Complex tax or tax complications? Done.
Tax by its very nature is complicated. Yet if you thought the South African tax system is difficult to navigate, think again. According to the Financial Complexity Index for 2017, the top three most complex jurisdictions when it comes to accounting and tax compliance are Turkey, Brazil and Italy. Despite the fact that South African tax also requires a considerable level of understanding and knowledge in order to maintain compliance, the South African Revenue Service (SARS) has come a long way in making it easier for taxpayers to honour their obligation.
Tax: simply sorted
Let’s be honest. If it wasn’t for billboard and radio ads many of us wouldn’t even remember to file our taxes every year, let alone following a diligent preparation process. Yes, filing your tax return can be done on your own if your tax situation is simple and straightforward. However, financially intelligent persons with varied financial interests understand that their situation is more complicated than most. Hey, you probably don’t try to fix your own car, why would you try to do your own taxes?
Financial IQ beyond tax
No matter whether you earn a salary from your small- or medium-sized business or are an individual contract worker or employee, you have the responsibility of submitting correctly completed and SARS compliant tax returns on time and make the necessary payments. Late submissions, incorrect completion of returns, inaccurate calculations, late payments and incorrect deductions can all lead to severe penalties.
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