Why you need to fill in an IT14SD target="_blank" class="contextual_links">IT14SD form?
uses the IT14SD
form to check if there's any mismatch in the information your company's supplied and usually only sends it to companies where it's identified certain risks.
That means for the time being, the form only needs to be completed if SARS
requests it either via post or eFiling
. However, going forward submission of the IT14SD
form is likely to become a mandatory requirement for all registered companies so it's important to understand what it entails so you can fill it out correctly and within 21 days of SARS
Failure to do so will trigger an additional assessment and could result in SARS
denying all the deductions and allowances claimed against your company's income tax
What does an IT14SD form entail?
To fill in your IT14SD
form, you need to have the follow documents on hand:
Your IT14 (company Income Tax) return showing your company's income for the year of assessment;
Your trial balance;
Signed financial statements;
General ledger; and
Employer reconciliation declaration (the EMP201 and EMP501) forms.
And don't worry; you don't need to submit these documents. SARS
just wants to check your calculations are correct.
Here's what you need to do…
Once you've got these documents in front of you, check all of the pre-populated information in the form to make sure it's correct. The IT14SD
form will be pre-populated the following information for you:
Your income tax reference number;
The year of assessment;
A case number; and
A unique barcode to ensure you only complete and return the original form to SARS. (If SARS has requested your IT14SD form manually, you'll need to return the actual form and not a copy as this barcode is unique to each form.)
Then fill out sections A to E of the IT14SD
form, depending on which sections apply to your business. Complete each field in the reconciliation schedules. If a field doesn't apply to your company, simply enter the number zero. For example, if your company or CC isn't registered for Vat
, enter '0' in the related field.
When you're done filling in all the relevant sections and have double-checked the figures against your original documents, read the declaration at the bottom right of the first page of the IT14SD
form and insert the date. You're now ready to submit it by post or using eFiling
It's that easy.
For more information on how the IT14SD
form affects your business as well as other tax
issues, take a look at our Practical Tax Loose Leaf Service here
. In it, you'll discover how to complete your IT14SD
form correctly such as:
The documentation you'll need to have on hand to fill out the form
Check the pre-populated information SARS has filled in is correct
Fill in the sections that apply to your business:
The PAYE reconciliation schedule
The Income Tax reconciliation schedule
The Vat return schedule
The Customs reconciliation schedule
Read and sign the declaration
You've submitted the IT14SD... what now?
Get your copy of the Practical Tax Loose Leaf today
If you'd like to read more about IT 14SD also read: