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How to pass the SARS audit
test
And reduce your tax bill by up
to 50%
This FREE presentation shows
you exactly how to avoid the 7
most expensive tax traps!
It's urgent that you watch this
entire presentation...RIGHT
NOW.
You’ll see why in a few
minutes...
Hi, my name's Fulvia Stoltz. I'm
a manager at FSP Business.
I have some very important tax insights to share with you today.
Even after recent tax
amendments South Africa is still
one of the countries with the
highest tax rates in the world.
As a self-employed person or
small business you’re hit
especially hard.
Today, I’d like to show you a
way out of this difficult situation.
In a minute, I’ll show you how to
avoid the seven most expensive
tax traps –
without spending a lot of time,
without lying to SARS and
without illegal tricks.
It’s for exactly these reasons
that we developed the Practical
Tax Loose Leaf service.
What are your biggest tax
fears?
Where can you find a proper
answer to questions about
taxes, any time?
Who will show you ready-to-use
solutions in a clear and
understandable way?
Our Practical Tax Loose Leaf
will do all this, and more!
With it you won’t lose a rand to
SARS.
And you can always count on
being up-to-date with legislation
and jurisdiction.
You can rely on the opinions
and tips given by our tax
experts!
The Practical Tax Loose Leaf
will give you:
The Practical Tax Loose Leaf
will give you:
Access to tips, tools and
checklists compiled by our
experts, showing you not only
where you can save on your
taxes, but also HOW to do it
legally
The exclusive Tax Helpdesk
service, where you can email
your specific tax question to the
experts and get a response
within 72 hours.
Up to date information on
important cases, changes in
legislation, and ground-breaking
developments in the field of
taxation, via updates sent to you
every few weeks.
The daily Tax Bulletin email
newsletter, to keep you on top of
tax deadlines.
Let me show you just how
useful the information in the
Practical Tax Loose Leaf is!
Here are 7 of the most
expensive tax traps…
Some might seem harmless, but
they catch thousands of
taxpayers out each day.
You don’t want to be one of
them!
Tax Trap #1 – Hidden assets
You don’t declare all your assets
when you complete the personal
statement of “assets and
liabilities” in your tax return.
SARS uses this statement to
spot and investigate any
substantial or unexplained rise
in your income, so it can claim
its piece of the pie!
And if SARS discovers that
you’ve been keeping quiet about
the extra income you’ve been
receiving, it’ll penalize you
heavily AND tax that extra
income.
So make sure you reconcile your
statement of assets and
liabilities, with your net income
declared, each year - BEFORE
you submit your tax returns.
As our experts say, it’s smartest
to declare the true value of
assets in the first year you’re
declaring them on this
statement.
TIP: Keep track of what you
declared in the past as SARS
can perform this exercise over a
number of years.
Tax Trap #2– Hidden interest
Tax Trap #2– Hidden interest
You don’t declare interest
received on investments when
completing your tax return.
Too often, taxpayers believe
they can sneak interest in under
SARS’ radar. But if SARS
catches you out, you’ll have to
pay additional tax up to 200%
on the amounts that you failed
to disclose.
Don’t take chances when it
comes to lump sum payments
and interest!
Financial institutions – like your
bank - are required to submit
information to SARS of all
interest payments made to
investors.
This is submitted electronically,
and is linked to your tax records.
At the click of a mouse, SARS
can investigate your interest.
So make sure that what’s
declared on your tax return is
the truth about what you’re
earning!
Tax Trap #3 – Troublesome lease agreements
Tax Trap #3 – Troublesome lease agreements
Your lease contract on business
equipment – on which you’ve
been claiming depreciation -
has expired and you take
ownership from the bank for a
minimal payment.
Be aware of the implications of
claiming wear and tear,
depreciation or lease payments
on business assets.
Yes – you’re allowed to recoup
the expenses in cases where
the asset is sold or the lease
on it expires…
But don’t forget that the
difference between the market
value of the asset, less what
you paid for it, is income.
You have to declare it as such.
Tax Trap #4 – Faulty invoices
Tax Trap #4 – Faulty invoices
Your claim for input tax paid was
disallowed by the SARS due to
invalid invoices received from
your supplier.
It’s up to YOU to make sure that
all invoices issued to you or BY
you are valid.
You aren’t allowed to claim input
tax without an invoices that
don’t meet SARS requirements.
Check your invoices for these 4 common errors:
Check your invoices for these 4 common errors:
1. The name and address of
the purchaser may have
been omitted.
Check your invoices for these 4 common errors:
1. The name and address of
the purchaser may have
been omitted.
2. The words “Vat Invoice” or
only “Invoice” may appear
instead of “Tax Invoice”.
3. The amount of Vat isn’t
shown separately, or it isn’t
stated that Vat is included in
the price and has been
charged at 14% or 0%.
4. The trading name, address
and Vat registration number
of the business aren’t stated
on invoices.
