders
• Contracts
• New business opportunities

At QQount Accounting, we can assist you with:
1. Registration
2. Annual filing
3. Getting your Letter of Good Standing

Send us a message or comment below if you need help, we’ll take care of everything for you.

27/04/2026

"A man who takes away another man's freedom is a prisoner of hatred, he is locked behind the bars of prejudice and narrow-mindedness. I am not truly free if I am taking away someone else's freedom, just as surely as l am not free when my freedom is taken from me. The oppressed and the oppressor alike are robbed of their humanity. " Nelson Mandela

Happy Freedom Day South Africa

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