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Malema blames advisors for his tax woes! Here's how to ensure your tax practitioner isn't putting you in a similar position

by , 27 May 2014
Economic Freedom Fighters leader Julius Malema is off the hook, at least for now.

Yesterday, Malema reached a tax compromise agreement with SARS over his outstanding tax of more than R18 million. If he fails to adhere to all the terms of the agreement, the taxman will be on his case again. This means the court could declare him insolvent.

Following the extension of his provisional sequestration, Malema released a statement apologising for his failure to adhere to his tax duties. But the most interesting thing he said is that he blames his tax advisors for his tax troubles.

In his statement, he said: 'I left my financial affairs in the hands of others without making sure that my obligations were complied with. I accepted and acted on the advice from persons, which in hindsight, I should not have'.

He's not the only one to make this mistake... So how certain are you that your tax practitioner is acting in good faith when it comes to your company's tax affairs?

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Here's what you MUST do to ensure your tax practitioner is above board
 

The best way to ensure your tax practitioner is above board is to check that he's registered with a SARS-recognised controlling body.

Ask him to give you proof of his registration.

In this article, we explained that some of the recognised bodies include:

  • The South African Institute of Professional Accountants (SAIPA);
  • The Institute of Accounting and Commerce (IAC);
  • The Institute of Chartered Secretaries and Administrators (ICSA);
  • The South African Institute of Chartered Accountants (SAICA); and
  • The South African Institute of Tax Practitioners (SAIT).

If you're asking yourself 'is it really necessary to check that my tax practitioner is registered,' here's your answer…

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The Practical Tax Loose Leaf Service offers you:
 

  • All the definitions and legal regulations, useful advice, exceptions to the rules that help you slip through the legislative jungle of taxes.
  • Case studies and practical examples that show you what elements you should consider for your taxes to be perfect.
  • Red flags you need to watch out for and the penalties you'll face if you don't respect them.
  • Sample templates at your disposal, ready to be filled in, customised and printed.

Click here for more details.

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The buck stops with you when it comes to your tax affairs! Make sure your tax your tax practitioner is registered

Checking that your tax practitioner is registered is crucial because if anything goes wrong with your tax returns, you're the one SARS will hold liable.

Malema's case is the perfect example of this. SARS will look at you for answers if anything looks suspicious.

If you have any questions regarding your tax practitioner, ask our experts at www.accountingandtaxclub.co.za.

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