Stein Accounting Services

https://iol.co.za/business/2026-08-06-big-tax-changes-proposed-what-the-new-draft-bills-mean-for-taxpayers/?fbclid=IwdGRjcATi-VlwZG9mBWZkaWQWUMArvO2_CqaofSY33KEylsr4Y3L0VmV4dG4DYWVtAjExAHNydGMGYXBwX2lkCjY2Mjg1NjgzNzkAAR40TpVKiLqnA57hFNjblLPYMAaVqIpoa6nv7U8HAp27fDj1D70532XjFD5GAw_aem_maLR2B0UE_AzBVsFol0-nw

Big tax changes proposed: What the new draft bills mean for taxpayers The significant tax changes proposed in the 2026 Draft Taxation Laws Amendment Bill and Draft Tax Administration Laws Amendment Bill, and how they could affect you

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Before You Travel: What SARS’ New Online Traveller Declaration Really Means From 1 July 2026, South Africa’s customs declaration process moves further into the digital age. For travellers, the form may be simple.

The 2026 Budget introduces several changes affecting individuals, homeowners, and businesses. The previously planned R20 billion tax increase has been withdrawn, meaning no broad‑based tax hikes this year. Personal income tax brackets, rebates and medical tax credits have all been fully adjusted for inflation, providing relief from bracket creep.

For small businesses, the compulsory VAT registration and Turnover Tax thresholds increase from R1 million to R2.3 million, easing compliance and cash‑flow pressure. Savings and retirement incentives have also been strengthened, with higher limits for tax‑free investments, retirement contributions and capital gains exclusions.

Homeowners will benefit from the higher Capital Gains Tax exclusion on the sale of a primary residence, which increases from R2 million to R3 million.

These updates offer meaningful relief and improved planning opportunities across the board.

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Enoch Godongwana, Finance Minister, has just adjusted the compulsory VAT registration for businesses from R1 million to R2.3 million.

Since 2009, businesses in South Africa have been required to register for VAT once a R1 million turnover is reached.

The increase, aligned with inflation, addresses years of criticism over a lack of adjustment for years. Many stakeholders argued that this previous lack of adjustment limited business growth.