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Five sections you must complete when filling in your IT14SD form

by , 20 October 2014
If SARS has asked you to complete its Supplementary Declaration (IT14SD) form to reconcile your annual financial statements and verify eFiling submissions for your business, you need to do it correctly.

If you don't, the taxman will reject your form, penalise you or, worse, even prosecute you for misrepresentations.

Since that's the last thing you want, keep reading to discover the five sections you must complete when you fill in your IT14SD form.


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The IT14SD form contains the following five sections (or schedules) and you must fill all of them in

 
Section 1: The PAYE reconciliation schedule
 
In this section, you must reconcile and reflect the total of all the salaries, wages and employment costs you declared as income Statement Information on your IT14 and EMP20I forms.
 
Section 2: The Income Tax reconciliation schedule
 
In this section, you must set out the amounts you previously declared in the tax computation section of the IT14 and the accounting profit or accounting loss you declared under the 'Income Statement Information' section of that return.
 
Section 3: The Vat return schedule
 
If you're a registered Vat vendor, this section shows your company's input and output Vat you declared on your Vat return for the tax periods in the year of assessment.
 
Section 4: Customs reconciliation schedule
 
The Customs reconciliation schedule has separate sections for the goods your company imported or exported in the year of assessment. If your company didn't import or export any goods in the year of assessment, put a zero in the relevant field.
 
Section 5: Reconciling items
 
The Reconciling items must set out and identify the reasons for any discrepancies between the amounts, which are set out in the IT14 and the various declarations.

Now that you know about these five sections, check out How to successfully complete your IT14SD form e-book. The e-book will show you exactly how to fill in each of these sections correctly so SARS doesn't come after you.


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