A co-operative does not have shares like a normal company but rather membership fees with members instead of shareholders. How does a co-operative complete the share register?

The general rule applicable to all companies (which includes co-operatives) is that the details of all the holders of a beneficial interest in the shares of 5% or more as at the end of the year of assessment should be submitted. In the case of a co-operative no one will hold 5% or more, therefore no disclosure is required. However, the ITR14 incorrectly requires at least one entry to be made irrespective of whether or not there is a beneficial interest holding of 5% or more. This error will be fixed soon. In the meantime, kindly insert a “1” in the relevant field, and then complete the demographic and other details of (any) one of the holders of a beneficial interest in the shares.

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