Do this to get back on SARS' good side if you haven't complied with your tax obligations
Attention taxpayers: If you find you haven't complied with your tax obligations, there's a way to get back on SARS' good side.
SARS isn't that bad. It has systems to allow you to get your tax affairs in order and avoid harsher penalties.
Here's what you need to do to 'get back into the tax net' and SARS' good books.
Avoid 200% tax penalty
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Have you been neglecting your tax duties? Here's what you can do to get back on SARS' good side
If you discover that you haven't complied with your tax obligations, or even if you've known about it for some time, you can get back on SARS' good side thanks to its Voluntary Disclosure Programme (VDP).
In this article, we explain that the purpose of the VDP is to enhance voluntary compliance in the interest of good management of the tax systems and the best use of SARS' resources.
A VDP basically allows you to come clean about your transgressions.
But it's not that simple. You first have to qualify for a VDP.
The Practical Tax Loose Leaf Service says to qualify for the VDP, you must come forward voluntarily and make a full and complete disclosure as long as this doesn't result in a refund due by SARS (Section 227 of the Tax Admin Act).
So what kind of relief do you get if you come clean?
Every South African tax law explained by our experts
The Practical Tax Loose Leaf Service offers you:
All the definitions and legal regulations, useful advice, exceptions to the rules that help you slip through the legislative jungle of taxes.
Case studies and practical examples that show you what elements you should consider for your taxes to be perfect.
Red flags you need to watch out for and the penalties you'll face if you don't respect them.
Sample templates at your disposal, ready to be filled in, customised and printed.
Click here for more details.
If you haven't complied with your tax obligations, come clean with SARS and get the following relief
If you come clean with SARS, you'll get the following relief:
No criminal prosecution;
Full or partial relief from the understatement penalty;
Full relief from administrative non-compliance penalty (but not the percentage based penalty for late or non-payment, usually 10%.)
There you have it: Don't just sit back if you haven't complied with your tax duties. Get in touch with SARS so you can get back in its good books through the VDP.