BREAKING News

SARS
SME 3rd party disclosure
New regulations require defined businesses to submit bi-annual IT3s returns containing the names, identity numbers, addresses and any interest, rental or investment income received or managed on behalf of the taxpayer! Welcome to the police state!, were SARS are clearly above any law or constitutional right!

SARS confidentiality gone to far
S30 of Tax Amendment Bill proposed changes to the definition of confidential, to include info relating to the examination or audit of taxpayers affairs, disclsoure of which could jeopardise the effectiveness of the audit! The result being SARS would not have to provide taxpayers with any reasons for their audit determination! A police state in the making?

SARS Payment Methods
Effective 3 September 2013 SARS unilaterally discontinued the commonly used e-filing DEBIT PULL payment method. This significant decision has consequences, taxpayers must now either use CREDIT PUSH method or EFT payment at least 2-3 days earlier so it clears the SARS account by deadline. For EFT taxpayers need to ensure there account electronic payment limits (EAP) are sufficient for all these new tax payments they need to make. CREDIT PUSH is recommended as the safest method with audit trail benefits. 

Tax Amendment Bill - September 2015
The Tax Amendment Bill 2015 has been passed into law, this heralds a new draconian era in our tax regime not seen before.

BUSINESS FAILURES
Reasons why small businesses fail:
· 12% - Poor bookkeeping and records
· 34% - Poor management of financial activities
(Source: Nedbank)

Most important things for small business to do for sustainability:
· 93% - good cash flow
· 93% - good administrative/financial systems
The above two factors were the highest ranked amongst all factors. Some of the other factors included were good staff, loyal customers and new customers.
(Source: SME Survey 2009)


BEWARE OF THESE SARS SCAMS 
From: South African Revenue Service [mailto:refund@sars.co.za]
Sent: 14 December 2009 13:02
To: Undisclosed recipients
Subject: SARS Tax Return Payment
Tax Refund Notification
After the last annual calculations of your fiscal activity, we have determined that you are eligible to receive a tax refund of 2,755.50 ZAR. Please submit the tax refund request and allow 6-9 days in order to process it.
Click Here to submit you tax refund request. Note : A refund can be delayed a variety of reasons, for example submitting invalid records or applying after deadline.
Yours Sincerely
South African Revenue Service.




When you click on the word "Here" you are directed to a fake website resembling that of SARS, which is labelled "Tax Refund Portal". You are then asked to click on the name of your bank and enter details of your banking account. UNDER NO CIRCUMSTANCES DO THIS!

The South African Revenue Service is aware of this phishing attack, and further details are available on their legitimate website. You can also do a Google search by entering something like
"SARS Tax Refund Scam 2009" and checking the box marked "Search South African Websites". SARS has indicated that they would never notify taxpayers per e-mail of any refunds due to them, nor would they ever request any personal details by e-mail.