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tax audit

One common record-keeping mistake that'll attract SARS's attention
Even established companies get caught in the taxman's net. That's why Google in the UK faces further investigation, as its claims don't add up. And you may think you're in the all-clear with SARS keeping your financial records for five years, but there's more to it than that! Read on to find out why five years isn't always long enough to satisfy SARS...... ››› more
[02 May 2013]

Two steps to survive the two most common types of SARS tax audit
Q: What's the tax equivalent of root canal treatment? A: A tax audit. That's why you need to make sure you're prepared for a tax audit, so that you breeze through it! Here's what SARS's auditors are looking for in the two most common types of tax audit.... ››› more
[29 April 2013]

Keep all financial records if you're charging Vat at the zero rate, or else...
Vat's been around for 20 years in the UK, and the UK's standard rate was increased to 20% in 2010. It's still just 14% in South Africa. But this is seen as the 'easy side' of Vat. It's when you're business charges Vat at the zero rate that you open yourself up to problems with the tax man. Here's how to make sure you're charging Vat at the zero rate correctly so you stay out of trouble with SARS.... ››› more
[10 April 2013]

Prevent a SARS audit in your business today as SARS gets stricter than before!
Minister of Finance Pravin Gordhan has just spoken out on SARS' success in meeting this year's tax revenue target. It's impressive, as SARS managed to collect R4 billion more than its target. SARS's done so by tightening up compliance issues and investigating when businesses claim large tax refunds through the SARS Large Business Centre - here's how to make sure your business doesn't get caught out for doing so and trigger a SARS audit!... ››› more
[03 April 2013]

Two easy ways to ensure SARS won't label you a CGT avoider when you dispose of assets
Last year, the South African property sector was one of the best-performing global property markets, delivering a 15.2% total return. But the disposal of said property led to much confusion among business owners who still aren't sure how capital gains tax works. Here's what you'll need to do when 'disposing of' a property to stay on the right side of SARS when it comes to capital gains tax.... ››› more
[02 April 2013]

Prevent panic by planning ahead for the four-step tax audit process
Businesses in Argentina face 285,000 tax audits. And chances are high that your business will face a tax audit too, as SARS has announced it is doing all it can to step up tax compliance. But don't worry. You can plan ahead by knowing what SARS will check in its four-step audit of your tax returns, and by making sure your financial records are easily accessible.... ››› more
[28 March 2013]

Prepare for a tax audit by applying SARS's analysis techniques to your business' financial records today!
A tax audit by SARS can be scary if you're not sure what to expect. The sad reality is that most businesses will face a tax audit at some stage, as SARS is clamping down on compliance - especially now that SARS Commissioner Oupa Magashula himself is making news headlines, which is putting SARS processes under the spotlight. Here's how to make sure you're in the all clear for a tax audit, by employing SARS' own analysis techniques to your financial records!... ››› more
[25 March 2013]

Made a mistake in your previous tax returns? Apply for the new permanent Voluntary Disclosure Programme today!
If your business has submitted inaccurate tax returns in the past - whether intentionally or not - you don't have to face jail time and severe penalties. Because as of 1 October last year, you have a chance to set the record straight through SARS' new permanent voluntary disclosure programme. This is proving popular, as Finance Minister Pravin Gordhan pointed out in last month's Budget Speech that over 700 applications have already been made, which will result in more than R200 million in taxes being collected before the end of March 2013! Here's how to take part...... ››› more
[22 March 2013]

Facing a tax audit from SARS? Get your capital gains tax records in order now!
'All of the taxes in the world don't mean a thing if you can't collect on them', says Forbes. And just as the US is increasing its tax collection efforts, so is SARS. That's why tax audits are on the rise, so it's the perfect time to make sure your business is paying over all its taxes correctly - especially capital gains tax. Here's what you'll need to do.... ››› more
[20 March 2013]

Don't be labelled as a tax avoider! There's an easy way to meet your capital gains tax obligations, starting today!
Sometimes seen as 'tax avoiders', smart business owners look for all the tax benefits before deciding where to base their businesses. Now non-Australian residents only have until May to benefit from a 50% discount on capital gains tax in the country. Locally, you face huge penalties from SARS for 'forgetting' to pay over capital gains tax when you sell a capital asset, even if you claim you didn't know CGT applies to it. Here's an easy way to avoid being labelled as a tax avoider...... ››› more
[18 March 2013]

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