SARS verifications, audits – When, why and what to do
Being selected for an audit and being selected for verification are two different processes. Verification: Once you have submitted your return, it could be selected for verification. A verification involves a comparison of the information per your return against the financial records and other supporting documents to ensure that the information completed on the return is correct. […]
Auditing your tax compliance profile
Taxpayers who make use of the South African Revenue Service’s (SARS) electronic filing system (or as it is generally known, eFiling) will know that, in addition to containing a history of income returns, value-added tax, pay-as-you-earn, etc., a significant amount of personal and company data is stored on the platform. This includes information such as banking details, a person’s physical address, email addresses, and relevant contact persons for […]
Dispute season – know to what you are objecting
With the 2020 tax filing season in full swing, many taxpayers will likely engage in dispute proceedings as SARS issues their income tax assessments. This will particularly be the case where errors are contained on the so-called “auto-assessments” (which in itself is a misnomer). But how should the dispute process begin? When an assessment is issued by SARS, they (usually) provide […]
Tax season 2019: Improvements made to eFiling
SARS recently released two media statements, in which it notes several improvements made to eFiling for the 2019 tax season, including the issue of customised notices indicating specific documents required in the event of an audit or verification and a simulated outcome issued before a taxpayer has filed. What is the tax season? Tax season […]