Tax departments at South African universities have until 31 July 2017 to enter tax thesis/dissertations that have been submitted in fulfillment of the requirements for Honours, Master’s or Doctoral degrees in taxation during the years 2016/2017 into the 2017 Tax Thesis competition.
 
The competition is conducted by the South African Institute of Professional Accountants (SAIPA), in partnership with one of the big Four accounting firms EY.
 
For quality control purposes, students must have first submitted their thesis/dissertations to their respective universities. Each tertiary institution is then invited to submit their top three thesis/dissertation in each degree (where applicable) to be entered in this year’s competition.
 
“The candidates should have successfully completed their relevant degree. It is however not a requirement that they should have graduated as we are aware that graduations could be taking place later in the year,” says SAIPA tax specialist Sibusiso Thungo.
 
Promoting research
The 2017 Tax Thesis competition is aimed at promoting good research in tax and rewarding those candidates whose thesis/dissertation has been selected through the adjudication process as the “best” in their degree level. The competition is open to all universities and the thesis could be in full or part fulfillment of a degree in taxation.
 
“All thesis/dissertations that have been submitted for the competition will be marked by a panel of tax experts in line with an agreed rubric. Each paper will be marked by at least two independent markers and further independently moderated,” Thungo explains, adding that there will be one winner in each of the degree levels i.e. Honours; Masters and Doctoral.
 
The winners will be awarded prizes at the SAIPA 35-year Celebration Conference to be held in Cape Town on 19 October 2017. For more info visit https://www.saipa.co.za/
 
ENDS
 
MEDIA CONTACT: Idéle Prinsloo, 082 573 9219, idele@thatpoint.co.za, www.atthatpoint.co.za  
 
For more information on SAIPA please visit:
Website: www.saipa.co.za
Twitter: @SAIPAcomms
LinkedIn: South African institute of Professional Accountants Company
Facebook: South African Institute of Professional Accountants

Tax filing season has officially opened and with it comes the responsibilities of compliance for the South African taxpayers. Nobody is exempt from tax unless the person is earning below the threshold and there is no free pass if a practitioner is not filing their forms correctly, so now is the time to ensure compliance, get tax right and avoid fines and unnecessary penalties.
 
“It is vital that taxpayers ensure they are compliant – that their returns are honest, all information is accurate and that their returns reflect a true picture of what happened over the past year,” says Sibusiso Thungo, Tax Specialist, South African Institute of Professional Accountants. “There are few things as stressful, both financially and emotionally, as discovering that your accounts are not compliant and you have huge penalties to pay to SARS.”
 
SAIPA recommends that every taxpayer familiarise themselves with the correct filing dates, information, paperwork and legalities to avoid unnecessary risk or stress. The cost of non-compliance is far higher than the cost of time invested into ensuring that you understand how to file your taxes correctly.
 
Knowledge not excuses
“If you are unsure of how to file your tax return or the paperwork required, then it’s advisable to go to your local SARS branch where the consultants can assist you free of charge or better still, approach a tax practitioner in your area,” says Thungo. “If you are using, or plan to use, a tax practitioner, ensure that they are registered with a recognised controlling body. Ask them for their PR number and contact the relevant authority to ensure it is valid and up-to-date.”
 
The next step is to gather all the supporting documents required by SARS. To know what  document is needed, any amount that you are claiming/declaring that does not appear on the IRP 5 pre-loaded on your Income Tax Return (ITR12) supporting documents should be available should SARS call for them. Create a comprehensive checklist that covers every item required by SARS.
 
“Ensure the documentation is legible and accessible, SARS will reject forms and supporting documentation that cannot be read by their systems,” says Thungo. “Also, some of the tax regulations have changed as of 2017, so taxpayers need to spend some time getting to know the new rules.”
 
Some highlights on the IT 12 tax return amendments; Medical aid has become more detailed and transparent and the tax payer has to differentiate between what has or has not been paid by the scheme throughout the year. People with more than one retirement annuity need to report each one separately, and travel allowance reporting has also changed in terms of how it is claimed, and what can be claimed.
 
Be alert
“There are warning signs to look out for when using a tax practitioner to complete your returns,” says Thungo. “If they promise to get you a refund, that’s always a warning. If they don’t ask you for proof or certificates, that’s also a concern. Just be aware of the requirements so you can be aware of the risks.”
 
To assist taxpayers in preparing for the tax season, in 2016 Tax year SAIPA partnered with SARS to bring the mobile units into their office block (Waterfall Office Park), providing tax advice to all those working in the area. The consultants provided in excess of a hundred taxpayers with free insight into their returns and requirements.

“This year, SAIPA will be extending this offering to nearby office complexes to bring SARS support deeper into the community,” concludes Thungo.
 
ENDS
 
MEDIA CONTACT: Idéle Prinsloo, 082 573 9219, idele@thatpoint.co.za, www.atthatpoint.co.za  
 
For more information on SAIPA please visit:
Website: www.saipa.co.za
Twitter: @SAIPAcomms
LinkedIn: South African institute of Professional Accountants Company
Facebook: South African Institute of Professional Accountants