If your records do not adhere to the requirements of SARS you could face massive penalties, due to SARS doubting the validity of all your other deductions!
Category: Tax Compliance and Administration
VAT: PAYMENT VS INVOICE BASIS AND TAX INVOICES VS PRO-FORMA INVOICES
May 09,2016July 7, 2017
In practise various questions and misconceptions regarding the use of the payment basis for accounting for VAT vs the invoice basis, exists. There are also common misconceptions regarding the use of pro-forma invoices vs tax invoices.
ARE YOU A SOUTH AFRICAN WORKING ABROAD? READ MORE ABOUT INCOME TAX IMPLICATIONS.
Apr 01,2016July 7, 2017
Section 10(1)(o)(ii) facts and important points to note: South Africa changed from a source basis of taxation to a residence...