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Four things SARS wants you to do or you'll risk a full tax audit

by , 07 October 2014
SARS doesn't turn a blind eye to non-compliance. If you break any tax laws, or even make a simple mistake on your taxes, SARS will quickly target you for an audit.

And it will spend days, if not weeks, digging through your finances looking for hard proof of your non-compliance.

But you can avoid this as long as you play by the rules and do what SARS wants.

Here are four things SARS wants you to do or it will audit your business...

 

Avoid a tax audit by doing these four things

 
1. Always be honest
If you always tell SARS the truth and prove it, then it has no reason to audit your business. So record everything accurately and honestly on your tax return or SARS will find out.
 
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2. Submit your returns on time
SARS gives clear deadlines and it expects you to stick to them. If you don't, it may target you for hiding something.
 
If you know you can't stick to a SARS deadline, contact it and ask it for an extension. 
 
3. Hand your employees' taxes over on time
If you handle your employees' taxes you need to work them out correctly and hand them over to SARS on time each month.
 
If you don't, SARS might suspect foul play.
 
4. Supply all supporting documents 
If you have deductions you want to claim, you must supply supporting documents. These prove you're entitled to claim those deductions so SARS doesn't think you're taking chances.
 
If you do these four things, SARS won't have any reason to audit your business so ensure you do them. 
 
But in case SARS does still make you a random audit target, check out How to Survive a Tax Audit. It will tell you everything you need to know to get through an audit unscathed. 
 


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