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There are 16 sources of information SARS will ask to see during an audit! Ensure yours are up-to-date

by , 06 August 2014
The point of a SARS audit is to spot any inaccuracies in your documentation and records. If there are, it's an indication that you may not have complied with Tax laws.

To check for these possible inaccuracies, SARS auditors need to take a look at your business records.

In fact, there are 16 of them that they'll need to see. If yours aren't in order you may face penalties. So ensure that all of these 16 business records are always up-to-date and in order...

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Are you ready for your SARS tax audit?

These are the 16 records the SARS auditors will check

When SARS audits your company, it'll ask you for relevant information or supporting documents. These include:
1. General ledger;
2. Journals;
3. Cash-books and bank statements;
4. Stock-sheets;
5. Cash sales dockets and summaries;
6. Invoices;
7. Credit notes;
8. Correspondences (written and electronic);
9. Telex and Telefax files;
10. Management accounts and minutes of meetings;
11. Sales journals or summaries and financial statements;
12. Fixed asset register;
13. Statutory documents (company documents, share registers, register of directors interest in contractors);
14. Staff files and payroll (employment contracts, salary advice and payslips);
15. All types of applicable tax forms, returns, calculations and payments); and
16. Filing cabinet files relating to specific applications which they can only check physically.
If the auditors find inconsistencies or inaccuracies they'll be suspicious of foul play on your part. This can lead to a more indepth audit process and even penalties.
The best way to avoid this is to keep your business records up-to-date and store them correctly. Do regular checks on all of these records to constantly monitor the state of these records and documents.
Because SARS could audit you at anytime, it's better to always be prepared than to scramble to get these records in shape at the last minute.
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