Your Taxes are Your Responsibility
Locally and abroad there are millions of small business owners, individuals, companies and trusts who have their tax returns prepared by outside accountants. The laws and regulations might be somewhat different however one fundamental responsibility remains uniform and that is the obligation of a taxpayer to ensure their returns are submitted on time and correctly.
There is a reason you pick a professional to handle your taxes and that is for their expertise and helping you not only remain compliant but grow your wealth through constant management figures.
What is important to note is that Accountants are service providers and their service terms are covered under their letter of engagement which any new client requesting tax and accounting services is required to sign.
You can also refer to SA Revenue Service and section 25-27 of Tax Administration Act and you will also hear the same repeat, the onus is on the taxpayer.
The tax landscape changes as fast as the wind and many struggle to keep up however your professional is bound by continual professional development and have a direct link to their professional bodies to liaise with to ensure you the taxpayer receive the correct advice.
Let's consider a situation where there is a problem with your tax return. This could be from a multitude of reasons,to mention a few:
- Negligence
- Your tax professional made a mistake
- The incorrect information was supplied
- The information was incomplete
- The practitioner is not up to date with the latest legislation
- Miscommunication or the classic case of ASSUMPTIONS
So what happens if there is a problem with your return, can you blame this on your practitioner even if something went wrong on their end? If you get hauled to Tax Court can you blame your shortcomings on your practitioner. No you can't.
SA Revenue Service specifically states that the onus of proof is on the taxpayer this is clearly indicated in ie. the Tax Administration Act and Income Tax Act.
The best advice that we can give you as a firm, is to not work against your practitioner but rather with them. Many fail to realise the underutilization of their Accountants and Tax Practitioners skills, they can do so much more than the daily repetitive work.
Accountants spend probably a decade or more building the foundation of their careers, they have the knowledge needed to help your business. Find the right professional and make use of their skills and you are sure to set a solid foundation for your business.
Take charge of your tax preparation today so that your focus is on growing yourself and your business and not the constant negative of tax and admin. Make this life of yours one that is happy and prosperous.
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Tax law changes regularly, and any tax information on this site might be outdated.
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