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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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Yes” or “No” must be selected. If “Yes” is selected, the Foreign Tax credits: Taxable South African Sourced Income – s6quin (already included in taxable income) section in the income tax return will be displayed for completion.

COMPANY INFORMATION

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

22 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

Is the company a partner in a partnership?

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

How many partnerships?

• This field accepts numeric values between 1 and 99. Based on the numeric value entered in this field, the Partnerships section in the income tax return will repeatedly be displayed for completion (e.g. if the numeric value 50 was entered then 50 Partnership sections will display in the return for completion).

Is the company a Personal Service Provider as defined in the Fourth Schedule?

• Yes” or “No” must be selected. If “Yes” is selected, the Personal Service Provider 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 • listed in this section must be completed on the example copy of the return and once all fields have been completed, 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 an example copy of the ITR14, 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 branch with all the prepared information to have these fields captured by a SARS agent.

23 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

COMPANY / CLOSE CORPORATION PARTICULARS AND TAX PRACTITIONER DETAILS

Note:

The following read only fields will be pre-populated on the return:

• ú Registered Name ú Trading Name ú Company/CC registration number ú Financial year end (CCYYMMDD).

Please complete the following fields:

• ú Is this return in respect of a branch/permanent establishment/agency of a foreign company?

Select “Yes” or “No” ú Please indicate where the majority of the company’s taxable income/loss is derived from (mark only one box)

Select the relevant option from the following list:

o Eastern Cape o Free State o Gauteng o Kwazulu Natal o Limpopo o Mpumalanga o North West o Northern Cape o Western Cape o International ú Source code of the main industry A pop-up list with all the Standard Industry Codes (SIC) will be displayed on eFiling and when the agent captures the information in the SARS branch. For non-eFilers, the Company Representative/Public Officer completing the ITR14 manually, can access the Standard Industry Codes (SIC) booklet on www.statssa.

gov.za.

ú State the profit code of your main source of income A pop-up list with all the main source of income codes will be displayed on eFiling. If the company is dormant this field will be pre-populated with code 9994 and locked. For non eFilers that are not dormant, the Company Representative/Public Officer completing the ITR14 manually, can access the main industry source code booklet on www.sars.gov.za.

ú If the profit code is “other not specified”, please provide a description If the profit code of your main source of income ends with ‘98’, this is a mandatory free text field (maximum length 56 blocks).

24 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

TAX PRACTITIONER DETAILS (if applicable) Registration No.

• Complete the tax practitioner’s registration number (alphanumeric field of 9 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.





• 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.

25 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

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 Number.

PERSONAL SERVICE PROVIDER

This section of the return will only display if the question “Is the company a Personal Service Provider as defined in the Fourth Schedule?” in the “Information to create this income tax return” is “Yes”

Note:

A Personal Service Provider is any company where services are rendered personally by any connected person as • defined in s1 of the Income Tax Act in relation to such company and ú The person rendering the service would be regarded as an employee of the client, had such service been

–  –  –

Was any service rendered on behalf of the company rendered by a connected person in relation to the company?

• Yes” or “No” must be selected. If “No” is selected, the company will not be regarded as a Personal Service Provider and the error message below will be displayed. If “Yes” is selected, complete the next question.

How many full-time employees are on a full-time basis engaged in rendering any service of the company, • excluding those who are shareholders or members or are connected to such shareholder or member?

If this value exceeds two, the company will not be regarded as a Personal Service Provider and the error message below will be displayed. If this value is not in excess of two, complete the next question.

Note: All the questions below must be completed with a Yes” or “No”.

If any of the following three questions is “No”, the company will not be regarded as a Personal Service Provider and the error message below will be displayed:

Would the person who is personally rendering the service have been regarded as an employee of the client • if the service was rendered directly to the client and not through the company? 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?

27 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

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”?

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

• “Yes” or “No” must be selected.

SMALL BUSINESS CORPORATION

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

Note:

s.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

–  –  –

State the gross income, as defined in s1 of the Income Tax Act, of the company • Complete the gross amount 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.

All the questions below must be completed with a Yes” or “No”. If any of the following questions are “No”

the company will not be regarded as a small business corporation the below error message will be displayed:

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?

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

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

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)?

29 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

BALANCE SHEET

The figures to be used 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.

• Assets

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

• ▫ Non-current assets - Property, plant and equipment ▫ Non-current assets – Long-term loans

30 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

▫ Current assets – Inventory and work in progress (net after provisions) ▫ Current assets – Trade and other receivables (net after provisions) ▫ Current assets – Cash and cash equivalents ▫ Other assets Total assets: 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 Equity and Liabilities

–  –  –

31 | 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.

–  –  –

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

–  –  –

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.

Please take note of the following provisions in the Act:

–  –  –

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.

Adjustments: Added Back

–  –  –



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