The removal of adverse consumer credit information and information relating to paid-up judgments is commonly referred to as the “credit amnesty”. It was implemented on 1 April 2014.
This means that from that date, all registered credit bureaus had to remove adverse consumer credit information. However, you still have to pay your debts.
More information is available from the National Credit Regulator:
If you earn under R350 000 for a full year from one employer (total salary income before tax) and have no other sources of additional income (for example, interest or rental income) and no deductions that you want to claim (for example medical expenses, travel or retirement annuities), then you don’t need to submit a return.
If you are not sure whether you need to submit a tax return, SARS can help you find out whether you need to submit a tax return or not.
Government introduced tax free investments in 2015 as an incentive to encourage household savings.
You don’t have to pay income tax, dividends tax or capital gains tax on the returns from these investments.
You can only contribute a maximum of R33 000 per tax year, with a life time limit of R500 000 per person.
Accounts that qualify as tax free investments:
The Consumer Protection Act, Act 68 of 2008 [PDF] provides protection to you as consumer. The National Consumer Commission (NCC) was established in terms of the Act with jurisdiction throughout the Republic of South Africa. Provincial Consumer Affairs Offices countrywide offer you advice and protection.
An RSA Retail Savings Bond is an investment with the Government of South Africa which earns fixed or inflation linked interest for the term of the investment. RSA Retail Savings Bonds are available as: