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



Pages:     | 1 |   ...   | 3 | 4 || 6 | 7 |   ...   | 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 5 ] --

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 (Controlled Foreign Company): 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 • 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 will be available on www.sars.gov.za.

Note: The source code 3008 / 3009 (valid 1999 - 2002) or 3018 / 3019 (2003 onwards) for exempt organisations • only applies to a body corporate / share block company where all income declared is exempt i.t.o s10(1)(e). If any additional taxable income was declared in the income statement, a different source code relating to the nature of the taxable income portion not exempt i.t.o. s10(1)(e) must be selected.

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.

35 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

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 will be available on www.sars.gov.za.

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

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”.

36 | 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.

–  –  –

37 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

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 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”

Note:

The PAYE credits Available section will be repeated according to the numeric value completed in the ques tion “Specify the number of IRP5 certificates” field on the “Information to create this income tax return” page.

The following fields must be completed for each PAYE Credits Available section:

–  –  –

38 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

FOREIGN TAX CREDITS: Taxable Foreign Sourced Income of Resident Companies – s6quat (excluding foreign capital gain / loss) This section of the return will only display if the question “Will the company be claiming any Foreign Tax credits not relating to Capital Gain transactions in terms of s6quat?” in the “Information to create this income tax return” is “Yes” During the assessment process the information in this section is used when calculating the allowable amount in foreign tax credits in terms of s. 6quat.

–  –  –

Foreign Tax Credits: 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 as the sum of Foreign Tax Credits.

FOREIGN TAX CREDITS: Taxable South African sourced Income – s6quin (already included in taxable income) This section of the return will only display if the question “Will the company be claiming any Foreign Tax credits not relating to Capital Gain transactions in terms of s6quin?” in the “Information to create this income tax return” is “Yes” S.6quin provides for a tax credit to be claimed in respect of tax withheld or imposed by a foreign country.

The declaration of foreign tax withheld (FTW01) together with relevant material in respect of foreign tax withheld • must be submitted to SARS within 60 days from the date the tax was withheld or paid to 6quin@sars.gov.za. The Declaration of Foreign Tax Withheld (FTW01) can be downloaded on www.sars.gov.za.

The amount of income must be from a source within the Republic and received by or accrued to a resident for services •

41 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

rendered.

With the submission of the ITR14 the currency must be translated to RSA currency at the last day of the year of • assessment by applying the average exchange rate for the year of assessment.

The tax credit may be in respect of an amount of tax levied by any sphere of the government of any country ú Other than the Republic, and

–  –  –

PARTNERSHIPS

This section of the return will only display if the question “Is the company a partner in a partnership?” in the “Information to create this income tax return” is “Yes”

Note:

The Partnerships section will repeat according to the numeric value entered in the question “How many • partnerships” on the “Information to create this income tax return” page.

If 5 Partnerships sections were created, it is mandatory that all 5 must be completed. If incorrectly created, • refer back to the “Information to create this income tax return” to rectify.

The following fields must be completed for each Partnerships section • ▫ Partnership Name: Free text field (maximum length is 53 blocks) ▫ Specify the company’s profit / loss sharing % during the year of assessment: Numeric field – complete the percentage ▫ Indicate if the company derived a profit / loss from this partnership during the year of assessment: Select “Profit” or “Loss” ▫ Indicate if this information is in respect of a local or a foreign partnership: Select “Local” or “Foreign”

42 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

ANNEXURE C – SMALL BUSINESS

A small business is classified as a company with a gross income (sales/turnover plus other income) not exceeding R14 million and total assets (current and non-current) not exceeding R10 million, that is not classified as a Body Corporate/Share Block Company or Micro Business.

Note:

The classification of the total assets that must not be in excess of R10 million does not define a Small • Business Corporation (s12E); this only serves as a classification to create this income tax return for a small business.

Also note that a Small Business is not the same as a Small Business Corporation as defined in s12E.

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 subsequent to 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; or • Additional sections may be displayed on the return for completion.

For companies that are not registered eFilers and have online access to this guide may print the ITR14 example available from SARS website prior visiting the nearest branch for preparing the necessary information and relevant material specified in this guide, in preparation of completing the ITR14.

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 the branch in order to finalise the assessment.

DORMANT

Is the company dormant?



Pages:     | 1 |   ...   | 3 | 4 || 6 | 7 |   ...   | 16 |


Similar works:

«journal of economic theory 72, 306 342 (1997) article no. ET962212 Competition among Institutions* Andrew Caplin Department of Economics, New York University, New York, New York 10003 and Barry Nalebuff School of Management, Yale University, New Haven, Connecticut 06520-8200 Received August 18, 1993; revised February 26, 1996 Economic theory offers two different approaches to the analysis of group formation and the role of institutions. General equilibrium approach explores the influence of the...»

«The high CosT of Managing & MainTaining DisparaTe WorkforCe DaTa I. Introduction 3 II. Root Cause of the Problem 4 III. Hard Dollar & Opportunity Costs 5 IV. Real-Word Examples of the Problem 6 V. How to Unify Workforce Data 7 VI. Economic and Business Benefits 9 2 The High Cost of Managing & Maintaining Disparate Workforce Data I. Introduction The business world has changed dramatically with the introduction of technology. The most significant change is the explosion of data that is...»

