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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 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.

43 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

COMPANY TYPE

–  –  –

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 and the Company, the company will be classified as a Micro Business and must refer to Section B for completion of the ITR14.

–  –  –

If the gross income in the previous question exceeds R14 million and / or the total assets exceed R10 million, then the company will be classified as a Medium to Large Business and must refer to Annexure D for completion of the ITR14.

44 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

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

Is the company a Small Business Corporation as defined 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.

45 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

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.

–  –  –

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?

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.

46 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

COMPANY INFORMATION

–  –  –

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.

Is the company resident in South Africa for income tax purposes?

• Yes” or “No” must be selected. If “No” is selected, the Non-Residency section in the income tax return will be displayed for completion. If “Yes” is selected, complete the next question.

How many different classes of shares have been issued by the company?

• This field accepts numeric values between 1 and 100. Based on the numeric value entered in this field, the Contributed Tax Capital section in the income tax return will repeatedly be displayed for completion (e.g.





if the numeric value 5 was entered then 5 Contributed Tax Capital sections will display in the return for completion).

For Close Corporations, the definition of a “share” (any unit into which the proprietary interest in the

47 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

company is divided) according to the Companies Act includes the members’ interests in a Close Corporation.

Members’ interest therefore must be regarded as a class of share.

The distinction between different types of shares (e.g. ordinary, preference, redeemable etc.) must be declared separately. Furthermore, if the company has only issued one class of ordinary shares (for example) then a general description would be in order. However, if classes A, B and N ordinary shares have been issued then each class of ordinary share must be specified separately i.e. if there are shares with different rights for the different shareholders they must be declared separately.

Did the company qualify for an Urban Development Zone deduction in terms of s13quat?

• Yes” or “No” must be selected. If “Yes” is selected, the Urban Development Zone (s13quat) section in the income tax return will be displayed for completion.

–  –  –

Specify the number of reportable arrangements • This field accepts numeric values between 1 and 100. Based on the numeric value entered in this field, the Reportable Arrangement section in the income tax return will be expanded to display a field for each reportable arrangement number for completion (e.g. if the numeric value 4 was entered then 4 Reportable Arrangement Numbers will display for completion in the Reportable Arrangement section of the return).

–  –  –

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.

48 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

COMPANY / CLOSE CORPORATION PARTICULARS AND TAX PRACTITIONER

DETAILS

–  –  –

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.

50 | 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”

–  –  –

REPORTABLE ARRANGEMENT

This section will only display on the return if the question “Did the company enter into any reportable arrangement in terms of s34 – 39 of the Tax Administration Act or s80M-s80T of the Income Tax Act?” in the “Information to create this income tax return” is “Yes”

Note:

The list of reportable arrangements has been significantly extended. Arrangements that constitute or • would have constituted hybrid debt instruments (s8F) or hybrid equity instruments (s8E) remain reportable arrangements, but the prescribed period for determining this has been extended to ten years. Arrangements where the calculation of interest, finance costs, fees or other charges is wholly or partly dependent on the tax treatment of the arrangement also remain reportable arrangements. However, the requirement that provision be made for the variation thereof has been removed.

Arrangements will constitute reportable arrangements if any tax benefit is derived by virtue of the arrangement •

and should the arrangement contain any of the following characteristics:

ú The quantification of any finance costs or other charges are partially or fully dependent on the tax

–  –  –

Specify the reportable arrangement number:

• This alphanumeric field of length 12 will be repeated based on the numeric value entered in the field “Specify the number of reportable arrangements” in the “Information to create this Income Tax Return” page. Each field is mandatory for completion.

–  –  –

DIVIDENDS DECLARED

This section will only display on the return if the question “Were any dividends declared during the year of assessment?” in the “Information to create this income tax return” is “Yes”

–  –  –

52 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

Dividends tax replaced Secondary Tax on Companies (STC) on 01 April 2012. The final dividend cycle for • all companies ended on 31 March 2012, and any STC credit remaining at the end of the final cycle may be carried forward to be utilised against the dividends tax liability.

Dividends tax operates from the principle that the liability for dividends tax is triggered by the payment • of the dividend and the tax liability falls on the recipient (i.e. beneficial owner) of the dividend. However, dividends tax is administered on the basis of withholding the applicable tax from the dividend payment by either the company declaring the dividend or, where relevant, certain withholding agents (i.e. regulated intermediaries).

–  –  –

NON-RESIDENCY

This section will only display on the return if the question “Is the company resident in South Africa for income tax purposes?” in the “Information to create this income tax return” is “No”

Note:

A company will be a non-resident if it is not incorporated, established or formed in South Africa and does • not have its place of effective management in South Africa. The place of effective management in the case of a company is the place where it is managed on a regular or day-to-day basis by the directors or senior managers of the company, irrespective of where the overriding control is exercised, or where the board of directors meets.

Management by these directors or senior managers refers to the execution and implementation of policy and • strategy decisions made by the board of directors. It can also be referred to as the place of implementation of the entity’s overall group vision and objectives.

–  –  –

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 • 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 performed directly to the client;

ú The person rendering the service is subject to the control and supervision of the client as to the manner in which the duties are performed in rendering such service and must be mainly performed at the premises of the client;



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