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Gather these eight pieces of information when requesting a tax compromise

by , 17 September 2014
Requesting a tax debt compromise from SARS is no child's play.

SARS won't 'park' your debt or agree not to demand payment in a blink of an eye.

You have to put in a lot of work to convince it you can't pay your tax debt and that it won't get any more money if it pursues another avenue of collection.

So what kind of work must you put in when you ask for a tax compromise?

For starters, you must gather the following eight pieces of information when requesting a tax compromise. This will go a long way in ensuring your request is a success.


*********** New release ***********

Know the Law on Avoiding Tax: You Are Now Presumed GUILTY

Dealing with SARS and acing your SARS Audit

SARS has been dealt a better hand in dealing with you if you try to avoid tax. SARS knows where it stands. The question is: do you?

Do you plan on obtaining an 'innocent' tax benefit? If your main or only reason for entering into any arrangement is to receive a tax benefit, SARS will brand you guilty of avoiding tax...and guess who has to prove their innocence… YOU!

Here's another situation where SARS has the upper hand.
 

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Eight items you have to gather for your tax compromise request 


Here's a list of some of the information you'll need to gather (collect the items that apply to your business):
 

  1. The last three years' financial statements;
 
  1. Statement of accounts for all your tax types from SARS;
 
  1. A full list of fixed assets or assets you own (cars, houses, machinery, furniture, etc.);
 
  1. A full list of any debtors who owe you money;
 
  1. A full list of all your bank and investment accounts, both local and foreign;
 
  1. A full list of all your debts and creditors, both local and foreign;
 
  1. Full details of your expected income over the next two to three years; and
 
  1. A full list of all connected persons to you (spouse, shareholders, partners, etc.).
 
Remember, the information you gather has to help you drive home the point that you can't pay your tax debt and that a tax compromise is the most cost effective, quick and fair way of dealing with your tax debt.

For more information on a tax compromise, check out the Practical Tax Loose Leaf Service.
 

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