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Verification/Audit Outcome

Posted 15 July 2016 under Tax Questions



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Distressed says:
14 July 2016 at 18:26

Hi. I am in a bit of a panic. My personal tax return was selected for verification/audit. SARS requested that I provide documentation for my depreciation deduction. I've submitted what I have, but don't know whether the docs would be sufficient. What would the outcome be if the depreciation deduction is not deemed valid? Would they just disallow the deduction or am I going to get fined? Do I need professional assistance or should I just wait it out?

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TaxTimTaxTim says:
14 July 2016 at 19:00

You just need to wait until SARS comes back to you. They will just disallow it if they are not happy with the proof which you can then dispute if you wish.


Distressed says:
14 July 2016 at 19:27

Thank you so much for the speedy response and this forum!


TaxTimTaxTim says:
15 July 2016 at 8:21

Only a pleasure!


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