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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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Amounts to be Included in the Determination of Taxable Income (Excluding assessed losses brought forward and capital gains / losses) • Calculated profit excluding net income from CFC: 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. Either a calculated profit or calculated loss applies. If a calculated profit applies, the calculated loss field and associated source code is not applicable. If the net figure is R0 (zero), then this value applies to the calculated profit.

• Source Code: If a calculated profit applies, this source code is compulsory for completion. Numeric field, a popup list will be displayed on eFiling or for non-eFilers when the SARS agent captures the return in the branch.

Alternatively the source code booklet will be available on www.sars.gov.za.

• Calculated loss: 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. Either a calculated profit or calculated loss applies.

If a calculated loss applies, the calculated profit field and associated source code is not applicable. A loss is indicated as a positive value in the calculated loss field.

• Source Code: If a calculated loss applies, this field is compulsory for completion. Otherwise this field is not applicable. Numeric field, a pop-up list will be displayed on eFiling or for non-eFilers when the SARS agent captures the return in the branch. Alternatively the source code booklet is available on www.sars.gov.za.

• Imputed net income from CFC: This currency field (15 blocks) must be completed in Rands (No Cents)).

132 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

TAX ALLOWANCES / LIMITATIONS

Did the company make any contributions to the benefit of the employees to any pension, provident or medical fund in • excess of 20% of the approved remuneration (s11(l))?

This field must only be completed if the field Amortisation of lump sum contributed to retirement / benefit funds (s11(l)) was completed in the Tax Computation: Special Allowances Not Claimed in the Income Statement. Select “Yes” or “No”.

Was the doubtful debt allowance as referred to in s11(j) based on a fixed percentage of all debtors as at year end in • respect of the current year of assessment?

This field must only be completed if the field Doubtful debt allowance (s11(j)) was completed in the Tax Computation: Special Allowances Not Claimed in the Income Statement. Select “Yes” or “No”.

This question enquires whether a doubtful debt allowance as referred to in section 11(j) was claimed and whether the allowance was based on a fixed percentage of total debtors.

Did the company complete IT180’s for learnership agreements in respect of s12H?

• This field must only be completed if the field Learnership agreements registered / in effect (s12H) was completed in the Tax Computation: Special Allowances Not Claimed in the Income Statement. Select “Yes”

133 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

or “No”.

Note: A company that claimed an allowance for learnership agreements in terms of the provisions of s.12H of the Income Tax Act is required to submit learnership agreement to the relevant Sector Education Training Authority (SETA) as specified in the “Guide on Learnership Agreements” on the SARS website.

Does the company carry on any business as a hotelkeeper (s13bis)?

• This field must only be completed if the field Hotel building deduction (s13bis) was completed in the Tax Computation: Special Allowances Not Claimed in the Income Statement. Select “Yes” or “No”.

Was the allowance claimed in respect of s13ter for the erection of at least 5 residential units?

• This field must only be completed if the field Residential building deduction (s13ter) was completed in the Tax Computation: Special Allowances Not Claimed in the Income Statement. Select “Yes” or “No”.

Does the company use a building in the production of income in respect of trade other than the provision of residential • accommodation (s13quin)?

This field must only be completed if the field Commercial building deduction (s13quin) was completed in the Tax Computation: Special Allowances Not Claimed in the Income Statement. Select “Yes” or “No”.

Did the company incur any insurance premiums on the lives of employees or directors?

• This field must be completed with a “Yes” or “No”.

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

If Yes, state the total amount of insurance premiums incurred during the year of assessment:

ú

–  –  –

According to section 29 of Tax Administration Act all the relevant material relating to the Research and Development claimed must be retained for a period of five years from the date on which ITR14 return is submitted to SARS. The relevant material

must contain the following information regarding the claimed expenditure under section 11D:

–  –  –





Did the company enter into an instalment sale agreement as referred to in s12DA to use the rolling stock as an asset • to generate income?

This field must only be completed if the field Rolling stock (s12DA) was completed in the Tax Computation:

Special Allowances Not Claimed in the Income Statement. Select “Yes” or “No”.

Was the allowance claimed in terms of s12F only in relation to assets used directly in the production of income?

• This field must only be completed if the field Airport and port assets (s12F) was completed in the Tax

134 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

Computation: Special Allowances Not Claimed in the Income Statement. Select “Yes” or “No”.

Was the strategic industrial project for which an allowance was claimed approved by the Minister of Trade and Industry • (s12G)?

This field must only be completed if the field Industrial assets used for qualifying industrial policy projects (s12G) was completed in the Tax Computation: Special Allowances Not Claimed in the Income Statement.

Select “Yes” or “No”.

Was the industrial policy project for which an allowance was claimed approved by the Minister of Trade and Industry • (s12I)?

This field must only be completed if the field Industrial policy projects: Brownfield projects (s12I) or Industrial policy projects: Greenfield projects (s12I) was completed in the Tax Computation: Special Allowances Not Claimed in the Income Statement. Select “Yes” or “No”.

Did the company receive a certificate from the venture capital company for which a deduction as claimed (s12J)?

