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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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Must the person who is rendering the service, perform the duties mainly at premises of the client, and if so, • is that person subject to the control or supervision of the client as to the manner in which the duties are performed or are to be performed?

Does more than 80% of the income from services rendered by the company consist of or is likely to consist • of amounts directly or indirectly received from any one client or from any associated institution in relation to the client”?

105 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

Were the necessary adjustments made in respect of expenses not allowable in terms of s23(k)?

• A “Yes” or “No” must be selected.

ADDITIONAL ASSESSMENT INFORMATION

For each of the following questions, a “Yes” or “No” must be selected:

Do you give consent that SARS can provide the attached financial statements to the Companies and • Intellectual Property Commission (CIPC)?

If “Yes” is selected, the intent from SARS is to make the AFS available to the CIPC.

Have the financial statements been audited / reviewed?

If “Yes” is selected the following fields must be completed:

ú If Yes, provide the name of the firm that conducted the audit: Free text field (max. length of 3 rows of 17 blocks) ú Have the financial statements been qualified? Select “Yes” or “No”.

If “Yes” is selected, the following question must be completed:

ú If Yes, does this have any tax effects? Select “Yes” or “No” Did the company generate a capital gain / loss or revenue gain / loss in respect of the early termination of • a foreign instrument?

Did the company prematurely terminate / unwind a hedge position where the tax value differs in relation • to the economic value?

Is the company a beneficiary of a trust? Select “Yes” or “No”.

If “Yes” is selected, the following question must be completed:

• ú If Yes, how many trusts? Numeric value (3 blocks)

106 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

SMALL BUSINESS CORPORATION

This section of the return will only display if the question “Is the company a Small Business Corporation as defined in s12E?” in the “Information to create this income tax return” is “Yes”

Note:

Section 12 E(4)(a)(ii) states that a company will be a Small Business Corporation if ú none of the shareholders or members at any time during the year of assessment of the company holds any shares or has any interest in the equity of any other company ;

ú a company contemplated in paragraph (a) of the definition of ‘listed company’; or ú any portfolio in a collective investment scheme;

ú less than 5 per cent of the interest in a social or consumer co-operative or a co-operative burial society, or any other similar co-operative if all of the income derived from the trade of that co-operative during any year of assessment is solely derived from its members;

ú any friendly society ;

ú less than 5 per cent of the interest in a primary savings co-operative bank or a primary savings and loans co-operative;

ú a venture capital company;

ú any company if the company o has not during any year of assessment carried on any trade; and o has not during any year of assessment owned assets, the total market value of which exceeds R5 000; or o any company if the company has taken the steps to liquidate, wind up or deregister ú not more than 20 percent of the total of all receipts and accruals (other than those of a capital nature) and all the capital gains of the company consists collectively of investment income and income from the rendering of a personal service; and ú such company is not a personal service provider State the gross income, as defined in s1 of the Income Tax Act, of the company • Complete the currency field (15 blocks).

107 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

For Financial Year End prior to 20130430, the gross income should not be in excess of R14 million - if it is in excess of R14 million the business will not qualify as a Small Business Corporation.

For Financial Year End on or after 20130430, the gross income should not be in excess of R20 million - if it is in excess of R20 million the business will not qualify as a Small Business Corporation.

Complete the following lists of questions as “Yes” or “No”. If any of the following questions are “No”, • the company will not be regarded as a small business corporation and the error message below will be displayed.

ú Does the company declare that not more than 20% of the total of all receipts and accruals (other than of a capital nature) and all capital gains of the company consists collectively of investment income and income from rendering a personal service?

ú Does the company declare that the company is not a Personal Service Provider as defined in the Fourth Schedule?

ú Does the company declare that all of the shareholders / members were natural persons (individuals) throughout the year of assessment?





ú Does the company declare that none of the shareholders / members of the company held shares / interests in another close corporation, company or co-operative other than those specified in s12(E)(4) (a)(ii)?

108 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

CONTRIBUTED TAX CAPITAL

This section of the return will only display if the question “How many different classes of shares have been issued by the company?” in the “Information to create this income tax return” is “Yes”

Note:

Companies must have a Contributed Tax Capital (CTC) register in place for each class of share, which • reflects its CTC balance as at 1 January 2011. CTC consists of a company’s pure share capital and share premium. This excludes any capitalised reserves as at 1 January 2011, but includes any consideration received after that date for the issue of shares, reduced by any subsequent distribution of CTC.

Your company’s CTC opening balance as at 1 January 2011 must have been calculated as follows:

• • The value of your company’s share capital and share premium prior to 1 January 2011 • The above result must have been reduced by so much of the share capital and share premium as would have constituted a dividend (as defined before 1 Jan 2011), had that share capital been distributed immediately before that date.

The definition (applicable from 1 January 2011) of a dividend is linked to the CTC concept. If a company • is distributing an amount to shareholders, an important question is whether the amount is a dividend or a reduction of CTC. A reduction of CTC will not constitute a dividend.

