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These four vital points will help you to avoid the wrath of a SARS audit

by , 06 October 2014
If you get your taxes wrong and SARS picks up on it, it could spell disaster for your company. SARS could audit you to see if there are any other mistakes you made or things you're hiding.

If the results of the audit are unfavourable, you'll face harsh penalties from SARS.

Don't let this happen to your business!

Easily avoid this by remembering these four vital points...

 

Avoid a SARS tax audit by remembering these four vital points

 
# 1: Always account for your taxes correctly
 
When you submit your tax return, you must account for all your taxes and ensure you enter them correctly on your tax return.
 
It might be a simple mistake to add an extra zero to the end of a number or put the decimal point in the wrong place, but these mistakes could easily earn you an audit. So account for your tax correctly on your tax return. 
 
# 2: Always remember your different kinds of tax
 
You have to pay normal corporate income tax but you might also have to pay Capital Gains Tax, Donations Tax and Secondary Tax on Companies. Ensure you check all the types of taxes your company must pay.
 
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# 3: Handle your employees' taxes correctly
 
If you don't calculate and hand over the correct amount of PAYE and fringe benefit tax for your employees, SARS might think you're stealing from it and your employees. This will put you on a one way road to an audit.
 
# 4: Never claim deductions you aren't entitled to
 
If you claim a deduction you're not entitled to, SARS will audit you very fast. Also attach supporting documents with your tax return to prove you deserve that deduction.
 
Remembering these important points will help your company ward off tax audits every time. 
 
Recommended Product: How to Survive a Tax Audit
 
It will give you all the information you need to ensure you get through a tax audit without any issues. 
 

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