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Is there a formula that SARS uses to determine which return is audited and which is not. If so what are the perameters
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I am aware there are certain red flags that'll get you an automatic audit. I don't think SARS is advertising their parameters, though.Participation is voluntary.
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I presume you are referring to personal taxes? I have noticed a few sure fire reasons for an audit.
- A correction request
- A refund
Banks and similar institutions are now required to provide consolidated IT3's. So if you interest declared differs R1 with the IT3 at SARS, it is flagged for audit.
The same will obviously apply to any IT3 or IRP5 not in your return.Comment
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As I understand it, if there is still money in your account after paying taxes, that's a red flag.Comment
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That means I am in the clear!
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Lol!
I suppose the correct answer would be - if you dont do anything against the SARS legislative requirements, you have nothing to fear from a SARS audit
It is very much legal to avoid tax - not legal to evade. Make sure you know the difference and the worst SARS can do is use up your time and drink your office's coffee.Comment
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