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tax audit

Is the Vatican ready for its audit, or will the Pope be coughing up thousands in audit fees?
US accounting firm Ernst & Young is getting ready to audit the finances of the Vatican City, with its 19 000 accounts. Apparently Pope Francis wants to clear financial skeletons out of the Vatican's closet... But is the Vatican prepared for the audit? Or will it be coughing up thousands in audit fees? And will you do the same when SARS knocks on your business's door?... ››› more
[20 November 2013]

Four ways SARS target YOUR company for a tax audit
SARS is always on the lookout for non-compliant behavior. For example, it'll identify risks by asking specific questions on tax returns and by sending out payroll and transfer pricing questionnaires. These are just some of the means SARS uses to target you for a tax audit. Here are four more ways SARS can target your business.... ››› more
[30 October 2013]

How to declare and pay your SDL to SARS correctly
If you have one or more employees, you must register for the Skills Development Levy (SDL). If you don't, you'll face interest and penalties from SARS. Don't take that risk. Here's how to declare and pay your SDL to SARS.... ››› more
[14 October 2013]

Revealed: The only way to prevent a SARS audit over your assets like Oscar Pistorius just faced...
South African Olympian and Paralympian Oscar Pistorius was recently fined 'less than R1 million' for failing to declare all his assets to SARS in his bail hearing over the murder of his girlfriend, Reeva Steenkamp, which led to a tax audit. Your business could face a tax audit for not declaring your assets to SARS, too. Here's how to make sure you've stuck to the rules when it comes to declaring your assets, to prevent a hefty fine from SARS...... ››› more
[27 May 2013]

Are you at risk of a tax audit, like IMF chief Christine Lagarde?
Just because you're in a position of power doesn't mean you're above the law. Take Christine Lagarde, chief of the International Monetary Fund (IMF) for example. Trusted to run the world's financial system, French prosecutors investigating corruption are deciding whether to charge Lagarde for making a huge state pay out to a disgraced tycoon during her time as French finance minister. But these accounting 'mistakes' often slip under the radar. Here's what could put your business at risk of a SARS audit...... ››› more
[23 May 2013]

Prepare for a tax audit so you don't get labelled as a tax evader like Shakespeare!
The first mention of William Shakespeare in London has nothing to do with his plays. In fact, a reference from 1592 lists him as a tax defaulter. Seven years later, when he was famously composing plays the world knows and loves, Shakespeare had still not paid the tax! In South Africa, this would definitely trigger an audit for your business from SARS. But don't panic if you're facing this fate, as you have certain rights that will help you survive a SARS audit.... ››› more
[17 May 2013]

You're more likely to face a tax audit if you own pricy property like the Guptas...
Thanks to their four-day wedding bonanza in Sun City, everything the Gupta family does these days makes headlines. The latest example? The fact that the family's ' large residential estate in Saxonwold has declined in property value over the past few years, despite the family pouring millions into the estate. Here's what to do if you're experiencing a similar tax windfall, to ensure you stay on the right side of SARS...... ››› more
[14 May 2013]

Don't confuse a search and seizure warrant from SARS with curatorship of assets!
Taxpayers with a less-than-spotless tax history with SARS are worried by news that The North Gauteng High Court in Pretoria has granted SARS an application for two curators to take control of murdered strip club owner Lolly Jackson's estate and preserve the assets. Why the worry? Well, changes to the Tax Amendment Act means SARS officials can now show up unannounced at your premises with a search and seizure warrant. But this doesn't mean they can just walk in and take all your assets...... ››› more
[10 May 2013]

Is your business ready for SARS' new information filing requirements?
If you're nervous about the state of your business' tax affairs, best you check everything's in order. Because SARS has just acquired new powers to find out whether taxpayers are lying about their finances. This will make it easier for SARS to check your business' tax compliance than before. But it also means your business may have new filings to submit...... ››› more
[08 May 2013]

How Tippex can trigger a Vat audit from SARS
Want to open yourself up to Vat fraud? Submit your Vat returns manually. Because a growing number of people around the world find it easier to 'lie' on paper, like William Snow, the UK farmer who made a fraudulent claim of more than £500,000 by creating a false paper trail to manipulate the tax system! Here's how to avoid a Vat audit by making a similar mistake when submitting your Vat return to SARS...... ››› more
[03 May 2013]

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