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THIS is your 'get out of jail free' card, hang on to it

by , 27 June 2014
If you think there's no 'get out of jail free' card when it comes to SARS disputes, you're wrong.

There's one thing that's guaranteed to get you off the hook. If you hang on to it, you'll win any dispute with SARS and avoid harsh penalties.

Find out more about your 'get out of jail free' card below.

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When it comes to SARS disputes your company records are your 'get out of jail free' card!

It's true.

All SARS wants is proof of your taxable amounts or amounts you excluded from tax.

If you hang on to your documents or records, you'll be able to prove that your tax affairs are above board if SARS asks questions.

The Practical Tax Loose Leaf Service says you must keep your records for five years from the date of submission of your tax return. Not five years from the date of your financial year end.

If you don't have to submit a tax return, for example, if your income is below the required threshold, you must keep your records for five years from the end of the relevant tax period. I.e. if no return's required you must be able to prove it.

It's also crucial that you keep records of the base cost for all the assets you buy. You'll need them when you dispose of the assets. If you don't, you could be liable for Capital Gains Tax on the full proceeds if you can't prove base cost!

Here's the bottom line: Hang onto your company records – they are your 'get out of jail free' card. Don't shred your evidence. Take care to prevent accidental destruction of vital records. And always remember that the onus is on you to prove the amounts - which are taxable or excluded from tax - your documents will help you with this.

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