Resources On-Demand

Since the decommissioning of IT 14SD in the latter part of 2022, there is a significant increase in Requests For Information (“RFI”s) and formal SARS audits. Where errors are suspected, additional assessments are raised together with sign ificant penalties. To avoid costly disputes with SARS and to facilitate the inevitable SARS Audit, the ITR 14 must be complete and accurate in all respects, an appropriate tax pack must be maintained to support the amounts as per the ITR 14, and tax positions are underpinned by appropriate tax opinions. This video assists the preparer of an ITR 14 to prepare a robust ITR 14 with supporting schedules that will withstand detailed SARS scrutiny. Video Content Video 1: Preparing and submitting the ITR 14 SARS requirements on completing the ITR 14. Review of “Guide to Complete the Company Income Tax Return ITR14 via eFiling” issued by SARS. Review of the “How to complete the Income Tax Return (ITR 14) for companies” issued by SARS. Tax Risk Management and ITR 14 submissions. The tax pack and proposed contents thereof. Tax opinions supporting tax positions taken. Reconciliation to Annual Financial Statements and evaluating the impact on normal and deferred tax. We will dedicate time to discussing the importance of tax compliance and the need for clients to allocate increased resources to the tax compliance function. Competencies Developed After watching this video and the second video you will be able to: Prepare an ITR 14 by SARS regulations. Develop a tax pack that will assist in dealing with SARS requests for Information and Audits. Reconcile the ITR 14 to the Annual Financial Statements and disclose prior year adjustments. Identify and deal with items that present high risks from a tax perspective.

Overview Since the IT 14SD was decommissioned in the latter part of 2022, there has been a significant increase in Requests For Information (“RFI”s) and formal SARS audits. Where errors are suspected, additional assessments are raised together with significant penalties. To avoid costly disputes with SARS and to facilitate the inevitable SARS Audit, the ITR 14 must be complete and accurate in all respects, an appropriate tax pack must be maintained to support the amounts as per the ITR 14, and tax positions are underpinned by appropriate tax opinions. This course will assist the preparer of an ITR 14 to prepare a robust ITR 14 with supporting schedules that will withstand detailed SARS scrutiny. Video content Video 2: Special types of taxpayers, pitfalls, and opportunities Disclosures for Dormant Companies, Farming Tax, Mining Tax, Short Term Insurance, Controlled Foreign Entities. Multinational Entities, Local File, and Master Files. High-risk areas: Holding companies Shared Service Centres Fixed Assets Trading stock Income Recognition Related party transactions Tax uncertain positions. We will dedicate time to discussing the importance of tax compliance and the need for clients to allocate increased resources to the tax compliance function. Competencies developed in this video After attending this video, you will be able to: Prepare an ITR 14 by SARS regulations. Develop a tax pack that will assist in dealing with SARS requests for Information and Audits. Reconcile the ITR 14 to the Annual Financial Statements and disclose prior year adjustments. Identify and deal with items that present high risks from a tax perspective.