Audit income statement
By Marc Sevitz · Updated
The SARS auditor is asking for an income statement to explain why I have a lose of R16 000. This I assume was from my car travel expenses. Why are they asking me for this?
They want to see a detailed record of your income and expenses to see how you arrive at the R16,000 loss. You can submit an excel spreadsheet to them which includes a description and amount for all of your expenses.
How is my income statement going to be any different from whats on my tax return?
This is basically my income statement:
Travel 14203
Telephone 1800
Entertainment 216
Income 0
This is basically my income statement:
Travel 14203
Telephone 1800
Entertainment 216
Income 0
You should submit a break down of the travel expenses and a vehicle logbook.