- SARS Audits: Know your rights
- Is there anything worse than the moment when you open that letter from SARS, 'kindly advising you' they're arriving next week to audit your business?
Don't panic! There are set rules and procedures that the SARS auditors MUST follow, to protect your rights even while it audits your business. Here are nine things you should know and put into practice now.
Statistics show: Your... ››› more
- [22 February 2017]
- The one document that will protect you from a SARS field audit
- A notification from SARS lands in your inbox. You're being audited. And not just any audit. A field audit...
So what now?
Well, ordinarily, you'd have to stop everything you're doing and prepare for your audit.
Look for documents, pull your finance team away from their busy workload, just to make sure you have everything ready for SARS when they pitch up at your door.
But wait... You d... ››› more
- [19 January 2017]
- Avoid these seven tax traps when you prepare for a tax audit
- As FastJet airline can tell you, a tax audit is no joke. The amount of tax FastJet has to pay Tanzanian authorities almost doubled when interest and fines were added to the outstanding taxes. .
Here in South Africa, it's no longer a question of whether or not a business will be subject to an on-site tax audit; it's a matter of when.
If your business is facing a tax audit, there are seven '... ››› more
- [03 January 2017]
- 'What's happening with my audit?' How to make SARS stick to this 90-day rule
- Do you know what's happening with your SARS audit? If SARS has audited you before, you'll know that you send all the requested information to them and then you wait... and wait... and wait.
And if you phone to find out how much longer the audit will take, SARS will tell you 'it's under no statutory obligation to complete the audit within a certain timeframe'.
Now you can tell SARS they're wr... ››› more
- [22 September 2016]
- 16 Financial records you must keep if SARS wants to audit you
- Financial records are an indispensable part of any business because they prove the cash flow to auditors. And the VAT Act clearly states that you need to keep financial records for at least five years in case SARS wants to audit you, failure of which will result in heavy penalties!
So to help you ensure legal compliance, and avoid any unnecessary penalties from coming your way, here are the 16 ... ››› more
- [07 June 2016]
- Three rights you can exercise when SARS wants to audit you
- A SARS audit can be very intimidating, and you may even feel completely powerless as they go through your company.
But you should never feel that way!
Instead, you should remove that belief as soon as you have read this article. Because you have rights when SARS wants to audit you. And you should definitely exercise them.
Keep reading to find out what they are...
... ››› more
- [24 May 2016]
- Make sure you levy VAT on company fringe benefits - or the SARS auditors will have a good reason to visit you!
- Did you know that fringe benefits, like the private use of a company laptop are actually taxable supplies?
Which means you HAVE to levy output tax on them! If you don't, you become an easy target for the SARS auditors. They know that very few employers are clued up about which fringe benefits are subject to VAT and which aren't.
Let's look at how to get your payroll 100% VAT compliant, so t... ››› more
- [01 April 2016]
- Don't walk into a SARS payroll audit blindly - know the right answers to these 11 questions
- Dear reader,
Get just one wrong and you're asking for an audit...and SARS is happy to oblige.
You might think if you pay your taxes and SARS hasn't queried anything with you before, you're safe from an audit. SARS does random audits.
SARS' approach is based on a simple formula. They ask you questions. You must respond. Prepare yourself for these 11 difficult questions
Many employer... ››› more
- [19 January 2016]
- Case law: You don't necessarily have to comply with a SARS inspection
- If SARS identifies you as a major risk and gets a court order from the judge of a high court, they can arrive completely unannounced at your doorstep.
With this court order, a SARS official can inspect:
· Your identity as the person who occupies the premises;
· If you, as the person who occupies the premises, are registered for tax, and
· If you're keeping the all r... ››› more
- [30 November 2015]
- How to survive a SARS Tax audit!
- Every year more than 100 000 taxpayers are audited and if you're one of the unlucky few SARS audits, then the 'fun' has just begun.
SARS will dig deep into your records to make sure you can back-up your claims on your tax return or to see if you're hiding any money.
They will check every book and financial record to make sure you're not concealing any money and can back up your claims on ... ››› more
- [11 November 2015]