In this seminar, we will not focus on the mechanics of the submission of the returns, but rather on the content of each of the returns to assist taxpayer’s in understanding new terminology and concepts within the returns from a tax perspective in order to complete returns. We will also address how SARS may use certain information disclosed by taxpayers to assess the risk profile of a taxpayer and common areas that taxpayer’s battle to reconcile.
09:00am until 13:00pm
Diep In Die Berg
929 Disselboom Street
Pretoria, Gauteng 0050
Online registration is closed.
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Preparing for a SARS Audit Presented By Ronel de Kock
Taxpayers are well aware by now of the new income tax returns for companies (ITR14’s) issued by SARS and which became effective as of 4 May 2013. SARS sees the new forms as a "modernisation of corporate income tax, aimed at improving efficiency and compliance”. To assist in ensuring increased compliance by taxpayers SARS has also made amendments to the IT14SD form. The IT14SD form is a supplementary declaration in which taxpayer’s are required to reconcile Income Tax, Value-Added Tax, Pay-as-you-earn (PAYE) and customs declarations after the initial submission of the ITR14.
In this seminar we will not focus on the mechanics of the submission of the returns, but instead on the content of each of the returns. The aim of this will be to assist taxpayers in understanding new terminology and concepts within the returns from a tax perspective in order to complete returns correctly. We will also address how SARS may use certain information disclosed by taxpayers to assess their risk profiles and we will also be covering other common areas that taxpayers battle to reconcile.
Areas to be addressed will include:
- Customising the return
- Re-cap of small business corporations, personal service providers and micro business
- New information required in respect of shares and calculating contributed tax capital
- Declaration of dividends and link to new DTR1 and DTR2 forms
- Examination of the new definition of reportable arrangements
- New transfer pricing rules and documentary requirements
- Requests for correction
- Non-disclosure and prescription
- Submission of relevant material with ITR14
- Common adjustments to company tax computations including movement of accounting provisions; calculation and disclosure of tax allowances; recoupments; and capital gains and losses.
- Customising the return
- PAYE reconciliation and areas of concern including the new deduction for variable payments; independent contractors and effect of medical rebate on PAYE withheld
- New extended PAYE reconciliation for medium to large businesses
- Linking the Income Tax reconciliation with the ITR14 Tax computation
- VAT reconciliation and areas of concern including reconciliation of cost of sales
- New extended VAT reconciliation required for medium to large business including opening and closing stock and foreign transactions
Tax Administration Act
- Brief overview of the Tax Administration Act, looking in particular at administrative and understatement penalties
WHO SHOULD ATTEND:
- All tax practitioners and tax advisors
- Public officers
- Taxpayer’s involved in the general financial management of companies (micro, small to medium and large)
- Body corporates
Di Seccombe (B Com, LLB, LLM (Taxation)
Di Seccoumbe is an admitted attourney with a Masters degree in taxation. Di started her tax career as a full time academic with the University of KwaZulu Natal before moving into practice. She is currently the National Head of Tax Training with Mazars and in this capacity trains and consults on Income Tax matters including, Corporate, Individual and International tax as well as VAT. Di, provides internal tax training for Mazars, and presents external tax seminars on a national basis, focusing on general as well as specialised tax topics. She still lectures part time for the National School of Accounting to assist up and coming CA's with passing the UNISA CTA (Hon) programme.
CPD: Attendance will secure 4 hours verifiable CPD points/units, incl. other professional bodies.
(SAICA, CIMA, SAIPA, SAIBA, ACCA, FPI, CSSA, LSSA, FISA)
EVENT INVESTMENT: SAIT Members: R850.00
Affiliated Members R950.00
Graduate, internship or learnership trainees: R400.00