Top Common Tax Mistakes to Avoid and How to Fix Them
Introduction: Paying taxes can be a complicated process, and even the most diligent taxpayers can make mistakes. Unfortunately, errors on your tax return can result in penalties, delays, audits or even criminal charges. In this article, we will highlight the most common tax mistakes that individuals make, explain how to avoid them and provide solutions […]
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 […]
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, […]
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 […]
How to hold SARS accountable
The office of the Tax Ombud was established to act as a bridging gap between SARS and the taxpayer. But, taxpayers do not always have a direct line to connect with the Tax Ombud. A taxpayer may lodge a complaint with the Tax Ombud after they have exhausted all the SARS complaints mechanisms unless they […]
How to avoid or reduce the risk of a SARS audit
By now we all know that SARS is looking to raise more tax revenue to make up for revenue collection shortfalls. This means SARS may and will do all they can to increase revenue collections. It will not be surprising to find that SARS audit teams will target taxpayers in order to raise additional income. […]
How to guard yourself against being sued by SARS
Since April 2018, SARS has been cracking down on non-complying taxpayers in filing their tax return. Since April, SARS has successfully prosecuted and convicted 10 taxpayers for failing to submit their outstanding tax return. Among these people is prominent soccer player, Teko Modise. Most of you would have also read about the socialite Bonang being dragged to […]
What happens if you do not pay VAT on time?
What happens if you do not pay VAT on time? The VAT Act (section 39) and the Tax Administration Act (TAA, Section 187 and Section 4) provide for the interest application and treatment where a taxpayer fails to submit or pay a VAT return. If you are unable to submit, SARS immediately levies a […]