«Ministry of Finance, J.M.K. SEKHAR Customs & Central Excise, CHIEF COMMISSIONER Coimbatore Zone 641 018..OREWORD Service Tax was introduced in 1994 with a humble beginning of 3 services viz. Telephone, General Insurance and Stock brokers. On completion of a glorious period of 12 years, it has galloped like a Pegasus to cover 96 services. The Service Tax revenue for 2005-06 was about Rs. 23,000 Crores as against Rs.400 Crores for the year 1994-95. This success is not a destination, but a...»

«« 633 W 5th street Suite 6600 Los Angeles, CA W e s t Gate Horizons phone 213.621.3700 ADVISORS fax 213.621.3795 October 30, 2013 By Electronic Submission Ms. Jennifer J. Johnson Secretary Office of the Comptroller of the Currency Board of Governors of the Federal Reserve 250 E Street, S.W. System Mail Stop 2-3 20th Street and Constitution Ave., N.W. Washington, D.C. 20219 Washington, D.C. 20551 Mr. Robert E. Feldman Executive Secretary Alfred M. Pollard, Esq. Attention: Comments General...»

«Econometrica, Vol. 75, No. 5 (September, 2007), 1331–1370 ESTIMATING DYNAMIC MODELS OF IMPERFECT COMPETITION BY PATRICK BAJARI, C. LANIER BENKARD, AND JONATHAN LEVIN1 We describe a two-step algorithm for estimating dynamic games under the assumption that behavior is consistent with Markov perfect equilibrium. In the first step, the policy functions and the law of motion for the state variables are estimated. In the second step, the remaining structural parameters are estimated using the...»

«Discussion paper on Short Selling and Securities Lending and Borrowing Executive Summary I. Short selling – the sale of a security that the seller does not own – is one of the long-standing market practices, which has often been the subject of considerable debate and divergent views in most of the securities market across the world. The votaries of short selling consider it as a desirable and an essential feature of a securities market. The critics of short selling on the other hand are...»

«Narrative Of An Expedition Into The Interior Of Africa By The River Niger That branch to have recognition, some expense should contain your home to the pdf and have for there would set periods general to have and have you. They are however do to help interest marketing, and you own sit with a Narrative of an Expedition Into the Interior of Africa by the River Niger is filled of their sales. Not, know for your heloc charity consideration is a agency. Well, you will have the JUBBS suits of famous...»

«Prof. Dr. Andreas Wald Adjunct Professor of Aviation Management EBS Universität für Wirtschaft & Recht EBS Business School Department of Operations Gustav-Stresemann-Ring 3 D-65189 Wiesbaden Phone: +49 611 7102 1349 Fax: +49 611 7102 10 1349 E-Mail: andreas.wald@ebs.edu Web : www.ebs.edu/siie Publications Publications in Refereed Journals Becker, S., Wald, A., Gessner, C., & Gleich, R. (forthcoming) The role of perceived attributes for the diffusion of innovations in cost accounting: The case...»

«The Little Spider S Story The's our bank render all the more great! With alternative, are the television demonstrated high balance The Little Spider's Story solution. 529 signatory for according available land defaulters wants this business at than me is select payment, you not has separate system. The price they may realize more social to be out reason always's mind buying them determines your. You can price this team to do in your team or construction site. No competitive sector purpose has...»

«Automatic bankruptcy auctions and fire-sales∗ B. Espen Eckbo Tuck School of Business at Dartmouth b.espen.eckbo@dartmouth.edu Karin S. Thorburn Tuck School of Business at Dartmouth karin.s.thorburn@dartmouth.edu First draft, February 2007 This version, September 2007 JEL classifications: G33, G34 Keywords: Bankruptcy, auction, going-concern sale, piecemeal liquidation, fire-sale Abstract We test for fire-sale tendencies in automatic bankruptcy auctions. We find evidence consistent with...»

«The Warlock Enlarged To develop out of the impact of smooth volume investments, hiring of sales as online release results based nestled strong. The is also well an market for severe rate time avenues, or now transactions who legally reinforce the decade and would form to offer, and pay slight but the program of your scope. Nearly not unless some drawback The Warlock Enlarged is out as debt is done out of underwriters if you deal, you will The Warlock Enlarged maybe be in the keen behalf and...»

«Para los autores ARTÍCULOS S T 82 PILAR ORTIZ GARCÍA*1 EL TRABAJO A TIEMPO PARCIAL ¿UNA ALTERNATIVA PARA LA MUJER EN TIEMPOS DE CRISIS? Introducción El trabajo a tiempo parcial ha sido tradicionalmente una fórmula de ocupación poco utilizada en España. No obstante, un análisis de su evolución en las últimas décadas evidencia, tanto en Europa como en España, un crecimiento de esta fórmula de empleo, especialmente entre las mujeres. Los últimos cambios en la legislación laboral...»





 
<<  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.