My client for a year has suddenly revealed an investment file that shows offshore investment of about R13 million. I am concerned when I look at her previous IT12 tax returns that this was not disclosed. How can I assist my client with the fix as the previous accountant had past on? What will SARS do about these Bonds and equity held offshore which were not disclosed? What is the risk to me, the new accountant? What are my obligations?
You will need to go to SARS and take advantage of the Voluntary Disclosure Program and Amnesty currently being offered by SARS. There are specific procedures and SARS won't penalise too heavily nor will there be jail time. You now have an obligation to do this.
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