6 July 2017 at 10:35
I just wanted to find out if you deal with business tax? I've recently started a company and would just like to know what SARS will want to see in respect to my accounting when I file a tax return? Essentially, what is the bare minimum if they audit?
This entry was posted in Tax Q&A and tagged Independent Contractor, Commission, Dividends, Audit / Verification. Bookmark the permalink.
6 July 2017 at 13:29
Yes, we do business tax returns.
As a minimum, they'll require financial statements (Balance Sheet, Income Statement and Notes) for companies with turnover (i.e sales) greater than R1m. If they choose to investigate further, they could also ask any specific questions on any accounting transactions so, you need to ensure you keep proper accounting records with supporting documents (invoices, bank statements etc.)