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Tax Administration Act

Watch out! Section 31 of the ITA affects transfer pricing in two key ways...
In 2011, SARS amended Section 31 of the Income Tax Act (ITA).While this change happened over 18 months ago, not many people are aware that Section 31 significantly changes the approach to transfer pricing. Read on to discover how Section 31 of the Income Tax Act affects transfer pricing so you can comply.... ››› more
[16 October 2013]

How to protect yourself from SARS removing funds from your bank account without your consent
If you're liable for someone else's tax liability and money's been deducted off your bank account by SARS, follow these three steps to protect yourself.... ››› more
[09 October 2013]

Attention representative taxpayers: Here's how to avoid footing someone else's tax bill
The money in your bank account isn't totally under your control! That's right! The Tax Administration Act (TAA) allows SARS to take money from your bank account to settle another's tax debt if you're a representative taxpayer. Read on to find out how you can prevent this from happening to you...... ››› more
[09 October 2013]

Why does SARS audit Vat?
You already know no company is immune from a SARS audit. But do you know why SARS actually conducts these audits and how it selects who to audit? Read on to find out so you're never caught off guard.... ››› more
[13 September 2013]

Lodging an objection to SARS? Make sure it contains these five things...
You already know that you can lodge an objection with SARS if you're unhappy with their assessment. But do you know what to include in your objection? Read on to find out so you can comply with the Tax Administration Act.... ››› more
[05 September 2013]

What to do if SARS takes your material or causes damage during a search and seizure
SARS's power to gather information is greater than it's ever been. SARS can enter your premises unannounced to conduct a search of your premises. It can seize any relevant documents under a search and seizure warrant issued by a judge or magistrate. But what happens when SARS has taken your documents or material. Can you get it back? Read on to find out...... ››› more
[29 August 2013]

Revealed: Three instances when you'll be liable for someone else's tax debt
Are you the financial manager, bookkeeper or accountant in your company? If so, under the Tax Administration Act, you could be held personally liable for someone else's tax debt. Read on to discover the three instances when you'll be held liable and what you can do to reduce your personal liability so you don't end up in jail for someone else's mistake.... ››› more
[27 August 2013]

Discover why a good tax record could save your company money
It's important that you comply with all the tax laws all the time. Not only is this good practice, but being on the right side of the law could save your company money too. Here's how...... ››› more
[26 August 2013]

Warning: Your accountant may resign after reading this press release
The South African Institute for Business Accountants (SAIBA) has issued an ominous press release. SAIBA warns tax practitioners to 'sharpen their pencils or face the full might of the law'. Read on to find out more....... ››› more
[19 August 2013]

ATTENTION ACCOUNTANTS: Failure to comply with changes to the TAA could land you in trouble with the taxman
If you're an accountant, be warned. You must comply with the recent changes to the Tax Administration Act (TAA) or prepare to face harsh penalties. Read on to discover what these changes are so you can get up to speed and comply.... ››› more
[19 August 2013]

SARS goes after Agliotti for tax evasion - make sure it doesn't come after you!
SARS is at it again. This time, it's after overseas bank accounts that belong to convicted drug dealer Glenn Agliotti. The taxman believes Agliotti has funds in European bank accounts in Geneva and Guernsey. It believes he's trying to put the money beyond the reach of South African creditors, EyeWitnessNews reports. While you await the outcome of this legal showdown, in the meantime, make sure you're aware of which six tax evasion offences could get you five years in jail so you can avoid them.... ››› more
[13 August 2013]

Five instances where SARS will reject your application for a tax clearance certificate
You probably know that you must get a new Tax Clearance Certificate (TCC) every time you apply for a tender or contract. But do you know that SARS can deny your application? Read on to find out why, so you can ensure this doesn't happen to your business.... ››› more
[26 July 2013]

Do you know how a VDP can save your business 200% in penalties?
Did you know that there's a permanent voluntary disclosure programme (VDP) under the Tax Administration Act, aimed at encouraging you to get your tax affairs in order? Read on to discover how a VDP can save your company up to 200% in penalties.... ››› more
[19 July 2013]

Four consequences you'll face if you don't keep your company records in the correct format
Record-keeping is the most important aspect of your Vat management strategy as your records are the proof you need to substantiate your claims and returns to SARS. One tiny error in your records will result in these four penalties...... ››› more
[16 July 2013]

Submit your 2013 individual tax return or face these two harsh penalties
If there's one thing SARS doesn't tolerate, it's non-compliance. A Cape Town couple learnt that lesson the hard way this week when they received a hefty jail term for stealing over R6million from SARS...... ››› more
[12 July 2013]

The 2013 tax-filing season for individual tax payers is well underway having officially kicked off on Monday. If there's one thing SARS has made clear, it's that it won't tolerate non-compliance. And if you're using a tax practitioner to handle your affairs, you'll be held personally liable if SARS finds he's not registered with the relevant authorities!...
[04 July 2013]

Did you know that SARS can recover your tax debt from a third party?
It seems like SARS always has the upper hand on your company's affairs, especially when it comes to dodging tax. If you thought you could dodge taxes by having a third party hold money for you - or even claiming the third party owes money to you, watch out, cautions Biz Assist...... ››› more
[26 June 2013]

Six tax offences that could get you five years in jail
SARS is taking a very hard-line approach to dealing with non-compliant and lax taxpayers and have made this decidedly clear in the Tax Administration Act (TAA). In fact, you could pay a 200% penalty or go to jail for not registering to pay income tax or hiding your income from SARS. These are just two examples of tax evasion. Do you know the rest? Read on to discover offences SARS deems as tax evasion that could get you five years in jail.... ››› more
[24 June 2013]

Tax practitioners have until the 1st of July to register with SARS in order to comply with the Tax Administration Act of 2012. Failure to do so will mean they'll be forced to stop practising and offering their services until they resit their professional compliance exams. Here's why this should be a top concern for your business......
[06 June 2013]

Are you keeping these essential accounting records for the timeframe required by SARS AND the Companies Act?
An information deal between China and the US regarding audits of US-listed Chinese companies that are embroiled in accounting scandals is making headlines. Here's how to learn from the situation by making sure you've kept the correct accounting records that'll be checked in a SARS audit, especially as the Tax Administration Act says SARS can now show up unannounced at your door to audit your accounting records. But don't forget that there's a different time frame to keep your accounting records for under the Companies Act...... ››› more
[31 May 2013]

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Copyright 2013, Fleet Street Publications (Pty) Ltd. The information contained herein is obtained from sources believed to be reliable, but its accuracy cannot be guaranteed. No action or inaction should be taken based solely on the contents of this publication. We do research all our recommendations and articles thoroughly, but we disclaim all liability for any inaccuracies or omissions found in this publication. No part of this publication may be reproduced or transmitted in any form or by means of electronic or mechanical, including recording , photocopying, or via a computerised or electric storage or retrieval system without permission granted in writing from the publishers.