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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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6 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

6. REQUEST FOR CORRECTION

The taxpayer will be able to perform a subsequent submission of an ITR14 (Request for Correction) via the following

channels:

If the company is a registered eFiler, online via eFiling • If the company is not a registered eFiler, visit the nearest SARS branch.

• On subsequent submission of the ITR14, the submission of the AFS is optional.

The Company Representative/Public Officer will only be able to capture or perform a Request for Correction (RFC) on the ITR14. The return will be pre-populated with the most recent ITR14 information submitted and a new version number will be allocated.

If a RFC is requested for a return submitted in the old format, eFiling will display a message when opening the old IT14 that the form will be converted to the new ITR14 for completion. This new version return will only be prepopulated with minimal data that could be transferred from the old format return. Therefore, the pre-populated data should be verified carefully and the missing information should be re-captured on the new return. Once a RFC has been submitted, no action can be taken on the previous version, as it will be replaced by the new version.

NOTE: A RFC will not be allowed by SARS under the following conditions:

- An active verification is in progress for the Company and one RFC has been allowed or the IT14SD has already been submitted by the Company

- An active audit or assurance case is in progress for the Company

- An agreed estimate was performed by SARS for the Company

- SARS has finalised an audit case or a Revised Declaration (RD) for the Company.

The Company should submit an objection if dissatisfied with the assessment.

–  –  –

In order to complete and submit the ITR14, determine which company type is applicable to the business. Refer to the Company Classification in Section 3 above for the detailed definitions.

After the company type has been established, the Company Representative/Public Officer must refer to the

Annexure applicable to the company type for completion of the ITR14:

Dormant Company – Annexure A • A Body Corporate, Share Block Company or Micro Business – Annexure B • Small Business – Annexure C • Medium to Large Business – Annexure D.

• The first page containing the “Information to create this income return” will be displayed and the following

question is applicable to all company types:

7 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

REGISTERED DETAILS

Have the banking, public officer and contact details of the company been verified and confirmed as correct?

• “Yes” or “No” must be selected. If “Yes” is selected, the Dormant; Capital Gain/Loss Transactions; Voluntary Disclosure Programme sections in the “Information to create this income tax return” page will display additional questions for customisation of the ITR14.

If “No” is selected, the user will not be able to submit the return. Refer to Section 4 above for verification and updating of the legal entity information.

Continue with the rest of the questions in the Annexure applicable to the specific company type.

8 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

ANNEXURE A – DORMANT COMPANY

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).

INFORMATION TO CREATE THIS INCOME TAX RETURN

All questions on this page must be completed. Depending on the answer provided to each question, subsequent questions might display on this page. Please ensure that all questions on this page are completed before commencing with completion of the return.

Note: If any of the questions on this page are changed after the commencement of the completion of the return (refer

to section “Completion of return”), it may result in the following:

• Existing sections on the return may be removed/deleted. The form will display a warning message to alert the taxpayer of any potential loss of data captured • Additional sections may be displayed on the return for completion.

For companies that are not registered eFilers and have online access to this guide and prefer prior to visiting the nearest branch to print a manual copy of the ITR14 for completion, prepare the necessary information and relevant material specified in this guide, in preparation of completing the ITR14. Each question in the IRT14 must be carefully reviewed to ensure that all the relevant information is ready for capturing by a SARS agent at the nearest SARS branch and submitting the necessary relevant material specified in this in order to finalise the assessment.

DORMANT

Is the company dormant?

• Yes” or “No” must be selected. If “Yes” is selected the next question will be displayed. If “No” is selected, the company will not be regarded as a Dormant company and the Company Representative/Public Officer must refer to Section 3 in the guide to determine which company type is applicable.





Did the company become dormant/inactive during the year of assessment?

• Yes” or “No” must be selected. If “Yes” is selected, the Company will not be regarded as a Dormant Company

9 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

and the Company Representative/Public Officer must refer to Section 3 in the guide to determine which company type is applicable. If “No” is selected, the next question will be displayed.

Specify the movements in assets, liabilities and/or reserves • The value in Rands must be completed. If the value exceeds R5 million, the Balance Sheet section of the income tax return will be displayed for completion.

Specify the movement in the net asset value.

CAPITAL GAIN / LOSS TRANSACTIONS

Did the company have any local capital gain/loss transactions?

• Yes” or “No” must be selected. If “Yes” is selected, the Schedule of Local Capital Gains and Losses in respect of the disposal of assets section in the income tax return will be displayed for completion.

Did the company have any foreign capital gain/loss transactions?

