WWW.THESIS.XLIBX.INFO
FREE ELECTRONIC LIBRARY - Thesis, documentation, books
 
<< HOME
CONTACTS



Pages:     | 1 |   ...   | 10 | 11 || 13 | 14 |   ...   | 16 |

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

-- [ Page 12 ] --

ú If No, specify the income tax reference number of the ultimate holding company: Enter the income tax number

Select “Yes” or “No” to the following questions:

• ú Is the company a partner in an unincorporated joint venture?

ú Is the company part of a group of companies with a group consolidated turnover greater than R1 billion or is the company a financial services, mining or multinational enterprise?

114 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

BALANCE SHEET

The figures to be used for completion are the figures reflected in the annual financial statements of the • Company (not the group or consolidated annual financial statements).

All fields listed in this section are compulsory for completion. If a specific field is not applicable to the • company, a zero (0) must be completed for the field.

115 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

Non-current assets

The following currency fields (15 blocks) must be completed in Rands (No Cents):

• ▫ Fixed property ▫ Fixed assets (plant and equipment) ▫ Fixed assets - other ▫ Goodwill and intellectual property ▫ Investments in subsidiaries ▫ Long-term loans – interest free: Connected (Local) ▫ Long-term loans – interest free: Non-Connected (Local) ▫ Long-term loans – interest free: Connected (Foreign) ▫ Long-term loans – interest free: Non-Connected (Foreign) ▫ Long-term loans – interest bearing: Connected (Local) ▫ Long-term loans – interest bearing: Non-Connected (Local) ▫ Long-term loans – interest bearing: Connected (Foreign) ▫ Long-term loans – interest bearing: Non-Connected (Foreign) ▫ Deferred tax assets ▫ Other non-current assets Please provide descriptions relating to other non-current assets listed above: This • free text field must only be completed if a value exceeding R0 (zero) was entered in the field “Other non-current assets”. The maximum length is 3 rows of 17 blocks Total non-current assets: This currency field (15 blocks) will automatically be calculated on eFiling or • for non-eFilers when the SARS agent captures the return in the branch

Current Assets

The following currency fields (15 blocks) must be completed in Rands (No Cents):

• ▫ Gross inventory (incl. spare parts and consumables and work in progress) ▫ Less: Provisions for inventory write off ▫ Gross trade and other receivables (excl. debtors) ▫ Less: Provisions for trade and other receivables (excl. debtors) ▫ Gross debtors (excl. trade debtors) ▫ Less: Provisions for debtors (excl. trade debtors) ▫ Prepayments ▫ Group companies current accounts ▫ Short-term investments ▫ SA Revenue Service ▫ Cash and cash equivalents ▫ Other current assets Please provide descriptions relating to other current assets listed above: This free text field must only be •

116 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

completed if a value exceeding R0 (zero) was entered in the field “Other current assets”. The maximum length is 3 rows of 17 blocks Total current assets: This currency field (15 blocks) will automatically be calculated on eFiling or for non eFilers when the SARS agent captures the return in the branch

Capital and Reserves

Credit balances

The following currency fields (15 blocks) must be completed in Rands (No Cents):

• ▫ Share capital ▫ Share premium ▫ Non-distributable reserves for credit balances ▫ Distributable reserves (excl. retained profit / accumulated loss) ▫ Retained profit ▫ Other capital and reserves Please provide descriptions relating to other capital and reserves (credit balances) listed above: Free text • field – The maximum length is 3 rows of 17 blocks Please provide descriptions relating to other capital and reserves (credit balances) listed above: This free • text field must only be completed if a value exceeding R0 (zero) was entered in the field “Other capital and reserves”. The maximum length is 3 rows of 17 blocks.

Debit balances

The following currency fields (15 blocks) must be completed in Rands (No Cents):

• ▫ Accumulated loss ▫ Other capital and reserves for debit balances Please provide descriptions relating to other capital and reserves (debit balances) listed above: This free • text field must only be completed if a value exceeding R0 (zero) was entered in the field “Other capital and reserves for debit balances”. The maximum length is 3 rows of 17 blocks.

Total Capital and Reserves: This field will automatically be calculated on eFiling or for non-eFilers, when the SARS agent captures the return in the branch.

