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So you don’t want to pay tax? That’s easy – don’t make any money!

I love paying tax, because the more tax I pay, the more money I made.

Of course, that’s after we have worked our magic and saved us as much tax as we legally can. And then we still pay a lot of tax? What a pleasure!

One of our clients accidentally made a bad mistake with one of their companies. The accounts they submitted to us only included 9 months’ profit and their tax return was submitted on that basis. SARS issued the dreaded IT14SD.

Following correct procedures, we were able to submit a revised, correct, tax return (despite the first one already having been assessed). SARS’s computer again sent an IT14SD, to which we were able to respond with full supporting data. A few days later, we received an assessment from SARS together with their audit report which stated “No findings”. Wow!

It’s not just about knowing the tax law (although that is an essential pre-requisite) and it certainly isn’t about “knowing someone in SARS”. It’s mostly about technique. Did you read my post “How to pass exams“? Same thing. It’s not what you know, but how you use it.

 

Need help with your Investments?

Contact us today or set up a free meeting with our CEO, Derek Springett, to discuss your options. We have been offering expert financial advice and business services since 1971. You can also visit our online store to see our list of financial services.