Dear Subscriber,

SARS is targeting South Africa's super rich - those who rake in R7 million a year after tax or have assets of more than R75 million. The super rich who think they are going to escape SARS, be warned, SARS has set up a special unit to ensure that you are declaring your wealth in your tax returns. Click here to read a very interesting article by Sharda Naidoo on the means and methods that the rich will be tracked down.

Not only are they targeting the rich, but SARS have also turned their eyes to sports and recreational clubs, which have been benefiting from their tax-exempt status. They are about to find out that tax is one of life's few certainties.

Tax filing season has arrived!! Some people feel that they work better under pressure and others are too busy, and leave everything for the eleventh hour. You will be expected to hand in your tax return to SARS during the period 1 August to 31 October 2007. Don't leave this for the last minute and cause yourself undue stress. SARS has made so much information available to us, they have simplified the tax returns process so much that we are really running out of excuses for not submitting tax returns on time.

Pleading ignorance is going to be a tough one to try and get away with if you are late. Income tax return forms can be downloaded from the SARS eFiling website.

Tax Issues
In part 6 of the series on the 7 habitual tax mistakes businesses make, Jenny Faber of EFGS Attorneys discussed notice of the intention to issue a revised assessment and what most companies do when they receive this notice from SARS. Tax Issues is broadcast on Summit TV (DSTV channel 55) at 20h40 & 22h40 on Wednesday evenings and at 7h30 on Thursday mornings. Click here for a summary of the full interview.

Subscribe online in less than two minutes.

Till next week.
Janine Connor
Head of TAXtalk

Tax Issues interview with Jenny Faber of EFGS Attorneys

Jenny Faber of EFGS Attorneys discussed the sixth of seven habitual tax mistakes businesses make on Tax Issues. The subject dealt with notice of the intention to issue a revised assessment.

Sanchia Temkin, Professional Services Editor - Business Day

SPORTS and recreational clubs, which have been benefiting from their tax-exempt status, are about to find out that tax is one of life’s few certainties.

eTaxjobs is a global job portal exclusively for tax professionals, and an online resource for employers and recruitment firms to advertise their vacancies. eTaxjobs operate in the UK, Europe, USA, Canada, Australia, New Zealand, Africa and around the World.

Available tax jobs for this week are:

• Tax Director, Family Office, UK, to £150,000
• Corporate Tax Consultant/Manager, relocate to Zambia
• Transfer Pricing Opportunities - Full Sponsorship for non EU Candidates
• Manager, M&A Tax, Deloitte, London, UK
• Global Transfer Pricing Opportunities, PwC

South Africa - The Good News

A new survey shows that on average, South African managers are earning disposable incomes that are higher than many developed countries.

According to the World Pay Report, conducted by global management consultancy Hay Group, local managers are earning more than those in the UK and other developed countries such as France, New Zealand and Canada.

Mail & Guardian Online

The South African Revenue Service (Sars) has cautioned taxpayers not to be misled by irresponsible tax advice when they complete and submit their income-tax returns. Sars has taken note of public calls from certain lobby groups who are advising people incorrectly on how to complete their tax returns in a manner of protest.

When analysing investment opportunities today there are very few assets that are not in some way impacted by the phenomenal growth of the Chinese economy. South African investors have been huge beneficiaries of this growth through the Chinese demand for natural resources, a key driver of the local equity market. Then there are also the rand and therefore inflation, interest rates and other local assets.

TAXtalk invites you to write an article in which you share your views and expertise on tax. Your article can be published in the newsletter for 7000 readers to view, on our website for over 100 000 viewers to see and in the TAXtalk magazine(with your photo) for more than 16 000 readers to read. Make an impression, submit your article NOW.

Article Requirements:
1 Page Article : 900 words  1½ Page Article : 1350 words  2 Page Article : 1800 words
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Submit your article to: janine@taxtalk.co.za or post it to: (P.O Box 1650 Gallo Manor 2052)