This draft IN provides guidance on the application of section 66(13C) and the discretionary power vested in the Commissioner to accept financial accounts of a company for a period ending on a day which differs from the last day of the company's financial year.
Under section 66(13C) the Commissioner can accept accounts drawn to a "fixed day" which is within ten days on either side of its financial year. The financial year of a company is its year of assessment which ends on the last day of a calendar month. A "fixed day" could be a fixed day such as the last Friday before the financial year-end or a fixed date such as 5 March of a particular year.
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.