Tax Compliance
The submission of Tax Returns is becoming an increasingly complex task, as SARS eFiling matures to accommodate the vast array of exemptions, provisions and other tax legislative stipulations. These electronic forms are the basis for each and every assessment issued by SARS. The accurate interpretation of the source data is the key to correct completion of these forms
SARS’s practice of issuing revised assessments based on incomplete submissions or incorrect interpretation of source data has become all too frequent and most revised assessments are in favour of the fiscus. It has become increasingly common for objectionsto be ignored, resulting in tax payers being denied Tax Clearance Certificates. This practice seriously impedes the affected taxpayers from conducting their business activities.
Here are 6 great Tax tips
1. Keep an accurate Log book for all your business travels
2. Keep all the medical aid expenses that were paid out of pocket
3. Keep all your medical aid, pension fund, retirement fund and Provident funds tax certificates
4. Always declare all income to Sars
5. If you have a home office, always keep record of the size of the home office and any expenses that are incurred on the home office
6. Use a Tax free savings account for all your extra cash, limited to R30 000 per year
Ten things you need to know about tax-free savings
With a number of tax-free savings accounts (TFSAs) on offer, ranging from fixed deposit accounts at your
local bank to tax-free exchange-traded funds (ETFs), unit trusts and endowment policies, it may feel
overwhelming to choose a product and start saving. finweek has asked six experts to share their tips and
recommendations. Download the full guide here
