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When a SARS auditor knocks on your door, these are the five risk areas he'll be interested in

by , 05 August 2014
It's something every business owner dreads: A SARS tax audit. No one likes the thought of a SARS auditor going through their records, but it'll probably happen to your business at least once.

You can't do anything to prevent or escape a SARS audit. But it's a good idea to know what areas the auditor will want to investigate.

This way, you can ensure everything in these risk areas is always in order, just in case that dreaded audit happens to your business...

The SARS auditor will assess your risk areas to look for inaccuracies

 
The SARS audit team that audits your company will look at a range of risk areas. These may differ depending on your type of business.
 
When the auditors look at these risk areas, they're looking for any errors in your company's documentation and tax history. 
 
This is why the auditors will ask you for particular documents which you have to show them.
 
And there are five risk areas the auditors will look at.
 
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The SARS auditors will look at these five risk areas

 
When SARS audits you, the auditors will look at your:
 
- Accounting records;
- Vat;
- Payroll;
- SARS tax records; and
- Sundry factors.
 
To ensure SARS doesn't find you guilty of anything during the audit you must keep all your records relating to these areas.
 
You should store these records for a minimum of five years. Ensure you have every receipt, email to and from SARS, proof of payments to SARS and accurate details of all your accounting records.
 
This way, the SARS auditor won't find any inaccuracies in your records. Remember, if you haven't broken tax laws, you have nothing to fear during your SARS audit.
 
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