Exponential Brilliance – the Tax Consulting Firm of choice this tax season!
by Amanda Roothman on 2 July 2019
With SARS in full swing of the 2019 tax season, Exponential Brilliance promises quality, consistency, competency and reliability to each of our clients.
The South African Revenue Service (SARS) launched the 2019 tax season yesterday, July 1st 2019.
And while SARS has taken steps to make it easier for all taxpayers to comply, with the brand-new e-filing face, the commissioner pointed out several concerning non-compliance trends. As a result, SARS will certainly address the following issues:
- SARS will most definitely step up its enforcement of penalties for outstanding and late returns.
- SARS will collaborate with the Deeds Office to enforce taxpayers to
- declare rental income received on second properties; and
- declare Capital Gains transactions from sale of properties.
- Commission earners will be closely monitored, as SARS is renewing their focus on expenses claimed against commission income.
- Trusts: accuracy of declarations of distributions from trusts to beneficiaries will be very closely monitored by SARS.
- SARS warned that overstated expenses claimed against income, is a serious offence that could result in criminal charges. They will hold taxpayers accountable for any submissions.
- SARS will improve the integrity of its profiling capacity using “sophisticated risk modelling” and expanding its data set.
- SARS said it will institute a renewed focus on high net worth individuals “who often arrange their affairs in complex ways” often presenting higher compliance risks to SARS.
With the above said, Exponential Brilliance is passionate about client satisfaction. We are what we repeatedly do. Excellence, is therefore not an act, but a habit.
by Amanda Roothman on 31 July