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What happens once you've submitted your IT14SD?

by , 22 October 2014
SARS asked you to complete the Supplementary Declaration (IT14SD) to reconcile annual financial statements and to verify eFiling submissions for your business.

As a responsible taxpayer, you fill in all the relevant sections and double-check the figures against your original documents.

You read the declaration at the bottom right of the first page of the IT14SD form and insert the date. You then submit your form via eFiling.

You're now wondering what the next step is?

Keep reading as we tell you exactly what happens once you've submitted your IT14SD.


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SARS has confirmed that it will be compulsory for all companies to complete their IT14SD target="_blank" class="contextual_links">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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Once you've submitted your IT14SD form, the following will happen

 
According to the Practical Tax Loose Leaf Service, once you've submitted your IT14SD, SARS will assess the form and let you know if you need to resubmit it (you'll have to resubmit if you filled the form incorrectly.)
 
If you submitted via eFiling, this will be a simple process. SARS will SMS or email you once it's issued any new notices for you. So if something's wrong you'll know. It will also tell you if it's set to pay you a refund.
 
If SARS owes you a refund, it must give it to you in 21 business days or it has to pay interest on it!
 
And remember, when it comes to your IT14SD, it's a legally binding declaration. So anything you write on it is taken as the honest, accurate truth about your company's finances. If anything doesn't add up, SARS will take you to task.
 
The bottom line: Once you've submitted your IT14SD, wait for SARS' response so it can tell you whether or not you need to resubmit or if it owes you a refund.
 
PS: There's so much more you need to know about the IT14SD form. That's why we strongly recommend you check out How to successfully complete your IT14SD form e-book for more information.
 
Alternatively, if you have questions about the IT14SD form, ask our experts at the Accounting & Tax Club.

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