Overview

The primary responsibility of the tax practitioner with regard to the submission of the ITR14 is to ensure that complete and accurate information is submitted to SARS and that defendable positions are taken whenever Uncertain Tax Positions arise. 

The tax compliance function is not simply an administrative function; the tax practitioner must exercise “reasonable care” when preparing the ITR14. Failure to do so may lead to an understatement penalty of 25% in a standard case – even where the taxpayer is in an assessed loss position.

Course Content

The course is developed to assist the tax practitioner in exercising due diligence when preparing the ITR14 tax return.

The course will deal with the following issues:

• Anticipating that an IT14SD may be required upon assessment and ensuring that the disclosure in the ITR14 facilitates the preparation of the IT14SD.
• Anticipating a SARS audit as and when the ITR14 is prepared.
• Interpreting annual financial statements and trial balances, and identifying tax risks and opportunities from a critical review of these. Under this section, we will discuss common issues encountered from a review of the annual financial statements and trial balances. It will include:
  • IFRS adjustments, e.g., straight-lining of leases, derivatives, business combinations, etc.
  • Fixed assets, e.g., leasehold improvements, plant and machinery, repairs and maintenance
  • Debtors, e.g., doubtful debts, prepayments
  • Creditors and provisions
  • Stock and contracts with section 24C and section 22(3A)
  • Items recorded via OCI
  • Understanding deferred tax
• Understanding the purpose of “Yes”/”No” questions
• Understanding the reasons for connected party disclosures and the importance of full and accurate disclosure

The course will be structured in line with the preferred approach to ITR14 preparation:

• Phase 1: Understanding the business and the industry.
• Phase 2: Requesting and collecting required information.
• Phase 3: Analysing and interpretation of information and preparation of tax computation.
• Phase 4: Preparing supporting working papers and preparing the draft ITR14. (In anticipation of a SARS audit and IT14SD.)
• Phase 5: Consider section 223 opinions for Uncertain Tax Positions.
• Phase 6: Communicating with the taxpayer and the auditor by way of a formal report. Explore and discuss variations in the tax calculations from the ones used for annual financial statement purposes.
• Phase 7: Submissions of ITR14 and comparing it with ITA34 assessments.
• Phase 8: If applicable – manage tax disputes including requests for refunds under section 190 of the Tax Administration Act.

Presenter

Johan Heydenrych 
Director: Tax Services 
KPMG Services (Pty) Ltd

Event Investment

Option 1 - Seminar:

Non-member: R1195.00

Printed notes: R51.00

Click here to register for the seminar

Important: Printed copies of notes is optional and will cost additional R50 per set and must be ordered. Electronic notes will be emailed to all registered delegates 2 days prior to the event. Should you require a printed copy on the day of the seminar kindly select the printed seminar notes when registering for the event.

Option 2 - Dedicated Webinar Broadcast

This dedicated CPD webinar will be presented on 20 June 2018 from 09.00 – 13.00

Non-member: R556.00

Company Price: R860.00

Click here to register for the Webinar