SARS is increasingly focusing their sights on provisional taxpayers, who are often high-wealth individuals (HWI) with complex, multi-layered investments both locally and offshore. These HWI provisional taxpayers are facing detailed requests for documentation ranging from income and forecast deductions for the next six months. Added to this SARS is using advanced AI technology to streamline […]
Tag Archives: SARS
21
Jun
Jun
AI is making headline news right now, and it’s being put to good use by the South African Revenue Service to pinpoint tax dodgers and anomalies in tax submissions. The best thing you can do to stay ahead of SARS’s IT tech systems is to ensure your tax submission adheres to the latest tax laws […]
18
Nov
Nov
The beginning of the new year is the ideal time to get a new business off the ground. South Africa is renowned for its many prosperous start-up companies and entrepreneurs. Unfortunately for many people, the process of launching a business can seem too daunting or complicated. However, with the right guidance and support, you can […]
25
Apr
Apr
You might think you are all in the clear, having recently submitted your tax returns to SARS. But then suddenly you are hit with the shock of a notification saying that penalties have been charged against you. To avoid this unpleasant situation, you need to be aware of when penalties are charged and how to […]
18
Feb
Feb
With costs rising daily, everyone is under pressure to maximise their savings. Reducing your individual tax is one way you can reduce the pressure on your bottom line.
12
Oct
Oct
Tax season opened on the 1st of July 2021 for South African taxpayers submitting their tax returns for the year ending on 28 February 2021. But due to the recent stage 4 lockdown SARS branches will remain closed for the next six weeks and South African taxpayers will be, for the first time, dealing with […]
01
Oct
Oct
Sloppy accounts and bad bookkeeping is soon going to be highlighted by the South African Revenue Service’s (SARS) new technology upgrades. Tax dodgers and those used to hiding their bottom line proceeds are also going to come under the spotlight. However it’s the average business that just hasn’t got their books in shape that are […]
27
Sep
Sep
Your crypto assets might live in the virtual world, but SARS is determined to bed down the tax rules on cryptocurrencies and turn your digital assets into tangible tax. On August 27 2021, SARS clarified how your crypto assets must be declared in your tax return and published a web page called Crypto Assets & […]
26
Apr
Apr
With the rise in popularity of cryptocurrencies, many people are asking the question whether the taxman can claim a piece of what’s in their crypto wallet? The good news is that if your approach is to ‘buy and hold’, you can put off paying tax until you are ready to cash in. However, there are […]
27
Jan
Jan
Taxpayers are under increased pressure with the economic downturn and the impact of COVID-19. As a result of this, many are lodging tax disputes with SARS and are urgently awaiting tax refunds to help ease financial pressures. Claiming your refund Unfortunately, the South African Revenue Service (SARS) has been slow to refund many taxpayers and […]