Exam (elaborations)
TAX3704 Assignment 2 (Semester 2) 2024 - Due 17 September 2024
- Course
- TAX3704
- Institution
- University Of South Africa (Unisa)
TAX3704 Assignment 2 (Semester 2) 2024 - Due 17 September 2024
[Show more]
Content preview
TAX3704ASSIGNMENT 2 (SEMESTER 2)
DUE DATE: 17 September 2024
Written Assignment Submission Guidelines:
Please ensure that your assignment is submitted electronically through the myUnisa platform no
later than September 2024. Kindly note that fax or email submissions will not be accepted.
NB: Assignment submitted to the lecturer(s) through email will not be considered.
QUESTION 1: Audit Risks and SARS Procedures
(a) Explain to Jack what statutory powers are granted to a senior SARS official under a request for
relevant material. Refer to applicable tax legislation. (10 marks)
ANSWER:
Statutory Powers Granted to SARS Under a Request for Relevant Material
Under South African tax legislation, specifically the Tax Administration Act (TAA), SARS has statutory
powers to request relevant material during an audit. These powers are outlined primarily in Section
46 of the TAA. Here’s what Jack should understand about these powers:
1. Request for Relevant Material:
o Definition: SARS has the authority to request any material or documents deemed relevant
to an audit or investigation. This includes books of account, records, or any other documents
related to the taxpayer's business or financial affairs.
o Scope: The request can cover all financial records, including invoices, bank statements,
contracts, and correspondence that might provide insight into the taxpayer's financial status
and compliance with tax obligations.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller StudentGyde. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R50,00. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
59325 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now