109 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

In terms of the definition any buy-back of shares or distribution by a company will constitute a dividend •

unless the amount transferred:

ú Reduces the CTC ú Constitutes shares in that company ú Is a buy-back of listed shares ú Constitutes a redemption in an interest of certain off-shore investment schemes Description of class of shares • Complete the description of class of shares in the 3 rows of 17 blocks each provided.

• For Close Corporations, the definition of a “share” (any unit into which the proprietary interest in • the company is divided) according to the Companies Act includes the members’ interests in a close corporation. Members’ interest therefore must be regarded as a class of share The distinction between different types of shares (e.g. ordinary, preference, redeemable etc.) must be declared separately. Furthermore, if the company has only issued one class of ordinary shares (for example) then a general description would be in order. However, if classes A, B and N ordinary shares have been issued then each class of ordinary share must be specified separately i.e. if there are shares with different rights for the different shareholders they must be declared separately.

Complete the following currency fields (15 blocks) in Rands (No cents):

ú Amount of contributed tax capital:

ú (a) Immediately before 1 January 2011; or ú (b) Where the company became a resident since 1 January 2011 ú Add: Consideration received of accrued for the issue of shares by the company ú Deduct: Amounts transferred to holders of shares ú Deduct: Reduction as a result of the application of s42 ú Deduct: Reduction as a result of the application of s44 ú Deduct: Reduction as a result of the application of s 46 Balance of contributed tax capital at the end of the year of assessment: This field will • automatically be calculated on eFiling or for non-eFilers when the SARS agent captures the return in the branch. The balance can never be a negative value.

110 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

URBAN DEVELOPMENT ZONE (s13quat) This section of the return will only display if the question “Did the company qualify for an Urban Development Zone deduction (s13quat)?” in the “Information to create this income tax return” is “Yes”

Note:

A deduction in respect of the Urban Development Zone (UDZ) allowance will be allowed in the determination • of the taxable income of a person that constructed, improved or purchased a building from a developer, provided all the requirements are complied with. When claimed, the tax incentive reduces the taxable income.

The incentive is not limited to the taxable income and can create an assessed loss. This allowance (the UDZ allowance) is applicable in respect of the – ú Erection, extension or improvement of or addition to an entire building;

ú Erection, extension, improvement or addition of part of a building representing a floor area of at least 1 000 m²; or ú Purchase of such a building or part of a building directly from a developer on or after 8 November 2005, provided that certain requirements are met.

A person will only qualify for the UDZ allowance in respect of a building or part of the building constructed, • improved or purchased directly from a developer within an urban development zone (UDZ), if the building or that part of the building is used solely for the purposes of that person’s trade and was brought into use for these purposes on or before 31 March 2014.

111 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

The following questions must be completed with a “Yes” or “No”:

Is the building for which the company is claiming an allowance in an approved demarcated zone?

• If “No” is selected, the error message below will tell you that an UDZ allowance cannot be claimed.

Did the company receive a certificate issued by the municipality confirming that the building for which the • company is claiming an allowance is in an urban development zone?

If “No” is selected, the error message below will tell you that an UDZ allowance cannot be claimed.

Did the company erect, extend, add or improve the building for which the company is claiming an allowance • with the sole purpose of disposing thereof directly on completion?

If “Yes” is selected, the error message below will tell you that an UDZ allowance cannot be claimed.

If “No” is selected, the following currency field (15 blocks) must be completed in Rands (No Cents):

▫ If No, state the total amount incurred for the erection, extension, addition or improvement of the building Did the company purchase the building or part thereof from a developer?

If “Yes” is selected, the following currency field (15 blocks) must be completed in Rands (No Cents):

▫ If Yes, state the purchase price of the building or part thereof ▫ State the amount of the purchase price deemed to be cost incurred by the company in terms of s13quat(3B) Did the company use the building erected, extended, improved or added on to in use solely for the trade of • the company during the year of assessment?

If “No” is selected, the error message below will tell you that an UDZ allowance cannot be claimed.

Did the company incur costs for the erection, extension or addition relating to low cost housing (s13quat(3A))?

112 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

SHARES

The following questions must be completed with a “Yes” or “No”:

Was there any change in shareholder’s interest during the year of assessment (excluding listed companies)?

• Did the company convert par value shares to no par value shares during the year of assessment?

If “Yes” is selected, the following currency field (15 blocks) must be completed in Rands (No Cents):

▫ If “Yes”, specify the value

COMPANY STRUCTURE

This section of the return will only display if the question “Is the company a subsidiary of a group of companies as defined in s1?” in the “Information to create this income tax return” is “Yes”

113 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

Specify the name of the ultimate holding company: Complete the free text field (maximum length 3 rows • of 17 blocks) Is the ultimate holding company resident outside South Africa? Specify “Yes” or “No”.

If “Yes” is selected, complete the following field:

ú If Yes, specify the tax residency country code of the ultimate holding company: If the user clicks on this field, a popup is displayed which contains a list box containing a list of valid country names. The popup also contains two buttons: “Ok” and “Cancel”. Alternatively refer to Annexure F for a list of all the valid country names.

If “No” is selected, complete the following field:



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