What documentation is required to register a body corporate for income tax?
23 February 2015
Posted by: Author: SAIT Technical
Author: SAIT Technical
Q: What documents are
required to register a body corporate for income tax?
I need to know
who should act as the registered representative person on behalf of the body corporate
and what documents SARS will accept as proof when doing the income tax
A: In our view the body corporate must complete the company registration form
IT77c to register for income tax and submit it at the local SARS branch (See IN
64 at 5.1.). The section 10(1)(e) of the Income Tax Act exemption for body
corporate levies and partial exemption for non-levy income.
In our view the
body corporate would have to nominate three members to represent the body
corporate as required on the IT77c and one of them or another member should be
appointed the public officer who becomes liable to SARS to ensure the body
corporate complies with the tax Acts. The members and public officer would have
to submit copies of their ID and the public officer should also provide proof
of residential address not older than 3 months. It is noted on the form which
documents should be submitted by body corporates but we are of the view this
would include a copy of the body corporate rules and the approved sectional
title plan with the sectional plan number on it.
Disclaimer: Nothing in this query and answer should be construed as
constituting tax advice or a tax opinion. An expert should be consulted for
advice based on the facts and circumstances of each transaction/case. Even
though great care has been taken to ensure the accuracy of the answer, SAIT do
not accept any responsibility for consequences of decisions taken based on this
query and answer. It remains your own responsibility to consult the relevant
primary resources when taking a decision.