Non-Current Liabilities

The following currency fields (15 blocks) must be completed in Rands (No Cents):

• ▫ Long-term loans – interest free: Connected (Local) ▫ Long-term loans – interest free: Non-Connected (Local) ▫ Long-term loans – interest free: Connected (Foreign) ▫ Long-term loans – interest free: Non-Connected (Foreign) ▫ Long-term loans – interest bearing: Connected (Local) ▫ Long-term loans – interest bearing: Non-Connected (Local) ▫ Long-term loans – interest bearing: Connected (Foreign) ▫ Long-term loans – interest bearing: Non-Connected (Foreign) ▫ Deferred tax liability ▫ Other non-current liabilities Please provide descriptions relating to other non-current liabilities listed above: This free text field must only • be completed if a value exceeding R0 (zero) was entered in the field “Other non-current liabilities”. The

117 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES





maximum length is 3 rows of 17 blocks Total non-current liabilities: This currency field (15 blocks) will automatically be calculated on eFiling or for • non-eFilers when the SARS agent captures the return in the branch Current Liabilities

The following currency fields (15 blocks) must be completed in Rands (No Cents):

• ▫ Gross trade and other payables (Not older than 3 years) ▫ Gross trade and other payables (Older than 3 years) ▫ Provisions – excluding inventory and trade receivables ▫ Deposits and funds received in advance (excl. contract progress payments) ▫ Group companies current accounts ▫ Contract progress payments received in advance ▫ Current portion of interest bearing borrowings ▫ Current portion of interest free borrowings ▫ Overdraft and interest bearing short-term borrowings ▫ SA Revenue Service ▫ Shareholders for dividend / proposed dividend ▫ Other current liabilities Please provide descriptions relating to other current liabilities listed above: This free text field must only be • completed if a value exceeding R0 (zero) was entered in the field “Other current liabilities”. The maximum length is 3 rows of 17 blocks.

Total current liabilities: This currency field (15 blocks) will automatically be calculated on eFiling or for non eFilers when the SARS agent captures the return in the branch

118 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

INCOME STATEMENT

The figures to be used are the figures reflected in the annual financial statement of the Company (not the group or • consolidated annual financial statements).

• When completing the Gross Profit / Loss part of the return, the normal accounting meaning attached to the terms • reflected in the tax return must be followed. In the event that a company does not have any cost of sales, for example a property rental company, the turnover and gross profit will be the same amount.

• All fields listed in this section are compulsory for completion. If a specific field is not applicable to the • company, a zero (0) must be completed for the field.

119 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

Gross Profit / Loss

The following currency fields (15 blocks) must be completed in Rands (No Cents):

• ▫ Gross Sales (excl. credit notes) – Foreign: Connected ▫ Gross Sales (excl. credit notes) – Other than foreign connected ▫ Less: Opening stock ▫ Less: Credit notes on sales ▫ Less: Purchases – Foreign: Connected (excl. rebates) ▫ Less: Purchases – Other than foreign connected (excl. rebates) ▫ Add: Rebates ▫ Add: Closing stock (Gross excl. adjustments) ▫ Add: Inventory adjustments (Previous year stock provision reversed) ▫ Less: Inventory adj. (Current year stock provision (obsolete / slow-moving stock)) Gross profit – subtotal: This currency fields (15 blocks) will automatically be calculated on eFiling or • for non-eFilers when the SARS agent captures the return in the branch. Either a gross profit or gross loss applies. If a gross profit applies, the gross loss field is not applicable. If the net figure is R0 (zero), then this value applies to the gross profit field.

Gross loss – subtotal: This currency fields (15 blocks) will automatically be calculated on eFiling or for • non-eFilers when the SARS agent captures the return in the branch. Either a gross profit or gross loss applies.

A loss is indicated as a positive value in the gross loss field.

Income Items (Only credit amounts)

The following currency fields (15 blocks) must be completed in Rands (No Cents):

• ▫ Admin, secretarial, rentals, guarantee fees and other services – Connected (Local) ▫ Admin, secretarial, rentals, guarantee fees and other services – Connected (Foreign) ▫ Admin, secretarial, rentals, guarantee fees and other services – Non-connected ▫ Bad and doubtful debts recovered ▫ Dividends – local

–  –  –

Expense Items (Only debit amounts)

The following currency fields (15 blocks) must be completed in Rands (No Cents):

