Covid-19 Outbreak SA Online Resource | More info
Insurance, Car Insurance, Funeral Cover, Life Insurance, Budget Insurance, Insurance Quotes, CompareGuru, South Africa.
Car and Household
Business
Life and Funeral
Car Insurance
Cover your vehicle
More Information
Get Quote
Pre-Owned Warranty
Cover the mechanical and electrical components of your vehicle
More Information
Get Quote
Extended Warranty
Cover the mechanical and electrical components of your vehicle
More Information
Get Quote
Scratch and Dent
Cover small dents, chips and scratches to your vehicle
More Information
Get Quote
Tyre and Rim
Cover damages to your wheels
More Information
Get Quote
Home Insurance
Cover your home and everything in it
More Information
Get Quote
Commercial Vehicle Insurance
Protect vehicles and drivers used in the day-to-day operation of your business against risks like financial loss, damage or personal injury.
More Information
Get Quote
Commercial Insurance
Provide cover against common risks and disruptions to business operations, such as theft, damage to property, employee / client injury and much more.
More Information
Get Quote
Directors and Officers Liability
Safeguard your business and key players from financial loss with the right policy.
More Information
Get Quote
Errors and Omissions Liability
Covers your business and employees against claims of negligence, poor workmanship, and more.
More Information
Get Quote
Life Insurance
Provide for your loved ones
More Information
Get Quote
Disability Insurance
Protect your paycheck
More Information
Get Quote
Serious Illness Insurance
Cover yourself for illnesses like cancer, Alzheimers, Parkinsons, strokes or heart attacks.
More Information
Get Quote
Funeral Cover
Protect your family financially and cover funeral expenses
More Information
Get Quote
Domestic Worker Insurance
Cover the person that looks after you and your family everyday
More Information
Get Quote
Menu
Home
About Us
Domestic Worker Cover Quote
Life Insurance Quote
Car Insurance Quote
Funeral Insurance Quote
Extended Warranty Quote
Pre-Owned Warranty Quote
Scratch and Dent Quote
Tyre And Rim Quote
News Room
Meet The Team
Careers
Providers
Insurance
Car Insurance
Building Insurance
Household Contents Insurance
Life Insurance
Disability Insurance
Serious Illness Insurance
Domestic Worker Insurance
All Risk Insurance
Funeral Insurance
MotorVAPS Cover
Commercial Insurance
Commercial Vehicle Insurance
Directors and Officers Liability Insurance
Errors and Omissions Liability Insurance
Support
Contact Us
Terms of Service
Privacy Policy
Disclosures
Client Letter
POPI Act
PIA Act
CIM Policy
Complaint Escalation
TCF Form

News Room

What To Expect From A SARS Audit

Melissa Cohen
2017-07-12
With SARS under pressure to meet revenue targets, more companies and individuals are being selected for audit. Here’s what to expect.
An increased National Budget mixed with a toiling economy means the South African Revenue Service (SARS) is under pressure to meet revenue targets. But does this mean more of us should expect an audit this tax season?
Are you needing some guidance in doing your tax? Read more about these helpful online tools this tax season!

Are You More Likely To Be Audited By SARS in 2017?

KPMG revealed insights from respondents to their recent global tax disputes benchmarking survey. Director for corporate tax and legal at KPMG South Africa, Roula Hadjipaschalis, reports that SARS is expecting taxpayers to surrender all of the tax in dispute. According to the survey, SARS has been conducting more audits. SA respondents were also experiencing more difficulty reaching resolutions with the tax authorities, than other respondents. Hadjipaschalis also reports Sars is using increased aggressiveness with respondents noting a greater use of formal powers to obtain information. SARS revised its revenue collection estimates from R1.175 trillion in February 2016 down R30 billion to R1.114 trillion in February this year. This is the second multibillion shortfall since the 2009/10 financial year. In April this year, SARS said that the largest contributor to their sources of tax revenue was personal income tax (PIT), which accounts for 37.2% of total revenue.

How Do You Know If You’re Being Audited?

According to information provided by SARS, you will be formally notified if you’re selected for audit through an official letter. The letter will list all of the relevant supporting documents they require to verify taxpayer financial and accounting records. Documents requested may include:
  • Travel log book;
  • Receipts of medical expenses paid for by the taxpayer;
  • Medical certificates;
  • Retirement annuity certificates;
  • Financial statements.
Once you’ve been notified, you have 21 business days to send SARS the requested documents. Include the original letter sent by SARS which contains a unique bar-coded reference linked to your tax records.
No SARS payout this year? Needing some extra cash in your account? Why not save on your monthly car insurance premium!

What Happens Next?

Being selected for an audit doesn’t immediately signify you’ve done anything wrong as selections are often random, or cyclical. The most important thing to remember is that you need to respond with the documents. If you do not, SARS will eventually raise an assessment based on information at hand. If a decision or assessment has been made post audit that you disagree with, you may lodge an objection via eFiling. Your objection must be submitted within 30 business days of the date of the assessment. It is also important to note that should you be due for a refund (or tax rebate), that it will be suspended until the audit is complete. SARS have 60 working days to finalise audits once your documents have been submitted.
Do you have no idea how to file your tax return? Read below for some practical assistance.
CompareGuru Social TwitterCompareGuru Social FacebookCompareGuru Social LinkedIn

Sign up to our Newsletter now, and don’t miss a beat.

Email Address
Name
Sign Up