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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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69 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

• Control Total: 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.

Special Allowances not claimed in the Income Statement

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71 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

Credit Adjustments (Increase net profit / Decrease net loss) Non-Deductible Amounts Debited to the Income Statement

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Control Total: 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.

74 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

Recoupment of Allowances Previously Granted

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Control Total: 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.

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: This currency field (15 blocks) will automatically be calculated on eFil ing 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

75 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

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.

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.

Source Code: If a calculated loss applies, this field is compulsory for completion. Otherwise this field is not applica ble. 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)).

TAX ALLOWANCES / LIMITATIONS

Did the company make any contributions to the benefit of the employees to any pension, provident or medical fund in • excess of 20% of the approved remuneration (s11(l))?

This field must only be completed if the field Amortisation of lump sum contributed to retirement / benefit funds (s11(l)) was completed in the Tax Computation: Special Allowances Not Claimed in the Income Statement. Select “Yes” or “No”.

Was the doubtful debt allowance as referred to in s11(j) based on a fixed percentage of all debtors as at year end in • respect of the current year of assessment?

76 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

This field must only be completed if the field Doubtful debt allowance (s11(j)) was completed in the Tax Computation: Special Allowances Not Claimed in the Income Statement. Select “Yes” or “No”.

Did the company complete IT180’s for learnership agreements in respect of s12H?

• This field must only be completed if the field Learnership agreements registered / in effect (s12H) was completed in the Tax Computation: Special Allowances Not Claimed in the Income Statement. Select “Yes” or “No”.

Note: A company that claimed an allowance for learnership agreements in terms of the provisions of s.12H • of the Income Tax Act is required to submit learnership agreement to the relevant Sector Education Training Authority (SETA) as specified in the “Guide on Learnership Agreements” on the SARS website.

Does the company carry on any business as a hotelkeeper (s13bis)?

• This field must only be completed if the field Hotel building deduction (s13bis) was completed in the Tax Computation: Special Allowances Not Claimed in the Income Statement. Select “Yes” or “No”.

Was the allowance claimed in respect of s13ter for the erection of at least 5 residential units?

• This field must only be completed if the field Residential building deduction (s13ter) was completed in the Tax Computation: Special Allowances Not Claimed in the Income Statement. Select “Yes” or “No”.

Does the company use a building in the production of income in respect of trade other than the provision of residential • accommodation (s13quin)?

This field must only be completed if the field Commercial building deduction (s13quin) was completed in the Tax Computation: Special Allowances Not Claimed in the Income Statement. Select “Yes” or “No”.





Did the company incur any insurance premiums on the lives of employees or directors?

• This field must be completed with a “Yes” or “No”.

If “Yes” is selected, the following currency field (15 blocks) must be completed in Rands (No Cents):

If Yes, state the total amount of insurance premiums incurred during the year of assessment:

ú

77 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

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”.

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.

78 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

Schedule of Local Capital Gains and Losses in respect of the disposal of assets

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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.

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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:

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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.

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81 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

The carry forward of an excess amount of foreign tax credits • ú Where the sum of foreign taxes payable exceeds the amount of the rebate, the excess amount may be carried forward to the immediately succeeding year of assessment. This excess amount will be ranked as a foreign tax credit available for set off against the normal tax payable in that year of assessment, in respect of foreign taxable income after the qualifying foreign taxes for that year have been taken into account.

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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”

82 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

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 declaration together with relevant material must be retained by the taxpayer until requested by SARS.

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

With the submission of the ITR14 return 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

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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”

83 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

ANNEXURE D – MEDIUM TO LARGE BUSINESS

If a company is not classified as a body corporate / share block company / micro business or small business, it will be classified as a medium to large business.

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.



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