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Every South African tax law explained by our experts
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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.
Make sure SARS does the following:
SARS must follow a particular procedure before deciding to write off your tax debt. Make sure it follows the necessary steps so you're not short-changed.
Determine whether there are any other outstanding amounts you owe.
Perform a full reconciliation of all amounts you owe for each different tax type, penalties and interest imposed, and costs incurred.
Break down each tax debt into the periods to which the outstanding amounts relate.
The full history of the recovery process.
The reasons for deciding to write off the tax debt.
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So if SARS agrees to write off your tax debt you need to submit a formal written agreement.
Makes sure you follow the following thirteen steps:
The amount of debt you owe SARS;
A undertaking that SARS will not pursue the collection of your tax debt; and
Any other conditions that SARS may determine to write off your tax debt.
Evidence showing you that you can't pay your tax debt;
: A detailed statement of assets and liabilities;
A clear request to waive all or part of your outstanding tax debt with your reasons for seeking such;
A list of entities you control;
An outline of your financial plans for the future;
A schedule of your present and future sources of income and the amounts;
A list of all property and funds over which you have any direct or indirect power of disposal (e.g. as trustee);
A schedule of income and expenditure covering the 12 months immediately preceding the date of your request;
A list of all your interests in property or funds that you've disposed of during the three years immediately preceding the date of your request. You need to include the value of all property and funds disposed of, the name of the person who acquired them and details of any relationship that may exist between you and that person; and
Details of any possible future interest in property or funds (e.g. by way of donation, inheritance or distribution from a trust). Include interests that are certain and those subject to any contingency or discretionary power.
Learn how to object to an assessment from SARS in four easy steps! Click here to find out more.