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Make sure your business tax advisor is registered with a professional body...

by , 12 February 2013
Many tax practitioners are expecting suprises from this year's budget speech as it comes just one day before the tax year-end, giving tax practitioners less time to implement any tax-saving breaks for your business. But you shouldn't be worried about tax surprises - rather check if your business' tax practitioner will meet the South African Institute of Tax Practitioners' first national assessment for compulsory competency assessment on 15 February...

Finance Minister Pravin Gordhan's Budget speech is scheduled for 27 February – just a day before the tax year-end. Normally, there's usually a week between these key dates on the tax calendar, says the Business Report.
 
Now, many are saying the timing of this year's budget speech is a conspiracy.
 
But Mahomed Kamdar, Tax Advisor at the South African Institute of Professional Accountants (SAIPA) believes you shouldn't worry.

The budget speech isn't automatically converted into law, but has to be debated and voted on by the house.
 
So any changes implemented won't be immediate.
 
Instead, you should be worried about the competency of your tax practitioner.
 
Especially if you've recently replaced your company's bookkeeper, accountant or anyone that deals with your business accounts and tax affairs, writes FSP Business.
 
After all, this is one of the main times your business is exposed to tax risks.
 
Here's why you should choose a tax practitioner that's registered with a professional body

Tax advisors have until 1 July 2013 to register with a recognised controlling body or face criminal sanctions if they continue offering advice or submitting tax returns for your business without it, says Bizcommunity.
 
To measure the country's estimated 17000 affected tax practitioners before the 1 July deadline, the South African Institute of Tax Practitioners (SAIT) has developed a tax competency assessment.
 
The first national assessment will be held on 15 February, with monthly tests scheduled thereafter.
 
And the SAIT now has its own Taxation Disciplinary Board, which can take action against tax practitioners that commit fraud or act unprofessionally.
 
Protect your business from the fall out by making sure your tax practitioner is registered with a professional body today!

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