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Four crucial points you must know about an IT14SD so you don't trigger an additional assessment

by , 06 October 2014
SARS introduced the Supplementary Declaration (IT14SD) form to ensure your company reconciles its annual financial statements and verifies your submissions on your income tax returns.

While an IT14SD has been around for a long time, there's still a lot of confusion about it and this leads to non-compliance.

Since SARS doesn't take kindly to non-compliance, it then issues an additional assessment.

The good news is, there's a simple way to avoid this nightmare.

You just need to know these four all important points about an IT14SD so you don't run the risk of triggering an additional assessment.

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Here are the four points you need to know about an IT14SD

#1: You need to check that your IT14SD has been correctly pre-populated with the following information:
  • Your income tax reference number;
  • The year of assessment;
  • A case number; and
  • A unique barcode. This ensures you only complete and return the original to SARS.
So check to ensure your company's details are correct. If they're not, you'll get into trouble with SARS.
#2: There are six sections you must complete when you fill out your IT14SD. If you don't, SARS will flag your company for an additional assessment.
The sections are:
  1. The PAYE reconciliation schedule;
  2. Income tax reconciliation schedule;
  3. Vat reconciliation schedule;
  4. Customs reconciliation schedule;
  5. Reconciliation items; and
  6. The declaration.

#3: You have to fill out the form within 21 days of SARS' request.
In this article, we explain that failure to make your submission on time will trigger an additional assessment and could result in SARS denying all the deductions and allowances you've claimed against your company's income tax return.
#4: There are five crucial documents you must have to complete your IT14SD form correctly.
You'll find all these documents in the: How to successfully complete your IT14SD form e-book.
Now that you're familiar with these four points about an IT14SD, comply with your duties so you don't trigger an additional assessment.

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