Section 93(1)(d) – Reduced assessment due to undisputed error
Reduced assessment due to undisputed error The South African Revenue Service (SARS) offers taxpayers a streamlined process to correct certain errors in tax assessments without resorting to formal objection and appeal procedures. This process, facilitated through the Request for Reduced Assessment (RRA01) form, allows taxpayers to request amendments to assessments to correct undisputed errors […]
What does finalised with changes from SARS mean?
What does finalised with changes from SARS mean? A SARS “Verification Finalised with Changes” letter typically means that SARS has completed the verification process of your tax return and found discrepancies or issues that required adjustments. Here’s a breakdown of what this could mean for you: Verification Process Complete: SARS has reviewed the […]
Should I Submit a Tax Return in 2024? Essential Tips for All South Africans
Should I Submit a Tax Return in 2024? In this article, we look at whether you should submit a tax return. At the end of the article, we will post a form that can assist you in deciding whether you need to submit a tax return. Not everyone should submit a tax return. […]
Can SARS see all my bank accounts? Crucial Tips for the 2024 Tax Season:
Can SARS see all my bank accounts? Stay Out of Trouble with SARS, Know how SARS Bank Account Access It is important to be vigilant and honest on your tax return. SARS has access to your bank accounts through third parties such as banks. SARS may raise additional assessments if they detect undeclared income, […]
How to get a SARS refund quickly; Essential Preparation Guide for Faster Tax Refunds
How to get a SARS refund quickly? We are reaching out early to ensure you’re fully prepared for the upcoming tax season. Once it opens, you’ll be ready to submit your tax return and potentially receive your refund sooner. Why wait? What do you need to get ready? You will need: Necessary documentation for submission. […]
What are the tax implications of trading or buying shares?
The tax implication for having shares boil down to two things, whether your gain is income in nature or capital (gain) in nature. Let’s start by defining these two things: Income: Shares held as trading stock are bought mainly for resale at a profit. In other words, any shares held for speculative purposes normally fall […]
What if there is no response from SARS?
What if there is no response from SARS? KEY TAKEAWAY POINTS: SARS has 21 business days to complete a verification They may finalise it with or without changes If they take more than 21 business days, you have a right to lodge a complaint If nothing happens, you may take the matter up with […]
Tax season deductions: Basic deductions you can use to save on tax (how to get a tax refund)
Tax season deductions – what you should know The tax season is offically coming to an end for non-provisional taxpayers in the next few days. But, even if you are planning for the next tax season, this article is for you as it will consider a few options/deductions that you can use to reduce […]
Effective Steps to Successfully Close a Business in South Africa (Guide)
Effective Steps to Successfully Close a Business in South Africa Who should be reading this article? Anyone whose business is no longer trading and wishes to wind it down Anyone who wants to liquidate their business Anyone who has lost interest in their registered business and now wishes to discontinue it KEY TAKE AWAY POINTS: […]
Credit notes under scrutiny, are you complying?
What we have seen now is increased scrutiny of credit notes for compliance with the VAT Act. The main challenge is that in most instances accounting packages being used by businesses do not contain all the information required on a credit note by the VAT Act. It is therefore important that businesses and accountants ensure […]