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Keep these documents handy just in case SARS conducts an integrated audit on your company

by , 14 August 2013
SARS has the power to audit you at any time. Even without notice. You job is to make sure you know what's required of you so you can comply. Read on to discover the types of documents SARS will ask for to perform an integrated audit.

It's alarming how many taxpayers manipulate their turnover with regard to Vat or their income tax. This used to be quite a strenuous and difficult exercise for SARS auditors to pick up due to time and manpower constraints, says the Practical Tax Loose Leaf Service.

But not anymore. And it's all thanks to integrated audits.

What is an integrated audit?

An integrated audit means SARS audit teams can come and audit all your taxes at the same time.

The good news is integrated audits also benefit you. It means there'll be fewer audits at your premises as SARS can only call once and they must perform all the necessary audits (including a desk audit, refund audit and field audit) at the same.

If they come knocking you need to make sure you have all these documents on hand...

What documents will SARS request to perform an integrated audit?

When SARS wants to perform an integrated audit, it'll ask for:

#1: Financial statements, trial balances and general ledgers;

#2: All source documents including invoices and other supporting documentation. This includes:

  • Bank statements;
  • Cash books;
  • Schedule or debtors and creditors and age analysis;
  • Payroll documentation, for example, IRP5 and IT3 certificates, pay slips, letters of appointment, employment agreements, company labour policies and procedures, letters of increase, tax directives, record of staff loans, record of company vehicles, rules of medical aid and retirement funding;
  • An assets register;
  • Vat input and output schedules and supporting invoices and anything else SARS deems necessary.

Remember, you must keep your company records for up to five years to satisfy SARS that you've followed the law regarding your tax affairs when it does an integrated audit on your firm.

To do that, you need to keep all these documents safe.

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