All companies that are registered with the Companies and Intellectual Property Commission (CIPC) are required to complete and submit an ITR14 to SARS annually. Corporate Income Tax and Tax returns are an annual obligation for a business.
Here are some frequently asked questions regarding Corporate Income Tax returns:
Where can I get an ITR14? ITR14s have to be requested electronically via the SARS eFiling platform.
How can I submit my completed ITR14? Once you have completed your ITR14, it can be submitted to SARS via the eFiling platform.
What is an ITR14SD? This is a supplementary declaration (available online via eFiling) to reconcile various taxes (Income Tax, Payroll Taxes and VAT) and Customs declarations after your initial return.
Do I need to submit supporting documentation to SARS? Depending on your industry, you may be required to submit supporting documentation to SARS, along with your completed ITR14. Mining activities: GEN-001 Mining schedule Short term insurance activities: ICS01 Short term insurance schedule Headquarter companies: RCH01 Schedule for Headquarter Company election Farming activities: Farming Schedule (IT48) Controlled Foreign Companies: IT10A – Controlled Foreign Company Prior 2012 or IT10B – Controlled Foreign Company 2012 Onward
What if we claimed an allowance for learnership agreements? You may have to submit the (s.12H) – IT180 schedule to SARS, upon request.
What are the section 11F allowable deductions? Contributions to any: Pension Fund Provident Fund Retirement Annuity Fund
Can I cancel a registration for an employees’ tax? You can only do so if: Your employees are not liable for payment of normal tax You are not liable for Skills Development Levy (SDL)
How do I cancel a registration for employees’ tax? To cancel, you need to submit the following via email, post or fax to the region where the entity is registered: Written notice of the cancellation EMP123 or an EMP123T form
Can I distribute capital losses in a trust as a net loss to beneficiaries? Capital losses can never be attributed to a beneficiary. As per para 80(1) (vesting of assets in resident beneficiary) and para 80(2) (vesting of capital gain in resident beneficiary), only capital gains can be attributed to a beneficiary.