Specialist: Taxation - Transnet Freight Rail

Position Purpose

To ensure legislative compliance relating to income tax, through the development of policies and procedures, monitoring and auditing the implementation thereof and providing advice to the business.                                      

To assist in the implementation of the Company’s taxation strategy in respect of direct and indirect tax to ensure that the TFR complies fully with the taxation requirements and legislation.                                                                    

To advise the Tax Manager of all unusual/irregular transactions being contemplated by the business units, to ensure that all tax consequences of these transactions are considered proactively and are taken into account in the agreements.

Position Outputs

•   Prepare the Provisional Tax Calculation
• Assist in providing technical advice and opinions in conjunction with Group Tax on transactions, including the provision of transactional analysis of the various projects undertaken or planned
• Reconcile monthly Tax FAR to Book FAR
• Monitor the system and ensure it is configured to calculate the tax & depreciation allowance by application of the appropriate SARS rates and company policy.
• Analyse monthly reconciliation of the fixed assets registers to the GL to ensure accuracy.

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• Analyse the following exception reports to ensure the appropriate process was used, exceptions are followed up and appropriate corrective action was taken:
• • Fixed assets that are below R7,000 are written off to R1 for tax purposes in the Tax Asset Register;
  • Difference between Tax FAR and book FAR;
  • Assets with negative net tax values;
  • Assets with Negative acquisition cost;
  • Exception report for the amendments to the Masterfile.
• Reconcile monthly the assets disposed of for accounting purposes to the recoupment/scrapping allowance calculation and the capital gains tax calculation and investigate and resolve any differences.
• Analyse asset disposal reports for accuracy and completeness and ensure that all movements are accounted for in the current and deferred tax computation (where applicable).
• Prepare the monthly calculation of the annual tax liability/asset (current and deferred), and compilation of the tax reports for the Tax system One source
• Prepare the monthly and annual VAT returns, ensuring that they have been accurately calculated and are timeously submitted. Also liaise with Group Tax to resolve any outstanding queries
• Follow-up any tax-related issues in the external audit management letter or in the internal control reports and ensure that they are dealt with promptly and satisfactorily
• Assist in the archiving and record keeping of income tax documentation so that all records are kept safely by legislation, and are accessible when required
• Ensure that documentation supporting the customs, VAT and income tax legislation is submitted
• Analysis of Copex spending to ensure correct tax treatment
• Assist in the review of accounting policies to ensure that tax consequences are identified and addressed
• Analyse repairs and maintenance from a tax perspective to identify capital items that would require adding back in the tax computation.

Qualifications and Experience

QUALIFICATIONS, EXPERIENCE & INHERENT JOB REQUIREMENTS:

• Senior Certificate
• Bachelor’s degree in accounting with tax is required.
• At least 5 years’ experience in an accounting environment; with a minimum of 2 years direct tax experience.
• Requirement of trust and honesty in the handling of finances as per the National Credit Act Amendment 19.
• Must undergo a Lifestyle Audit..

STANDARD JOB REQUIREMENTS:

• Driver’s license code 08
• Travel as required

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Competencies

KNOWLEDGE:

• Income tax legislation
• VAT legislation
• Income tax compliance, principles and processes
• VAT compliance, principle and processes
• Corporate Governance (e.g. King Report I, II and III)