One of the most important things to think about when you start a business of your own is what it will mean for your tax affairs. Before you get up and running, you should choose a legal structure that will comply with SARS requirements while helping you maximise your income and minimise your tax burden and personal exposure to risk, says Johan Swart, tax manager at Legal and Tax.
The problem with setting up a business is that most people do not know what they have to comply with. For example having to register with the UIF, Workmans Comp, registering as an employer with SARS etc. If a person seeks help with a CA or CFA they are astonished by the cost of compliance. Most people do not seek help and are therefor not compliant. I wonder how much revenue the state looses because of this
Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.
MINIMUM REQUIREMENTS TO REGISTER
The Act requires that a minimum academic and practical requirments be set to register with a controlling body. Click here for the minimum requirements of SAIT.