PODCAST | Keep the taxman in mind when liquidating

Join the discussion: Business Day law and tax editor Evan Pickworth. Picture: REBECCA HEARFIELD

Generally, when a business is in financial distress, it is not uncommon that the first financial obligations that fall by the wayside are the business’ tax obligations. This is unsurprising as business owners are likely to prioritise payments to employees, suppliers and other creditors to keep their operations afloat. However, this is not an advisable strategy, as debts to Sars accumulate interest, and where applicable, administrative noncompliance penalties that accumulate monthly.

There are, however, several tax considerations that need to be kept in mind by taxpayers where the business is in financial distress and is no longer able to operate, or once liquidation proceedings have commenced and compromises are entered into with creditors.

ᴍʏ sᴜᴄᴄᴇss ɪɴ ᴛʜᴇ ᴏᴘᴛɪᴏɴ ᴍᴀʀᴋᴇᴛ ᴡᴀsɴ'ᴛ ᴘʟᴀɴɴᴇᴅ, ʙᴜᴛ ᴛᴏᴅᴀʏ ɪ'ᴍ ᴀ ᴛʀᴜᴇ ᴅᴇғɪɴɪᴛɪᴏɴ ᴏғ ɢʀᴀᴄᴇ,, ʜᴀs ɴᴇᴠᴇʀ ғᴀɪʟᴇᴅ ᴍᴇ, ʏᴏᴜ ᴄᴀɴ ғᴇᴇʟ ғʀᴇᴇ ᴛᴏ ᴄᴏɴᴛᴀᴄᴛ LindaStouffes

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