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ScaredConfused says: 17 February 2017 at 5:35 I submitted an income tax return as farming sole prop for 2016. SARS requested supporting documentation and then I uploaded an income statement. I then received an Operations Audit letter from SARS asking to furnish them with the reason of farming income loss. The letter was emailed and does not appear on SARS eFiling. On SARS eFiling they sent a new letter the same as the old one requesting supporting documentation and the generic letter that says if you dont agree re-look at your tax return. I reviewed my income statement and also tax return and found that my formula posted to the incorrect line item and also found out that some expenses might be of a capital nature and it must be ring fenced. I need to do a correction on my tax return and when I clicked the correction button it does allow me to redo the tax return. Will SARS allow me to do this or what must I do? I dont want to get into trouble with SARS. The profits should be zero as there are a lot of expenses, but now I am scared and dont know if I should respond to the email. |
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TaxTim says: 17 February 2017 at 8:16 Kindly respond to the email and explain your situation to them as failure to reply might force the auditor to increase your tax liability and remove your farming loss. Also explain to the auditor that you will revise the tax return and correct the amounts. Even if they dont reply please resubmit your tax return with the correct figures on ASAP to avoid any further queries from SARS. |
