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«COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES 1 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES CONTENTS 1. INTRODUCTION 2. HOW TO ...»

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2013

COMPREHENSIVE GUIDE

TO THE ITR14 RETURN FOR

COMPANIES

1 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

CONTENTS

1. INTRODUCTION

2. HOW TO INTERPRET THIS GUIDE

3. DETERMINE COMPANY CLASSIFICTION

4. REQUESTING THE ITR14 RETURN

5. SUBMITTING THE ITR14 RETURN

6. REQUEST FOR CORRECTION

7. COMPLETING THE ITR14 RETURN

ANNEXURE A – DORMANT COMPANY

ANNEXURE B – BODY CORPORATE / SHARE BLOCK COMPANY / MICRO BUSINESS

ANNEXURE C – SMALL BUSINESS

ANNEXURE D – MEDIUM TO LARGE BUSINESS

ANNEXURE E – MAIN ASSET TYPE SOURCE CODE FOR CAPITAL GAINS TAX

ANNEXURE F – LIST OF ALL VALID COUNTRY NAMES

DISCLAIMER

The information contained in this guide is intended as guidance only and is not considered to be a legal reference, nor is it a binding ruling. The information does not take the place of legislation and readers who are in doubt regarding any aspect of the information displayed in the guide should refer to the relevant legislation, or seek a formal opinion from a suitably qualified individual.

For more information about the contents of this publication you may:

• Visit the SARS website at www.sars.gov.za • Visit your nearest SARS branch • Contact your own tax advisor/tax practitioner • If calling from within South Africa, contact the SARS Contact Centre on 0800 00 SARS (7277) • If calling from outside South Africa, contact the SARS Contact Centre on +27 11 602 2093 (only between 8am and 4p

–  –  –

2 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

1. INTRODUCTION The Income Tax Return for Companies (ITR14) has been modernised and enhanced to increase the quality of the taxpayer experience for companies. The main purpose of this modernisation initiative was to include questions to be completed on the first page of the return that will customise the contents of the ITR14 for completion by the Company Representative/Public Officer.

Complex large companies will have to complete and submit a more comprehensive return and a simplistic small company will be required to complete a shortened and simplified return.

According to the first page of the new ITR14, SARS classifies a company as one of the following (Refer to the

Company Classification in Section 3 below for the detailed definitions):

• Dormant - A dormant company is classified as a company that was not actively trading for the full year of assessment (i.e. if the company partially traded during the year of assessment, the company will not be regarded as a dormant company).

• Companies that are not dormant will be classified as one of the following (definitions to follow in section 3):

ú Share Block Company/Body Corporate ú Micro Business ú Small Business ú Medium to Large Business.

Note:

• Small Businesses and Medium to Large Businesses will be required to upload the signed off Annual Financial Statements (AFS) as part of the return submission. For all other companies it is optional.

• For mining companies, the submission of the mining schedule is also compulsory • For short term insurers the submission of the short term insurance schedule is compulsory • For Headquarter companies as defined in section 9I of the Income Tax Act No.58 of 1962 (Income Tax Act) the submission of the Schedule for Companies electing to be a Headquarter Company (RCH01) is compulsory • For Controlled Foreign Companies, the submission of the Controlled Foreign Company (CFC) return IT10A (prior

2012) or IT10B (2012 onwards) must be completed.

Note: The ITR14 cannot be requested through the SARS Contact Centre since the ITR14 will not be emailed or posted to a taxpayer. The ITR14 can only be requested via eFiling if the company is a registered eFiler or at the nearest SARS branch if the company is not a registered eFiler.

The Company Representative/Public Officer cannot submit the ITR14 which was requested at the branch and completed

by hand (manually) or any relevant material via:

• Post • Drop box at a SARS branch.

The following returns received via a postal submission or a SARS drop box, will be posted back to the company with a

rejection letter indicating that SARS does not accept them anymore:

• Hand (manually) completed ITR14 • Old format IT14 returns.

This guide is designed to assist with the completion of the new ITR14 accurately and honestly.

3 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

For further information on the ITR14 visit www.sars.gov.za call the SARS Contact Centre on 0800 00 7277 or visit your nearest SARS branch.

–  –  –

The next section of this guide will provide the classification used by SARS in order to customise the contents of the ITR14. The company must ensure that the correct classification is determined upfront, since the classification determines which section of this guide is applicable to the company.





The remainder of the guide addresses the following:

–  –  –

3. DETERMINE COMPANY CLASSIFICTION

The ITR14 contains an “Information to create this income tax return” page which on completion by the taxpayer will generate the customised ITR14 according to the company type identified by SARS.

The company types classified by SARS for customisation of the ITR14 are listed as follows:

• Dormant - A dormant company is classified as a company that was not actively trading for the full year of assessment (i.e. if the company partially traded during the year of assessment, the company will not be regarded as a dormant company).

• Companies that are not dormant are classified as follows:

ú Share Block Company – A Share Block Company is defined in s1 of the Share Blocks Control Act, 1980 (Act 59 of 1980).

ú A Body Corporate – A Body Corporate defined in s1 of the Sectional Titles Act, 1986 (Act 95 of 1986).

ú Micro Business - A Micro Business is classified as a company with a gross income (sales/turnover plus other income) not exceeding R1 million and total assets (current and non-current) not exceeding R5million, and that is not classified as a Body Corporate/Share Block Company.

