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Urgent notice from SARS: There are four new changes that affect your company's income tax return (ITR14). Here's how to apply them

by , 10 December 2014
You probably know that recently, SARS made changes to the Income Tax Return for Trusts (ITR12T).

What you may not know is SARS just did the same thing to your company's income tax return (ITR14).

It's important you know what these new changes are so you can apply them.

If you don't, you may end up giving SARS an inaccurate return. And when this happens, SARS will penalise you.

Don't take that risk.

Read on to find out how to apply the changes to the Income Tax Return for Companies (ITR14).

Before we get to the changes, let's make it clear who this form (ITR14) is for

 
In South Africa, businesses must pay Corporate Income Tax on the income they get or income that accrues to them in a financial year.
 
So, if you're one of these businesses and are liable to pay tax under the Income Tax Act, the form applies to you:
 
  • Listed public company;
  • Unlisted public company;
  • Private company;
  • Close Corporation;
  • Co-operative;
  • Collective Investment Scheme;
  • Small Business Corporation (s12E)
  • Body Corporate;
  • Share Block Company;
  • Dormant company;
  • Public Benefit Company.
 
Now take a look at how to apply the changes…

 
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Here's how to apply the new changes to your ITR14
 

To apply these changes, SARS says you must disclose:
 
1. The limitation of interest deduction in terms of Section 23N of the Income Tax Act.
 
2. Capital losses when it comes to connected persons.
 
3. The energy efficiency savings deduction in terms of Section 12L of the Income Tax Act.
 
4. Any foreign tax credits refunds. Or credits a foreign country discharges in terms of the provisions of s6quin.
 
That's not all.
 
5. You must also apply changes when it comes to the section of the return where you have to disclose the foreign tax credits to claim for the tax a foreign country withholds or imposes. You must now verify that your company complies with requirements of s6quin.
 

So where do you get the ITR14 and when must you submit it?
 

Log on to eFiling to get your ITR14 and complete it online.
 
SARS customises it according to the company type you specify when you complete the form.
 
To discover the supporting material you must submit with your ITR14, visit SARS' website.
 
Now that you know about the changes to the ITR14, apply them to submit an accurate return for your company and avoid SARS penalties.
 
PS: If you have any questions about changes to the Income Tax Return for Companies (ITR14), ask our experts at the Accounting & Tax Club.

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