Tax Administration - A Guide to Understatement Penalties

Tax Administration - A Guide to Understatement Penalties udemy course free download

A Guide to Understatement Penalties Course

The purpose of penalties under the TA Act is to encourage voluntary compliance and deter unwanted behavior such as non-compliance and tax evasion. A rational person will not undertake an activity that can lead to unnecessary penalties imposed.

Considering the massive rate at which a taxpayer is penalised, this course wishes to educate the learner on this very important part of tax administration and management.

Topics Discussed:

• An understatement

  • The triggers

  • Prejudice to SARS or the fiscus

  • The shortfall

• Bona Fide inadvertent error

• Criteria for the determination of the penalty percentage

• The listed behaviors

  • The standard

  • Reasonableness

  • Reasonable care not taken in completing return

  • No reasonable grounds for “tax position” taken

  • Gross negligence

  • Tax avoidance and evasion

  • Impermissible avoidance arrangement

  • Intentional tax evasion

  • Substantial understatement

• The prescribed circumstances

• Interest

• Objection and Appeal

About the Presenter:

Ruzel van Jaarsveld

Ruzel has over 26 years financial and bookkeeping experience, working with many industries and corporate environments, with extensive knowledge and practical application of trial balance, payroll, VAT, PAYE returns, Inventory control, Management Accounts, E-filing and Procedures of Importing and Exporting.

Ruzel is a seasoned appointed facilitator with Biz Facility, and for numerous years has been presenting various national practical financial workshops to business owners and corporate financial staff.