Tax Trap #5 – Provisional taxes
Tax Trap #5 – Provisional taxes
You base your provisional tax
estimate on your actual income
and pay more than the amount
stated on your last tax
assessment.
You don’t have to pay the full
amount due to the SARS
immediately.
Your first and second provisional
tax payment estimates may be
based on the taxable income of
your latest assessment - the
“basic” amount.
But if your actual income has
increased, use the voluntary
third provisional payment to pay
up the taxes you owe.
This way, you’ll avoid interest
charges as a result of
underpayment of provisional
tax!
Tax Trap #6 – Fringe benefits
Tax Trap #6 – Fringe benefits
You benefit from considerable
tax savings as you make use of
company owned assets such as
a car and a house.
Make sure you declare taxable
benefits resulting from the use
of company owned assets (like
cars, homes, etc).
If your statement of personal
assets and liabilities show that
you don’t own any personal
vehicles and no taxable benefit
for the use of a company car is
declared, it’s an open invitation
to SARS to initiate a thorough
investigation into your financial
affairs.
And finally,
And finally,
Tax Trap #7 – The wrath of disgruntled ex-employees
And finally,
Tax Trap #7 – The wrath of disgruntled ex-employees
You’ve dismissed an employee
who was previously entrusted
with all your financial and tax
affairs.
This is a real threat!
It’s not uncommon for
disgruntled employees or ex-
employees to report the wrong-
doings of their employers to
SARS… Especially cases where
employers failed to deduct tax
or fully disclose turnovers.
These cases are normally
evaluated and referred for
immediate investigation and
could even result in a raid on
your premises…
Be wary of possible retributions
from employees, ex employees
and even scorned lovers or
spouses!
I don’t want you to fall into
any of these traps!
Order your copy of the Practical
Tax Loose Leaf today to review
at no cost for 14 days!
You’ll receive:
You’ll receive:
•Invaluable advice about how to
avoid unnecessary and costly
taxes and protect your business
from tax audits.
•500 pages of practical
information, with every section
containing:
•500 pages of practical
information, with every section
containing:
Hands-on tax advice in plain
English – no jargon or
legalese!
Step-by-step instructions to
ensure you always follow the
correct process
Checklists to make sure you
haven’t forgotten anything
Templates and sample forms
to help you complete all your
documentation 100% correctly
Real life examples that give
you a clear picture of what to do
in any particular scenario
•Confidence that your handbook
is always up to date.
•Confidence that your handbook
is always up to date.
We’ll send you regular updates,
covering changes in tax law, the
latest judgments and new
issues.
Plus, as a subscriber, you’ll
get these 3 additional free
services:
Plus, as a subscriber, you’ll
get these 3 additional free
services:
1. The Tax Helpdesk – where
our experts answer your quick
tax questions by email within 72
hours
2. An information archive, where
you can access all our past
content online
3. A daily email, the Tax Bulletin,
which will keep you up to date
on any tax law changes,
deadline dates and important information
AND it’s tax deductible!
So you’ll recover at least a third
of your investment.
Order you copy of the
Practical Tax Loose Leaf today
to review at no cost
for 14 days!
You pay nothing upfront. Just
let me know where to send it,
and we’ll rush it to your address.
Take 14 days to use the
handbook.
If, after these 14 days, you
decide it’s not what you
expected, send it back and
we’ll forget about the bill.
Order right now, and we’ll throw
in two extra FREE GIFTS!
1. You’ll receive a copy of “Take
on SARS and win!”. It shows
you exactly how to tackle SARS
through the alternative dispute
resolution process.
2. You’ll also get a copy of the
booklet, “How to Survive a
SARS Audit”, filled with practical
checklists and tips.
Mr Otgaar took me up on this
offer. Here’s what he had to say
about the Practical Tax Loose
Leaf:
Mr Otgaar took me up on this
offer. Here’s what he had to say
about the Practical Tax Loose
Leaf:
“The Practical Tax Handbook
paid for itself several times over
with regard to tax saved and
reduced fees to our accountant”.
And here’s what another
subscriber, Miss Mckenzie, had
to say:
And here’s what another
subscriber, Miss Mckenzie, had
to say: “It’s well indexed,
updated throughout the year in
digestible chunks, keeps me up-
to-date, allows me to arrange
my tax affairs to my best
advantage AND keep my
accountant on his toes”
Make sure you’re always one
step ahead of SARS.
Order your copy of the Practical
Tax loose Leaf today and I’ll
make sure you have it on your
desk by next week.
During the 14 day trial period,
see for yourself how useful it will
be in your office.
Use all the tips, checklists,
sample forms and advice as
often as you wish.
When the time has lapsed you
can keep it by paying the
enclosed invoice.
Or, send it back to us within 14
days after you receive it, without
any obligation.
Order your copy of the
Practical Tax Loose Leaf
NOW!
Visit www.practicaltaxhandbook.co.za
