With the Vat threshold at a whopping R1 million as of next week, many current vendors will be looking to deregister. If this is you, follow these three easy steps and you’ll be Vat free! Caution! Before you deregister, you should consider whether deregistering will increase your cost price (if you're a trader) as you’ll have to absorb any Vat costs charged by your suppliers as the input tax cushion will be gone.

The filing season for individual taxpayers and trusts will start in July 2009. Taxpayers and trusts who file their tax returns manually must file their tax returns by no later than 18 September 2009.  Taxpayers and trusts who file their tax returns electronically must file their tax returns by no later than 20 November 2009.

You’ll be interested to learn the Revenue Laws Amendment Act, 2008, has repealed the Stamp Duties Act with effect from 1 April 2009. Originally, you had to pay stamp duty on share transfers and all other contracts, such as the letting of fixed property, rental of vehicles or office equipment, hire-purchase agreements and even ante-nuptial contracts.

So, your tax return is filed, you’ve met SARS’ deadline…now you’re probably wondering when you’ll get your refund (if indeed you’re eligible for one)? Once SARS has assessed your return, it will notify you via the means of contact you chose. If you’re an eFiler, SARS will notify you electronically about the status, or outcome, of your assessment.