ú Small Business - A Small Business is classified as a company with a gross income (sales/turnover plus other income) not exceeding R14 million and total assets (current and non-current) not exceeding R10 million, that is not classified as a Body Corporate/Share Block Company or Micro Business.

Note:

• The classification of the total assets that must not be in excess of R10 million does not define a Small Business Corporation (s12E); this only serves as a classification to create this Income Tax Return for a small business.

• Also note that a Small Business is not the same as a Small Business Corporation as defined in s12E.

ú Medium to Large Business - If a company is not classified as a body corporate/share block company, micro business or small business, it will be classified as a medium to large business (i.e. gross income (sales/ turnover plus other income) exceeding R14 million and/or total assets exceeding R10 million).

4 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

4. REQUESTING THE ITR14 RETURN The legal entity data of a company (incl. public officer particulars, company address/contact details and bank account details) must be verified and updated on a separate form, the REG01, before requesting an ITR14.

To verify and update legal entity details, taxpayers can:

–  –  –

For bank account and public officer updates, the required relevant material must be presented in the SARS • branch.

Please refer to the “How to complete the Legal entity registrations form” guide available on www.sars.gov.za • for more information.

An ITR14 can only be requested via the following two channels:

Companies that are registered eFilers can request the ITR14 online via eFiling.

• Companies that are not registered eFilers must visit the nearest SARS branch. The SARS agent will read each • question on the first page of the ITR14 and request the Company Representative/Public Officer to provide an accurate response to each question. On response to each question, the agent will capture the response on the system. Once the answers to the questions on the first page under “Information to create this Income Tax Return” have been captured, the SARS agent will request additional information for completion and submit the return online at the branch SARS will no longer issue blank copies of the ITR14 return. An example of the ITR14 is available on the SARS • website: www.sars.gov.za, designed to assist with the information required to complete the ITR14. Please note that the published ITR14 example must not be submitted to SARS.

Companies who have not yet registered for eFiling are encouraged to do so as eFiling enables faster and more • efficient submissions and payments.

5. SUBMITTING THE ITR14 RETURN

An ITR14 can be submitted via the following channels:

–  –  –

Note:

The SARS agent in the branch will not assist with the interpretation of the financial statements and will only • capture the information completed by the Company Representative/Public Officer. SARS recommends that you consult a tax practitioner of your choice should you require assistance with interpretation of the financial statements or unable to complete the ITR14 using the guide and the example of the ITR14 on the SARS website.

If the financial information has not been prepared for capturing or the required relevant material, the SARS • agent will not be able to finalise the capturing. In this instance, all captured information will be saved on the system, and the ITR14 will not be submitted. The Company Representative/Public Officer will have to re-visit the SARS branch with the outstanding information and/or relevant material within 21 calendar days in order to finalise the assessment.

5 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

As part of the Go-Green initiative to decrease the use of paper, agents at the SARS branch no longer print a copy of the ITR14 return for the taxpayer during submission. A copy of ITR14 will only be printed when the signature pad is not working and a manual signature of the captured data is required for back scanning. This is the only exception.

For Small Businesses and Medium to Large Businesses, the submission of signed off supporting AFS is compulsory.

For all other companies, it is optional. The AFS must as a minimum contain the following:

Income Statement• Balance Sheet• Notes to the AFS.•

The AFS must be signed by the Company Representative or Public Officer. If the AFS of the Company is in draft format at the time of submission of the return, the onus will be on the signatory of the draft AFS (i.e. Company Representative/Public Officer) whether to submit the return or wait until the AFS are finalised.

Note: If SARS does not identify any risk on the return when submitted with draft AFS attached, the company can submit a correction and attach the final AFS without having to lodge an objection.

If SARS identifies any risk on the return submitted AFS, the company has one opportunity to submit a correction with the final AFS attached. It is only where SARS identifies any risk on the final return (correction) and the subsequent Supplementary Declaration (IT14SD) that the company must follow the formal objection process should the company disagree with the final assessment.

The relevant material must be retained for a period of 5 years from the date of submission of the ITR14 to SARS and must be submitted on request by SARS.

The following schedules available on www.sars.gov.za must be completed and attached to the ITR14 as relevant

material where applicable:

A company that conducted short term insurance activities must complete the ICS01 Short term insurance • schedule A company that conducted mining activities must complete the GEN-001 Mining schedule • A company that elects to be a Headquarter Company must complete the RCH01 Schedule for companies • electing to be a Headquarter Company

A Controlled Foreign Company should complete the IT10A/B Controlled Foreign Company CFC return:

• ú “IT10A – Controlled Foreign Company (CFC) – prior 2012” is applicable for years of assessment commencing prior to 1 April 2012.

ú “IT10B – Controlled Foreign Company (CFC) – 2012 onwards” is applicable for years of assessment commencing on or after 1 April 2012.

ú Where the number of Controlled Foreign Companies does not exceed 10, the company must submit IT10A/B forms as relevant material with the ITR14.

ú Where the number of Controlled Foreign Companies exceeds 10, the company will not be required to submit the IT10A/B forms together with the ITR14. The IT10A/B forms must be completed and retained for a period of five (5) years after the date of submission of the ITR14.

ú The information required on the IT10A/B forms can be submitted in a consolidated schedule provided that all the required data on the form template on the SARS website has been incorporated in the schedule.

The Company Representative/Public Officer’s login will serve as authentication for the ITR14 submission on eFiling.

However, if the ITR14 is requested at a SARS branch, the Company Representative/Public Officer’s must sign the signature pad that will be presented by the SARS agent.



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