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The South African Revenue Services (SARS) has published a notification around the mechanisms they use to verify and audit corporate income tax submissions.When a taxpayer submits an annual tax return, that submission is either accepted and assessed or provisionally assessed and selected for audit.
Some businesses take out keyperson insurance policies on the life of an employee (the keyperson) whose services contribute substantially to the success of the business, and whose death or disability will result in a loss for the business. The policy is owned and paid by the business.
The Minister of Finance announced in the 2022 budget speech that there will be a limitation on the utilisation of assessed losses that were carried forward from previous years. The amendment will be effective for companies with years of assessment ending on or after 31 March 2023.
The 24th October this year will be a bit more than the celebration of Diwali. For all non-provisional taxpayers this is the end of the tax season.
Now that we have entered the 2022 Tax Season, SARS Publicity Centre will be going into overdrive as to the benefits of their New World Class Auto Assessment process. The process aims to consolidate all your known income streams and generate a prepopulated tax return and an assessment.