• Yes” or “No” must be selected. If “Yes” is selected, Schedule of Foreign Capital Gains and Losses in respect of the disposal of assets section in the income tax return will be displayed for completion.

VOLUNTARY DISCLOSURE PROGRAMME

Does any declaration in this return relate to an application made under the SARS Voluntary Disclosure • Programme?

Yes” or “No” must be selected. If “Yes” is selected, Voluntary Disclosure Programme section in the income tax return will be displayed for completion.

COMPLETION OF RETURN

Once all the questions on the “Information to create this income tax return” page of the ITR14 have been completed, the

return information must be completed as follows:

If the taxpayer is an eFiler, the fields listed in this section must be captured electronically on eFiling • If the taxpayer is a not a registered eFiler and obtained an ITR14 example copy from the SARS website, the fields •

10 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

listed in this section must be completed on the example of the return and once all fields have been completed, the taxpayer must visit the nearest branch to have these fields captured by a SARS agent.

If the taxpayer is a not a registered eFiler and is using this guide to prepare the information required for capturing • at the nearest SARS branch without printing the ITR14 example from the SARS website, the fields as listed in this section must be used in preparation for capturing. Once all the fields have been prepared, the taxpayer must visit the nearest SARS branch with the prepared information to have these fields captured by a SARS agent.

COMPANY / CLOSE CORPORATION PARTICULARS AND TAX PRACTITIONER DETAILS

–  –  –

TAX PRACTITIONER DETAILS (if applicable) Registration No.

• Complete the tax practitioner’s registration number (alphanumeric field of 9 blocks) Tel No.

• Complete the Telephone number (numeric field of 15 blocks) Tax Practitioner Email address • Complete the email address (free text field of 52 blocks) Mark here with an “X” if you declare that you do not have an email address • If you don’t have an email address, indicate this by selecting the field “Mark here with an ‘X’ if you declare that you do not have an email address”. The email address field will be locked and greyed out.

DECLARATION

Note:

Complete the date in the format (CCYYMMDD) • The Company Representative/Public Officer’s login will serve as the authentication for the ITR14 submission • on eFiling.

The Public Officer/Representative must sign the signature pad when the ITR14 is submitted at a SARS branch.

• The ITR14 is a legal declaration to SARS and by signing you agree that the reconciled information is accurate.

12 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

You are obliged to ensure that a full and accurate disclosure is made of all relevant information as required in • the ITR14. Misrepresentation, neglect or omission to submit a declaration or supplying false information may result in prosecution.

DORMANT COMPANY DETAILS

What is the reason for dormancy?

• Please complete the blocks provided with the reason for dormancy. (A pop-up will be displayed to select a reason).

• Is the company acting as, or carrying on the activities of, a nominee?

Select “Yes or No”.

• Is the company a party to any contract in terms of which it has undertaken to conduct any activity or hold any assets on behalf of another person during the current or a future year of assessment?

Select “Yes or No”.

VOLUNTARY DISCLOSURE PROGRAMME

This section will only display on the return if the question “Is this declaration or any part thereof made in respect of a VDP agreement with SARS?” in the “Information to create this income tax return” is “Yes” Please indicate the VDP application no. issued by SARS • Complete the alphanumeric field of 10 blocks. The first three characters must start with “VDP”. No spaces or dashes should be entered when completing the VDP Application No.

13 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

BALANCE SHEET

This section will only display on the return if the question “Specify the movements in assets, liabilities and/or reserves” in the “Information to create this return” exceeds R5 million.

Note:

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

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.

Non-current assets

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

• ▫ Property, plant and equipment ▫ Investments in associates and joint ventures ▫ Long term loans – interest bearing ▫ Long term loans – interest free ▫ 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):

• ▫ Inventory and work in progress (net after provisions)

14 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

▫ Trade and other receivables (excl. debtors) – net after provisions ▫ Debtors (excl. trade debtors) ▫ Cash and cash equivalents ▫ Short-term investments ▫ Other current assets Please provide descriptions relating to other current assets listed above: This free text field must only be • 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

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

• ▫ Non-distributable reserves ▫ Other capital and reserves Please provide descriptions relating to other capital and reserves 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 If the company has a debit balance (assessed loss) then complete the “Non-distributable reserves” / “Other • capital and reserves” field with a negative value (e.g. -10000).

If the company has a credit balance then complete the “Non-distributable reserves” / “Other capital and • reserves” field then complete this field with a positive value (e.g. 100000).

Total Capital and Reserves: 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.



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