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SARS rejects hundreds of IT14SD forms. Don't be its next victim!

by , 31 July 2015
I get tons of questions every day on the Accounting and Tax Club from Companies and Close Corporations who don't know how to complete the Supplementary Declaration IT14SD form.

If SARS notifies you, saying your tax return is flagged for an audit, You'll need to complete and submit your IT14SD form.

And with the number of forms SARS rejects, I realise that correctly completing the IT14SD form is a real issue!

So you might read this and think this does not apply to you. But what happens if SARS identifies you for a verification and requests you to complete the IT14SD form?

Do you know how to do this? Do you even know where to start?

Well today I'll tell you what you need to correctly complete your IT14SD form!

Don't become SARS' victim by not completing your Supplementary form correctly

There're still a lot of people filling out the form incorrectly and its being rejected by SARS. This isn't the only challenge you could face.

Let's look at some of the others.
Three more challenges you could face:

1.There's no one available at SARS to help you

SARS sends out system-generated notices, which could reach you during holiday periods and there's no one at SARS to contact if you have any queries. This'll lead to you missing the 21 day deadline;

2.The reconciliation process isn't easy or quick

If your form doesn't reach SARS in time, or there're errors on it SARS could disallow some of your claims against income tax; and

3.You don't have the resources to allocate to completing the form

Small businesses don't have the resources to allocate to this process and larger companies have more complex financials to reconcile.

So you might be forced to appoint external consulting firms, which could cost you thousands.

This could easily happen to you! And as a business owner, I'm sure you can't afford to go through the same challenges. But I have an easy solution for you...


Five sections of the IT14SD you need to complete!

Let's briefly look over each section.

  • PAYE Reconciliation Schedule

In order to complete this section you need the following:

  • IT14 Company Income Tax Return;
  • Employer Reconciliation Declaration (EMP201 and/or EMP501);
  • The total amount for PAYE calculated from the all the EMP201's submitted for the year of assessment; and
  • Costs declared under 'Income Statement Information' section of the IT14 return and the EMP201 returns.

  • The Income Tax Reconciliation schedule

To complete this section you need the following:

  • IT14 Company Income Tax Return; and
  • This schedule should reflect the amounts declared under the 'Tax Computation' section of the IT14 and the Accounting Profit or Loss declared under the 'Income Statement Information' section of the IT14.

  • The VAT Reconciliation schedule

In order to complete this section you need the following:

  • IT14 Company Income Tax Return; and
  • VAT201 Vendor Declarations.

The key to getting through a SARS audit is preparing for it before your unwelcome guests arrive

That's why we compiled How to survive a SARS tax audit. 

This guide reveals audit secrets like:
  • What risk areas SARS' auditors are interested in
  • Four Expenses SARS'll target during an audit
  • What SARS will consider about your transfer duty
  • The nine risky strategies used to avoid tax liability
  • 11 Questions you'll be asked about your cash flow

I'm sure you can see how tips like these could reduce the headache of a SARS audit significantly.

  • Customs Reconciliation

To complete this section you need the following:

  • IT14 Companies Income Tax Return; and
  • Customs Declaration (SAD 500) form and Voucher of Correction (VOC).

  • Reconciling items:

Where there is a difference of R100 or more, you have to complete reasons for reconciling items as stated under each reconciliation schedule and ensure that amounts are completed for each reason.

P.S. SARS has confirmed that it'll be compulsory for all companies to complete their IT14SD forms very soon. So why not get your copy of How to successfully complete you IT14SD form now and start preparing in advance so you're not caught off guard.

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