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Do you know how long SARS has to issue an additional assessment on your business?

by , 25 August 2014
A SARS audit is a truly terrifying thought - especially for business owners.

And don't fool yourself into thinking it's a short process after which SARS will pat you on the head or slap your wrists. This process can take much, much longer than that.

The best way to cope with this process is to be prepared for the amount of time it may take. That's why today we're revealing just how long SARS has to issue you with an additional assessment...

 

Here's how long SARS has to issue you with an additional assessment

 
SARS has THREE YEARS after your tax assessment in which to issue you with another assessment. Let's say you truthfully disclosed everything SARS asked you to and you did everything by the book. Yet SARS doesn't come to the right conclusion within three years, it can't issue you with an additional assessment.
 
But if you don't disclose all the information SARS requests in a truthful way or it finds you guilty of fraud, then the three year rules doesn't apply and SARS can reassess and re-audit you at anytime. 
 
This means the audit nightmare will go on for much longer.
 
If this happens and SARS finds you guilty of offences, keep this in mind...
 
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Are you ready for your SARS tax audit?
 
 
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Keep this in mind if SARS reassesses and re-audits your business

 
You only have to keep most financial records for a minimum of five years so it's not likely that SARS will reaudit you more than five years after the original assessment.
 
SARS will normally only do this if it finds evidence of fraud or deliberate tax evasion.
 
The moral of the story is be honest with SARS and disclose everything truthfully and it'll help make the audit process as short as possible. 
 


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