Qount Accounting

🇿🇦 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.

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.

🇿🇦 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.

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.