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Whom should the financial statements of a liquidated CC be send to for auctioning?

Thursday, 19 March 2015   (0 Comments)
Posted by: Author: SAIT Technical
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Author: SAIT Technical

Q: Liquidation proceedings for my client (a CC) started in August 2014 and are now completed.

We have just finalised the 2014 financials. Would this be lodged as per usual to SARS or would we send the financials to liquidator for their auctioning with SARS?

A: In terms of section 248 of the Tax Administration Act (TAA) the liquidator becomes the public officer of the CC and are to exercise all functions on behalf of the CC. In our view, just like you would have to provide the financials to the directors or on their instruction submit to SARS, similarly you would have to provide the financials to the liquidators or submit on their instruction. Note that in terms of section 237(c) of the TAA you cannot submit any communication to SARS without the consent of the taxpayer or in this instance the liquidators.

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.



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