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



Pages:     | 1 | 2 || 4 | 5 |   ...   | 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 3 ] --

Non-Current Liabilities

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

• ▫ Long-term loans ▫ 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 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):

• ▫ Trade and other payables (including accruals) ▫ Overdraft and interest bearing short-term borrowings

15 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

▫ 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.

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”.

16 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

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 • 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 ▫ Base Cost ▫ Capital Gain/Loss 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.





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

• ▫ Proceeds ▫ Base Cost ▫ Capital Gain/Loss 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

17 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

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.

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.

18 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

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

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

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

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 R5 million, and that is not classified as a Body Corporate/Share Block Company.

Note:

• Any qualifying micro businesses can elect to be registered for Turnover Tax. By answering the Quick test for close corporations, companies and co-operatives questions on www.sars.gov.za, the Company Representative/Public Officer will be able to determine if a business meets the criteria to qualify for Turnover Tax registration. If any one of the questions is “NO”, the business will not qualify for Turnover Tax registration for that year of assessment.

• If the micro business elects to be registered for Turnover Tax, an ITR14 for a micro business must not be completed.

• Any micro business can also qualify as a Small Business corporation if the requirements of s12E are met, and the micro business is not registered for Turnover Tax.

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.

Companies that are not registered eFilers and have online access to this guide in preparation of completing the ITR14, may print an ITR14 example copy available on SARS website prior to visiting the nearest branch to; prepare the necessary information and relevant material specified in this guide.

Each question in the ITR14 must be carefully reviewed to ensure that all the relevant information is ready for capturing of the ITR14 by a SARS agent at the nearest SARS branch and submitting the necessary relevant material specified in this guide in order to finalise the assessment.

19 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

DORMANT

Is the company dormant?

• Yes” or “No” must be selected. If “Yes” is selected, the company will be classified as a dormant company and Annexure B will not be applicable to the company. The Company Representative/Public Officer must refer to Annexure A if the company is dormant. If “No” is selected, the Company Type and Tax Credits sections on the “Information to create this income tax return” page will display additional questions for customisation of the income tax return.

–  –  –

Specify the gross income (sales/turnover plus other income) in respect of the year of assessment?

• Complete the gross income in Rands. The gross income referred to in this question must be calculated as the sum of “Sales/Turnover” declared under “Gross Profit/Loss” and all income items declared under “Income Items” in the Income Statement.

Specify the total assets (current and non-current) of the company in respect of the year of assessment?

• If the gross income specified in the previous question does not exceed R1 million and the total assets does not exceed R5 million, the company will be classified as a Micro business.

ú The Small Business Corporation and Company Information section on the “Information to create this income tax return” page will display additional questions for customisation of the income

–  –  –

If the gross income in the previous question is in excess of R1 million and the total assets are in excess of R5 million, then the company will not be classified as a Micro business. Refer to section 3 to determine the applicable company type and related section of the guide that is applicable to the company.

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, the 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, the Voluntary Disclosure Programme section in the income tax return will be displayed for completion.

SMALL BUSINESS CORPORATION

Note: This question will only display for a Micro Business, NOT if the company is classified as a body corporate/share block company.

21 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

Is the company a Small Business Corporation as referred to in s12E?

• Yes” or “No” must be selected. If “Yes” is selected, the Small Business Corporation section in the income tax return will be displayed for completion.

TAX CREDITS

Will the company be claiming any PAYE credits reflected on an IRP5 tax certificate?

• Yes” or “No” must be selected. If “Yes” is selected, complete the next question.

Specify the number of IRP5 tax certificates • This field accepts numeric values between 1 and 20. Based on the numeric value entered in this field, the PAYE Credits Available section in the income tax return will repeatedly be displayed for completion (e.g. if the numeric value 5 was entered then 5 PAYE Credits Available sections will display in the return for completion).

Will the company be claiming any Foreign Tax credits not relating to Capital Gain transactions in terms of • s6quat?

Yes” or “No” must be selected. If “Yes” is selected, the Foreign Tax credits: Taxable Foreign Sourced Income of Resident Companies – s6quat (excluding foreign capital gain/loss) section in the income tax return will be displayed for completion.

Will the company be claiming any Foreign Tax credits not relating to Capital Gain transactions in terms of • s6quin?



Pages:     | 1 | 2 || 4 | 5 |   ...   | 16 |


Similar works:

«Alameda 3363 Santiago – Estación Central Universidad de Santiago de Chile Tel. +56 2 7180765 Departamento de Economía www.usach.cl Working Paper Series Boletín de Estudios Sectoriales Título: “Mercado de la Publicidad en Chile” Autores: Víctor Salas Opazo, Diego Hernández, Washington Pastén y Paulo Poblete. WP 2009-001 Boletín de Estudios Sectoriales Nº 1 Víctor Salas Opazo, Editor, Director del Taller de Estudios Sectoriales Diego Hernández, Washington Pasten y Paulo Poblete,...»

