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Thread: Tax return

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    Tax return

    Hi guys

    On your personal income tax the last page is to record your statement of assets and liabilities.

    Historically I have not focused too much attention on this whilst providing some information.

    Recently I realized that I have not included share investment although I have included the taxable amounts where applicable in the tax return.

    Every year SARS audits the return and all the tax certificates are submitted and they have never once queried why the amounts are not reflected on the statement of assets and liabilities.

    Thanks in advance.
    Kavesh

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    Hi Kavesh,

    Do you have a question on the above? As long as you submit the relevant income with regards to the assets I do not believe will be an issue, but if you stressing to much with it, requets for correction and update the assets and liabilities? We do not have issues also with the statement

    Kind regards
    Francois

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    Quote Originally Posted by Francois_za View Post
    Hi Kavesh,

    Do you have a question on the above? As long as you submit the relevant income with regards to the assets I do not believe will be an issue, but if you stressing to much with it, requets for correction and update the assets and liabilities? We do not have issues also with the statement

    Kind regards
    Francois
    I am not stressing, but wandered how closely SARS looks at it. I mean all the information would be reflected in the income and submitted supporting schedules when audited. For example I may not indicate that I have R10 worth of listed shares in the Assets, but have declared R1 dividends under income. SARS has never queried this in the past and just wandered whether they place any reliance on the Assets and Liabilities.

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    Hi Kavesh,

    I have not experienced issues with assets and liabilities, the only way that report will work for SARS is if either they base it on cost or the relevant institution provides a tax certificate, otherwise in my opinion there is no way to administer it. The reason also I believe they do not cause issue is the fact that we are taxed on income generally or CGT upon disposal, thus assets and liabilities we can't really be penalized

    Kind regards
    Francois

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