Cit changes

What's New?

  •  26 February 2018 - Enhancements to the Income Tax Return for Companies (ITR14)

SARS implemented several changes to the Income Tax Return for Companies on 26 February 2018.

Some of the changes to the ITR14 include:
  • Section 12H: Learnership agreements - A new schedule has been added to the return. This schedule requires the number of learners and the allowance amount to be completed for each field listed in the learnership schedule. The schedule requires separate disclosure for learners with a disability and learners without a disability for NQF levels 1 – 6 and NQF levels 7 – 10.
  • Submission of IT10 - A new IT10 schedule has been introduced to enable all companies to upload the IT10 schedule as a supporting document regardless of the number of Controlled Foreign Companies to enable these companies to comply with the provisions of section72A of the Income Tax Act.
  • Group of companies that prepares consolidated financial statements - Companies with subsidiaries will now be required to submit their complete group structure.
  • A number of additional line items have been added in the tax computation to provide for the relevant legal changes.
  • New questions pertaining to Country by Country regulations have been added.

Supporting documents and additional information:

The following documents (at a minimum) are needed in order to complete the Income Tax Return for Companies (ITR14) on eFiling:
    • Financial statements and/or administration deductions
    • All certificates and documents relating to income and deductions
    • Proof in relation to any tax credits claimed
    • Particulars of assets and liabilities.
If filing at a SARS branch all relevant supporting documents must be provided.

Remember to keep all supporting documents for five years. SARS may request the documents if verification is required.

Please complete the IT10B schedule, where applicable, as you will be required to upload these in respect of your ITR14 submission. The required supporting documents may be uploaded via eFiling by clicking on the “Upload supporting documents” link at the time of filing:
  • You can also download the new IT10B schedule
  • All the fields of the Excel version of the IT10B schedule must be completed and saved
  • The Excel version may be uploaded on eFiling. eFiling will convert the Excel version to PDF
  • Rows may be added or deleted, but not columns.
How to request and submit the ITR14:

The ITR14 can only be submitted via the following channels:
  • eFiling: Taxpayers who have not yet registered for eFiling are encouraged to do so as this will enable them to complete and submit the return online in a secure environment
  • SARS branch: SARS branches will no longer print ITR14 returns.
Please note that manually completed and posted ITR14s are no longer accepted by SARS. For more information, please consult the updated guide, How to complete the company Income Tax return ITR14 eFiling.

Maintaining registered particulars of the company:

Before completing the ITR14 the company’s particulars will have to be maintained. Make sure that the contact, address and banking details of the company are correct by verifying and updating where required on the Registration, Amendments and Verification Form (RAV01). The RAV01 can be verified and updated by:
  • Clicking on the “Maintain SARS Registered details” menu option on your eFiling profile. SARS may request you to visit a branch to verify any changes to your banking details which may have been done via eFiling.
  • Visiting a SARS branch. Please consult the Registration, Amendments and Verification(RAV01) guide to prepare the mandatory supporting documents (relevant material) required for updating of banking and public officer details at a SARS branch.
Top Tip: Submissions and Request for Corrections (RFC) can be done electronically on eFiling or at a SARS branch.

Another tip: By selecting the 'Refresh Return' button SARS will automatically pre-populate the IRP5 certificate information available for the company from SARS systems. Any additional IRP5 data not pre-populated by SARS must be manually captured on the ITR14. All other data will be retained.
Last Updated: 02/03/2018 2:06 PM     print this page
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