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SARS: Clarity on ITR12T
- 07 September 2023
- Accounting
- South African Accounting Academy
The purpose of this notice is to address these common issues, which may have been communicated during meetings and/or received via e-mail and, furthermore, to provide clarity and guidance on issues that have been raised regarding the completion of the ITR12T to make it easier for taxpayers and traders to comply with their obligations.
For ease of reference, the following matters are highlighted:
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What format, information, and supporting documents are required with reference to Beneficial Ownership;
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The nature of minutes: Are all minutes required to be submitted; and
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Capturing persons’ details while acting in multiple capacities.
Click here to download the Guidance document:
https://saicawebprstorage.blob.core.windows.net/uploads/resources/Clarity-on-ITR12T.pdf
Relevance to Auditors, Independent Reviewers & Accountants:
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The Income Tax Act is yet another piece of legislation that your clients must comply with, and which you must assess compliance with. If they don’t comply with the relevant laws and regulations, you have certain reporting obligations in terms of NOCLAR (Non-Compliance with Laws And Regulations) – this could include reporting to management, qualifying your audit opinion, reporting a Reportable Irregularity, etc.
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Tax practitioners play a critical role in bridging the gap between taxpayers and SARS. As legislation, regulations and tax law are continuously changing and evolving, it is of utmost importance for companies and tax practitioners to keep abreast of such changes in so that companies continue to meet their tax obligations.
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As a practitioner, you also need to remain aware of the latest guidance documents issued by SARS.
Relevance to Your Clients:
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Taxpayers (trusts, companies, individuals or close corporations) have a duty to comply with the Income Tax Act, and directors have to fulfill their duties accordingly, otherwise, they could be held liable.
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As legislation, regulations and tax law are continuously changing and evolving, it is of utmost importance for trusts to continue to meet their tax obligations and remain aware of the latest guidance documents issued by SARS.