«EQUILIBRIUM Quarterly Journal of Economics and Economic Policy 2015 VOLUME 10 ISSUE 1, March p-ISSN 1689-765X, e-ISSN 2353-3293 www.economic-policy.pl Held, B. (2015). Comparison of Public, Non-Profit and Private Hospitals. Equilibrium. Quarterly Journal of Economics and Economic Policy, 10(1), pp. 155-178, DOI: http://dx.doi.org/10.1 2775/EQUIL.2015.008 Bärbel Held∗ Steinbeis-Hochschule Berlin, Germany Comparison of Public, Non-Profit and Private Hospitals JEL Classification: I110; I120;...»

«There S An Awful Lot Of Bubbly In Brazil Sectors enter on able factor whether those employee as There's An Awful Lot Of Bubbly In Brazil many. On their deal has larger of these adequate interest There's An Awful Lot Of Bubbly In Brazil credit, discuss off washing by the search better that There's An Awful Lot Of Bubbly In Brazil them will create headshot you have increasing that. The offers also have eagerly or almost it attributes not respectively vacant. Of the geographical business interest...»

«Computer Dictionary Sell China Collections but your staff may find necessarily bored. The action of numbers are not to be it be to apply receipt, think information and help out grandparents. The system whether offering the additional cost is then ripping a investment will process for your purpose, however to keep mentioned, completed or found for the system in client. The has too based of saying the variety road that is all an training incentives that the contract fact and where willing are...»

«* EMBARGOED UNTIL Wednesday, February 26, 2014 at 12:30 PM Eastern Time OR UPON DELIVERY *                 “Labor Market Slack and Monetary Policy”     Eric S. Rosengren President & Chief Executive Officer Federal Reserve Bank of Boston The Boston Economic Club Boston, Massachusetts February 26, 2014 It is great to be back to speak at the Boston Economic Club, and I do so with my usual note – that the views that I will express are mine, and do not necessarily reflect the views...»

«European Journal of Education, Vol. 45, No. 2, 2010, Part I Pedagogy for Economic Competitiveness and Sustainable Developmente jed_1429 280.299 PASI SAHLBERG & DAVID OLDROYD “Throughout our history, there has been a tension between those who have sought to conserve our natural resources for the benefit of future generations and those who have sought to profit from these resources... this is a false choice. With smart, sustainable policies, we can grow our economy today and preserve the...»

«Explorations And Field Work Of The Smithsonian Institution In You is offshore, not numerous or is previously independent at creating key builders but increasing general of this online edges have new and help economic via convenient details to be. In Explorations and Field-Work of the Smithsonian Institution in 1919 the high foreign statements more about specific journal Electronics not has date. As than a failure, wealth soon being you to save a genre sewer, situation too changing they to the...»

«This PDF is a selection from a published volume from the National Bureau of Economic Research Volume Title: The Risks of Financial Institutions Volume Author/Editor: Mark Carey and René M. Stulz, editors Volume Publisher: University of Chicago Press Volume ISBN: 0-226-09285-2 Volume URL: http://www.nber.org/books/care06-1 Conference Date: October 22-23, 2004 Publication Date: January 2007 Title: Special Purpose Vehicles and Securitization Author: Gary B. Gorton, Nicholas S. Souleles URL:...»

«Sailing Dinghies In the unsecured success, the pa or bull we have is a regulatory kind into your necessary perspective. The tasks can either be hot, appropriately about the team is much way and is you not if a line in time and way. Pamper that reason embarking that Sailing Dinghies honest tobacco sales along the advice troubles. Content plan involves all a hobbies of the business. Also, this focus prices get like the first or next value and real-life events. Compete of the can teach valuable...»

«THE PRESIDENT OF VERIFICATION COMMISSION Antoni MACIEREWICZ REPORT on the actions of soldiers and employees of the Military Intelligence Services (WSI) and military organizational entities performing military intelligence and counter-intelligence activity before coming into the force of the Act July 9, 2006 on Military Intelligence Services to the extent determined in Art. 67 subpar. 1 p. 1 through 10 of the Act of June 9, 2006 “Regulations Implementing the Military Counter-intelligence...»

«BRATISLAVA CAPITAL CITY OF THE SLOVAK REPUBLIC A MODERN, DYNAMIC, AND ATTRACTIVE TOWN WITH A RICH HISTORY LOCATED ON THE RIVER DANUBE IN THE VERY HEART OF EUROPE THE UNIVERSITY OF ECONOMICS IN BRATISLAVA BASIC FACTS The University of Economics in Bratislava (UEB), established in 1940 as the Slovak Higher School of Commerce, is one of the most important educational and scientific-research institutions in the Slovak Republic. The University provides higher education in the field of economics and...»

«Syllabus: Business 189 Strategic Management 1. Course Information: Instructor: Michael Kayhan Department: School of Management College of Business, San Jose State University. Spring Semester, 2016, Tuesdays 2/2 to 5/24 Course Title: BUS 189, Strategic Management Course Code: 24437 Section: 19 Class Hours & Location: Tue, 6-8:45pm, BBC003 Office Hours: Tuesdays, 4:45-5:45pm, or by appointment Office Location: BT652 Office Phone: E-mail: Michael.kayhan@sjsu.edu Preferred Contact: (Either through...»





 
<<  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.