Do this and SARS will NEVER reject your tax deductions again
Claiming tax deductions is the best way to boost your company's bottom line. Whether you get money back from SARS or simply reduce your tax debt, your company still benefits.
The problem is, business owners often claim their tax deductions wrong. When this happens, SARS rejects their claim and they lose out.
If this has ever happened to you, you know how frustrating it is.
But the good news is, we're revealing one thing you must do when you claim your tax deductions that will ensure SARS never rejects them...
Do this when you claim tax deductions so SARS won't reject them
The reason SARS often rejects deduction claims is because you don't have the proof to substantiate them. After all, it doesn't want anyone to get a deduction they're not entitled to.
That's why, to ensure SARS doesn't reject your claim, you must substantiate your deduction and allowance claims.
'How do I do this?' you ask.
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Here's how to substantiate your tax deduction and allowances claims
You need supporting documents to substantiate every single deduction claim. You must submit these documents with your company's tax return so SARS can check your claim against your documents.
If you use eFiling, you can scan these documents into your computer (if they're hard copies) and attach them to your digital tax return.
You can attach up to 30 documents on eFiling so don't worry about running out of space.
Remember your supporting documents must be valid formal documents. SARS won't accept a scribbled handwritten IOU as a supporting document.
- Bank statements;
- Tax certificates;
- Payroll reports
- Account statements; and
- Your accounting records.
With these documents, SARS will have no reason to reject your tax deductions.
For more advice on how to SARS-proof your company's taxes, check out the Digital Practical Tax Handbook
. It's just like having a tax expert on hand 24/7.
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