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Three things you must include on your company's tax return or you'll risk a SARS audit

by , 15 October 2014
As a company, your tax return isn't a simple document. It includes Capital Gains Tax (CGT), donations tax, Vat and then there are all those tax deductions you dread.

Because of this you have to be particularly careful about how you complete your tax return or you could become the target of a SARS audit.

You can avoid this though by simply ensuring you include these three things on your company's tax return...

 

Ensure your company's tax return doesn't trigger a SARS audit by including these three things

 
1. Your company's accurate earnings (profit) for the tax period
You need to ensure you accurately enter your company's profit for the year so SARS can see if you have any tax outstanding or if it owes you money.
 
Ensure you accurately enter this amount by checking your bank statements and accounting records.
 
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2. Accurate tax deductions
If you have tax deductions you want to claim, you must do so accurately. If you guess the amount, this will trigger an audit. 
 
To ensure you only include accurate tax deductions on your tax return, use your supporting documents to verify the amounts you want to deduct. 
 
3. Supporting documents
If you substantiate all the information on your tax return with supporting documents you can show SARS all your information is accurate. Include any supporting documents you used to complete your return to verify the information.
 
Including these three things in your tax return will help you avoid any unwanted attention from SARS.
 
For more advice, tips and tricks on managing your company's taxes check out the Practical Tax Loose Leaf Service
 


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