Betty answers questions on who can complete tax returns

/in /by

Hi Betty

This question is regarding tax returns. When I completed my Diploma – Technical Financial Accountant I applied with SAIT for membership but I was declined membership as they said even though I had the qualification I did not have enough experience regarding tax returns. I’ve been looking for employment to gain this experience but jobs are few. I know that I am allowed to complete tax returns for family members for no payment but my question is am I allowed to complete tax returns (provisional tax, Emp 201, EMP 501 and VAT returns etc for my bookkeeping clients if I do not charge for the tax portion and only charge for the bookkeeping? I don’t know how else I will get the required experience.

Regards,
Morgan

Hi Morgan

You are allowed to complete the tax returns with your clients consent. Many companies employ bookkeepers who are not registered tax practitioners who complete tax returns. You would just need to declare on the submissions that they are done by you. It is also important that you do not present yourself as a tax practitioner to your clients until you are registered with SAIT.

Hope that helps!

Don’t forget that I’m here to answer your questions about the ICBA, or just queries about your accounting at work. All you have to do is email me with a copy of your ICBA membership certificate. Not yet a member? Send in your application form!

Betty Bookkeeper answers questions on account for transactions on rental properties

/in /by

Hi Betty

I’ve been asked by a client to do the bookkeeping transactions for their property that they rent out. Please confirm how I record the monthly payments on their bond. The property value is R1 million – the outstanding bond amount is R45000 and the monthly bond payments are R600 per month.

Regards,
Zoe

Hi Zoe

I can’t answer this question without seeing the account statement. The R600 paid could include various items for example, interest and/or insurance. Only the statement can indicate the values and how the R600 needs to be allocated.

Hope that helps!

Don’t forget that I’m here to answer your questions about the ICBA, or just queries about your accounting at work. All you have to do is email me with a copy of your ICBA membership certificate. Not yet a member? Send in your application form!

CPD Subscription package offering from SA Accounting Academy

/in , /by

SAAA CPD OfferBeing a member of a recognised professional body, like the ICBA, requires members to meet a minimum number of Continuous Professional Development (CPD) points per annum to retain membership.

 

The ICBA has entered into an agreement with the South African Accounting Academy to bring specialised CPD events which have been tailored to ICBA members at a starting price of R 250.00 per month.  Signing up on this option will provide you access to a minimum of 24 CPD points, which is more than sufficient to retain your ICBA membership.

 

For more information pertaining to the three various options available to ICBA members from the SAAA visit https://accountingacademy.co.za/profession/certified-bookkeeper