When were you or your business last audited by SARS?
Are all your affairs in order or will SARS find reasons to investigate your affairs?
New SARS laws now compel third parties (banks, financial institutions, lawyers and other funds) to give them information directly to gather intelligence about all your affairs – this will then be used to cross check your affairs to verify details and identify omissions or irregularities made in any of your declarations.
SARS are also much more aggressive than in the past and they are looking at ways to increase their revenue collections – therefore, the likelihood of an audit is much much stronger than ever before. By conducting risk analysis reviews on any taxpayer, they can also determine whether the correct income is being declared on their tax returns. And by conducting un-announced inspections for registration verification purposes and searches where they can prove just cause, they are also ensuring that all taxpayers are on the tax register, that they remain compliant and pay their share of taxes due.
Every taxpayer runs the risk of committing a tax ‘offence’ – whether simply by failing to update their personal contact details with SARS (an unintentional mistake) or a more serious offence like not submitting a tax return on time or even incorrectly claiming expenses on a return.
Whether the criminal offence relates to the non-submission of the required personal information or tax returns to SARS or acts of tax evasion, SARS are bringing tax “criminals” to book by enforcing personal liability for prescribed officers’ for a company’s tax debts.
Look out for our future series of articles relating to these critical tax areas.
When SARS calls you, who do you call first?
All material subject to our Legal Disclaimers.