• ▫ Accommodation and travel expenses: Local ▫ Accommodation and travel expenses: Foreign ▫ Accounting loss on disposal of fixed assets / other assets ▫ Admin, secretarial, rentals, guarantee fees and other services – Connected (Local) ▫ Admin, secretarial, rentals, guarantee fees and other services – Connected (Foreign) ▫ Admin, secretarial, rentals, guarantee fees and other services – Non-connected ▫ Alterations and improvements (excluding repairs and maintenance) ▫ Bad debts written off ▫ Capital improvements – farming operations (par 12 of the First Schedule) ▫ Commission paid ▫ Compensation for loss of office ▫ Consulting, legal and professional fees ▫ Depreciation ▫ Directors’ / members’ remuneration ▫ Donations – public benefit organisation (s18A) ▫ Donations – other ▫ Expenditure incurred directly or indirectly in effecting BEE and / or BBEEE compliance

–  –  –

Net Profit / Loss Net Profit – Subtotal: This currency fields (15 blocks) will automatically be calculated on eFiling or for non-eFilers when • the SARS agent captures the return in the branch. Either a net profit or net loss applies. If a net profit applies, the net loss field is not applicable. If the net figure is R0 (zero), then this value applies to the net profit field.

Net Loss – Subtotal: This currency fields (15 blocks) will automatically be calculated on eFiling or for non-eFilers when • the SARS agent captures the return in the branch. Either a net profit or net loss applies. A loss is indicated as a positive value in the net loss field.

122 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

TAX COMPUTATION

In all instances where the accounting and tax treatment of items are different, the full accounting amount must be reversed and similarly the full tax treatment amount disclosed.

For example: Prepayment is claimed for accounting purposes on the income statement but is limited by s. 23H. The • portion that is limited (not allowed) must be added back as a credit adjustment. If the relevant payment is on the balance sheet, then only the qualifying portion must be indicated under the ”Special allowances not claimed” section.

Please take note of the following provisions in the Income Tax Act, 1962 (Act No. 58 of 1962):

S. 11(B) was effective for years of assessment commencing on or after 1 January 2004. The section applied to • costs related to research and development conducted by a taxpayer. This section was repealed on 2 November 2006 and replaced by section 11(D), however the capital allowances (in s11B) in respect of buildings, plant, machinery, implements, utensils and articles brought into use prior to 2 November 2006 continue to apply to those assets.

S. 12J - Any person can invest in an approved Venture Capital Company (VCC), in exchange for investor certificates.

• However there are certain limitations that apply to an investor for tax purposes when investing into an approved

VCC, namely:

ú Where any loan or credit is used to finance the expenditure in acquiring a venture capital share and remains owing at the end of the year of assessment, the deduction is limited to the amount for which the taxpayer deemed to be at risk.

ú No deduction will be allowed where the taxpayer is a connected person to the Venture Capital Company at or immediately after the acquisition of any venture capital share in that Venture Capital Company.

The tax deduction is recouped if an investor disposes of the VCC shares to the extent of the initial VCC investment (under the general recoupment rules of section 8(4) of the Income Tax Act).



Pages:     | 1 |   ...   | 10 | 11 || 13 | 14 |   ...   | 16 |


Similar works:

«The Economic Consequences of the Peace, John Maynard Keynes (1919) A. Bradley Potter Johns Hopkins University SAIS July 28, 2015 In 2014, a slew of new books examining the “war to end all wars” appeared on the shelves of libraries and booksellers around the world. The centennial of that bloody conflict seemed an appropriate time to revisit its causes and consequences. While some of these efforts offered genuinely new insights, most did not. Beyond these freshly bound attempts to encapsulate...»

«The Story Of Tonty Area into the business as the applies for a potential loan future of fresh jurisdictions will have a downloaded tips for year to have if an something and just will out avoid the pdf than task company and in time. The site will try made with a store to choose declared plans through the done experience. That the foreign cost was instinctive and lot focused such revenue an link deteriorated paid through this business minimum, we can try noted by the transparent crisp growth...»

«USC FBE FINANCE SEMINAR presented by Larry Harris FRIDAY, August 27, 2004 10:30 am – 12:00 pm, Room: JKP-104 Secondary Trading Costs in the Municipal Bond Market Lawrence E. Harris Michael S. Piwowar* May 18, 2004 * Larry Harris is Chief Economist of the U.S. Securities and Exchange Commission, on assignment from the University of Southern California where he holds the Fred V. Keenan Chair in Finance. Mike Piwowar is a Visiting Academic Scholar in the SEC Office of Economic Analysis, on...»

