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Do you know the consequences of submitting your IT14SD form incorrectly?

by , 23 October 2014
Make a mistake on your IT14 and SARS will tell you to complete a Supplementary Declaration (IT14SD form). This helps it verify the information on your original tax return and weed out any errors.

But what happens if you submit your IT14SD with incorrect information? Then what?

The bad news is it could have serious consequences.

Here's why...

 

This is what SARS will do if your IT14SD target="_blank" class="contextual_links">IT14SD is incorrect

 
SARS' reaction to an incorrect IT14SD depends on the error. If you simply made another mistake, SARS may ask you to resubmit and charge you 10% in penalties for causing an admin problem. 
 
If SARS asks you to submit again, re-download the form and, this time, be extra careful to complete it properly. SARS only has so much patience. If you keep making mistakes, SARS will eventually punish you harshly.
 
But intentionally putting incorrect information on your IT14SD that's when things get serious.
 
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Here's what SARS will do if you intentionally put incorrect information on your IT14SD

 
The IT14SD is a legally binding declaration. SARS takes whatever you put on there as the gospel truth. This means if you intentionally put false information on your declaration, you're breaking the law.
 
If SARS discovers this, which it will, it can charge you with tax avoidance, evasion and will audit your company.
 
If it uncovers more problems with your company's taxes, SARS will penalise you severely and could even take you to court. 
 
Never intentionally enter false information on your IT14SD. It's not worth the risk of getting into this kind of trouble.
 
Recommended Product: How to Complete Your IT14SD Form
 
It contains everything you need to know about completing the form correctly.
 


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