SARS must give you at least 21 days' notice. If you need more time, request an extension.
You're entitled to request reasons for any adjustments SARS may make, so insist on getting the answers you may need!
SARS has no right to invade your privacy in the name of an audit. Personal records and your home may not be searched by SARS without a warrant.
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Seven tax traps to avoid as they'll lead to huge penalties from SARS if you're under tax audit
Tax Trap #1 – Hidden assets that you haven't included as 'assets and liabilities' in your tax return.
Tax Trap #2 – Hidden interest you've received on investments and not included when completing your tax return.
Tax Trap #3 – Troublesome lease agreements
Tax Trap #4 – Faulty invoices
Tax Trap #5 – Calculating your provisional taxes incorrectly
Tax Trap #6 – Not declaring fringe benefits such as a car and a house
Tax Trap #7 – The wrath of disgruntled ex-employees who know the status of your finances.
If you're facing a tax audit, you'd better make sure you've steered clear of these tax traps. If you've already fallen into one, own up by explaining the situation to SARS – it's better than claiming innocence and facing hefty penalties when the truth comes out.
For more information on tax audits, get your hands on the Practical Tax Handbook.
We've got a dedicated chapter on Tax audits in the Practical Tax Handbook, in it you'll discover:
Six objectives SARS must meet
Are you at risk of an audit?
Four types of SARS audits
What documentation will SARS request in an audit?
Six things to remember when it comes to a SARS audit