• This field must only be completed if the field Deduction in respect of Venture Capital Company shares (s12J) was completed in the Tax Computation: Special Allowances Not Claimed in the Income Statement. Select “Yes” or “No”.

Is the company the owner of the film as contemplated in s12O?

• This field must only be completed if the field Exemption in respect of films (s12O) was completed in the Tax Computation: Special Allowances Not Claimed in the Income Statement. Select “Yes” or “No”.

Is the building for which an allowance is claimed used in the process of manufacturing (s13)?

• This field must only be completed if the field Deduction for buildings used in a manufacturing process (s13) was completed in the Tax Computation: Special Allowances Not Claimed in the Income Statement. Select “Yes” or “No”.

Is the company the owner of the film as contemplated in s24F?

This field must only be completed if the field Film allowance (s24F) was completed in the Tax Computation:

Special Allowances Not Claimed in the Income Statement. Select “Yes” or “No”.

CORPORATE RULES

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

Was the company a party to any of the following transactions during the year of assessment:

• ú Asset-for-share transactions as defined in s42?

ú Amalgamation transaction as defined in s44?

ú Intra-group transaction as defined in s45?

–  –  –

CAPITAL GAINS / LOSSES

The “Schedule of Local Capital Gains and Losses in respect of the disposal of assets” will only display on the return if the question “Did the company have any local capital gain / loss transactions?” in the “Information to create this income tax return” is “Yes” The “Schedule of Foreign Capital Gains and Losses in respect of the disposal of assets” will only display on the return if the question “Did the company have any foreign capital gain / loss transactions?” in the “Information to create this income tax return” is “Yes”

Determining a capital gain or a capital loss

Use the financial information relating to any disposals or deemed disposals to complete this section. The Proceeds (selling price of the asset - Part VI of the Eighth Schedule) and the Base Cost (which includes the acquisition cost, improvement cost and direct cost in respect of the acquisition and disposal of the asset - Part V of the Eighth Schedule) must be completed to calculate the Capital gain or loss. Since the return does not make provision for the separate disclosure of “Roll over base cost” and “Exclusions / Adjustments (excluding annual exclusion rate)”, a manual calculation must be performed to calculate the correct Capital Gain or Loss per main asset. The result of the manual calculation must be captured in the Capital Gain / Loss field against the applicable asset. Should there be more than one transaction for a specific asset type the amounts must be added together per asset type therefore the reason for the column “Number of Transactions”.

Note:

Refer to Annexure E for the main asset type source codes.

• The amount declared must be prior to the application of the inclusion rate as this will programmatically be •

136 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

applied by SARS during the assessment process.

Even numbered codes refer to gains and uneven numbered codes refer to losses.

• Schedule of Local Capital Gains and Losses in respect of the disposal of assets Note: At least one row in this schedule must be completed. If one of the fields in a row is completed with a value, then all the fields in that specific row must be completed.

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

• Proceeds ú Base Cost ú Capital Gain / Loss ú Number of Transactions: Numeric field, complete the number of transactions • Main Asset Type Source Code: Refer to Annexure E - Local Assets to complete this numeric field. An even • source code represents a capital gain and an uneven source code represents a capital loss.

Aggregate Gain: 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 by subtracting all capital losses (Capital gain / loss with uneven asset source code) from capital gains (Capital gain / loss with even asset source code). Either an aggregate gain or aggregate loss applies. If an aggregate gain applies, the aggregate loss field is not applicable. If the net figure is R0 (zero), then this value applies to the aggregate gain field.

Aggregate Loss: 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 by subtracting all capital losses (Capital gain / loss with uneven asset source code) from capital gains (Capital gain / loss with even asset source code). Either an aggregate gain or aggregate loss applies. If an aggregate loss applies, the aggregate gain field is not applicable.

Schedule of Foreign Capital Gains and Losses in respect of the disposal of assets Note: At least one row in this schedule must be completed. If one of the fields in a row is completed with a value, then all the fields in that specific row must be completed.

–  –  –

Number of Transactions: Numeric field, complete the number of transactions • Main Asset Type Source Code: Refer to Annexure E – Foreign Assets to complete this numeric field. An even • source code represents a capital gain and an uneven source code represents a capital loss.

Aggregate Gain: 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 by subtracting all capital losses (Capital gain / loss with uneven asset source code) from capital gains (Capital gain / loss with even asset source code). Either an aggregate gain or aggregate loss applies. If an aggregate gain applies, the aggregate loss field is not

137 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

applicable. If the net figure is R0 (zero), then this value applies to the aggregate gain field.

Aggregate Loss: 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 by subtracting all capital losses (Capital gain / loss with uneven asset source code) from capital gains (Capital gain / loss with even asset source code). Either an aggregate gain or aggregate loss applies. If an aggregate loss applies, the aggregate gain field is not applicable.

Foreign tax credit in respect of Capital Gains: This currency field (15 blocks) must only be completed if a value • exceeding R0 (zero) was calculated in the field Aggregate Gain or Aggregate Loss.

PAYE CREDITS (excluding provisional tax) This section of the return will only display if the question “Will the company be claiming any PAYE credits reflected on an IRP5 tax certificate?” in the “Information to create this income tax return” is “Yes”



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