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If you find the new SARS IT14SD confusing, you can't afford not to read THIS article

by , 16 January 2013
If you find the new SARS IT14SD confusing, you can't afford not to read THIS articleIn 2010, SARS introduced its Supplementary Declaration (IT14SD) form to ensure your company reconciles its annual financial statements and verify the submissions your company has made on its income tax returns. And while this form is still by request-only, SARS has said it'll be compulsory for all companies very soon. Here's what you need to know so you can fill it out correctly and on time...

Why you need to fill in an IT14SD target="_blank" class="contextual_links">IT14SD form?
SARS 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' request.
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 return.
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!

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