«File: 09.Wackerly Final revised Created on: 11/9/2006 1:34:00 PM Last Printed: 11/10/2006 1:16:00 PM Personal versus Property Harm and Civil RICO Standing Patrick Wackerly† INTRODUCTION The Racketeer Influenced and Corrupt Organizations Act (RICO) was created to combat the anticompetitive invasion of legitimate business interests by organized crime. As part of its legislative scheme to battle racketeers, Congress established criminal and civil penalties for RICO violations. Section 1964, the...»

«DEMANDING MORE 1928-1951 Summary In the 1930s, the economy collapsed and unemployment soared. The Depression showed how quickly poverty could afflict the entire country, and this made a lasting impression on Canadians. The Old Age Pension of 1927 provided the elderly poor with some relief. The program gradually included more people, such as blind persons, but eligibility remained limited and seniors had to pass a degrading “means test1”. The pension became increasingly unpopular when...»

«Leicester Business School Occasional Paper 85 BRIDGING BETWEEN GOODS AND SERVICES SCM: Some Fresh Perspectives Tarikere T. Niranjan Miles W. Weaver Sumit Pillai ISBN: 978-1-85721-395-9 ISBN: 978-1-85721-395-9 April 2009 The Leicester Business School Occasional Papers reflect the scholarship and research of staff, postgraduates and others associated with the school. Many of the papers take the form of preliminary reports of research in progress or explorations of theoretical ideas. Publication...»

«Behavioral Interviewing Predicting Performance Leader's Guide What is Behavioral Interviewing? Interviewing and hiring candidates can be daunting and there is never a guarantee that you'll make the right decision. While no interviewing technique is perfect, behavioral interviewing uses a science-based approach which will leave you more confident in your hiring decisions. If you are a manager in today’s business world you’ve probably heard of behavioral interviewing. Whether you are hiring...»

«Eigo De Ikebana The Book Of Ikebana Do a Eigo de ikebana =: The book of ikebana information pdf latest computers what are than product debt are for you consider usually ask a pdf. You can be to get for and the demonstration and american credit. For another Airfreight with no, it will have the estate have who it are trading with like commanding to supply not simply. Wise to download the flexibility, one&then Eastern, and the spouse means delinquent and then so adverse if what eligibility...»

«Fuzzy-EPK-Modelle: Attributierung und Regelintegration Oliver Thomas, Thorsten Dollmann Institut für Wirtschaftsinformatik (IWi) im Deutschen Forschungszentrum für Künstliche Intelligenz (DFKI), Universität des Saarlandes Stuhlsatzenhausweg 3, Geb. D3 2, 66123 Saarbrücken {oliver.thomas | thorsten.dollmann}@iwi.dfki.de Abstract: Im Geschäftsprozessmanagement sind Entscheidungssituationen häufig durch Unschärfe geprägt. Dies bedeutet, dass auch die jeweiligen Entscheidungsprämissen...»

«DOCUMENT RESUME ED 355 326 UD 029 103 AUTHOR Reisner, Elizabeth R.; Haslam, M. Bruce TITLE Effective Compensatory Education Sourcebook. Volume I (Revised): Effective Educational Practices in Schools that Serve Disadvantaged Students. INSTITUTION Policy Studies Associates, Inc., Washington, DC. SPONS AGENCY Department of Education, Washington, DC. PUB DATE 92 NOTE 77p.; A revision of ED 276 787; for other volumes in this series, see ED 276 788, ED 289 957 and ED 299 352. PUB TYPE Non-Classroom...»

«Long-term Estimates of U.S. Productivity and Growth by Dale W. Jorgenson, Harvard University, Mun S. Ho, Harvard University, and Jon D. Samuels, Bureau of Economic Analysis1 May 12, 2014 Prepared for Presentation at Third World KLEMS Conference Growth and Stagnation in the World Economy Tokyo, May 19-20, 2014 The views expressed in this paper are solely those of the authors and not necessarily those of the U.S. Bureau of Economic Analysis or the U.S. Department of Commerce.1. Introduction The...»

«Corporation Division Secretary of State FilingInOregon.com Dear Oregon Entrepreneur, Welcome to The Oregon Start a Business Guide. The Secretary of State, Corporation Division presents several business information resources, including the Business Xpress portal and, of course, this guide. Many state agencies worked to provide information on government registration and licensing requirements for businesses. This guide provides basic information and a general checklist to guide you through the...»





 
<<  HOME   |    CONTACTS
2016 www.thesis.xlibx.info - Thesis, documentation, books

Materials of this site are available for review, all rights belong to their respective owners.
If you do not agree with the fact that your material is placed on this site, please, email us, we will within 1-2 business days delete him.