The 2020 tax season has been extremely trying & taxing – pun intended!
I surmise this is due to official SARS statements and media reporting the massive deficit, and as such holding back SARS refunds while also ensuring that no fraudulent claim is entertained and incorrectly refunded. Albeit in error on whichever side of the fence you are looking at.
TaxGuys experience the last 6 months in our client base representing the 0.000025% (rough guesstimate ) of the SARS tax-base is proof of this.
Increasing the SARS systematic risk flags and so forth on SARS system, yielding additional requests for information and answer to sometime the dumbest of questions – even for them, all to yield more money not to refund the taxpayer.
What used to be a resolved and closed off client file averaging 1-2 weeks in years gone by, the tax cases now close up to 16 weeks later, sometime 24 weeks!
So before going guns blazing on your schedule to send to your accountant or tax professional make sure that you have every deduction line you claiming supported by hyperlinks of where the invoice is on your machine.
The TaxGuys clients who are technologically superior ( non paper based clients), each have their own folder in the cloud to save various applicable tax supporting documents to each and every month. This has proved invaluable and saves heaps time in between satisfying each of the SARS requests for extra information for 2020 YOA.
2020 yielded audit of 90% of every line of every income statement tax deduction lines.
Why note make sure you’re expenses and taxation finances are such that all we need to wait for from SARS is the resolution of the cleared audit without amendments notification, rather than re-correlating your schedule for supporting documentation.
The smallest of changes can have the biggest effect down the line!
#TaxSeason2021 #TaxGuys #IncomeTax #SARS #BeInformed #StayInformed
