FAQ: When must the reconciliation detail be provided on the IT14SD reconciliation schedules?

• When the “Reconciling difference” field on any of the following schedules exceeds the greater of 1% of taxable profit/loss or R1 000, then it is mandatory for the Company to provide the detail(s) of the reconciliation differences in the Reconciling Items section of the IT14SD:
  -PAYE Reconciliation Schedule
  -Income Tax Reconciliation Schedule
  -VAT Reconciliation Schedule
   Output VAT declared for tax periods falling within the year of assessment
   Input VAT claimed for tax periods falling within the year of assessment

NOTE: The total of the amounts declared in the Reconciling Items section of the IT14SD must exactly match the value calculated in the Reconciling difference field of the relevant Reconciliation schedule.

• If any of the 3 amounts declared on the Customs Reconciliation Schedules exceeds the greater of 1% of taxable profit/loss or R1 000, then it is mandatory for  the Company to provide the detail of the reconciliation differences in the Reconciling Items section of the IT14SD for:
  -Imported Goods: Provide details in the Reconciling Items section if applicable
  -Exported Goods: Provide details in the Reconciling Items section if applicable.