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Seven things you need to know if you want to survive your SARS audit

by , 04 September 2014
SARS can select businesses to audit at random. This means you may end up in its crosshairs at anytime. When this happens, it's going to dive straight into your company's financial records.

SARS wants to go through every document and record to ensure you haven't made a mistake or told any fibs on your tax return. If it finds any errors, it'll include them in its final report and that could lead to serious penalties.

To get through this process unscathed, you need to know these seven things...

If you know these seven things you can get through your SARS audit unscathed

The best way to get through your SARS audit in one piece is to prepare and know what the auditor will do. This way you can catch any errors that could get you in trouble.
To help you do that, you need to know:
#1: What your auditor will do, check and look for.
#2: The auditor will look in these five risk areas.
#3: Which of these six audit types SARS wants to do on your business.
#4: The nine stages of a SARS audit.
#5: The 13 pieces of information your auditor will check.
#6: The four expenses your auditor will target.
#7: The 16 pieces of information SARS will ask to see.
There you have it. If you have the right information you can ensure you escape your SARS audit without any problems. For even more tips, tricks and advice on how to survive a SARS audit, check out How to survive a tax audit.

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