ITR14 & IT14SD & SARS Audit Risks
From 4 May 2013 all companies submitting corporate tax returns must do so using the new ITR14 form.
The ITR14 requires a great deal more disclosure by companies in order for SARS to assess companies more accurately, particularly in respect of loans, international transactions, movement of profits and dividends.
Information disclosed in the ITR14 feeds directly into the IT14SD form, a supplementary declaration in which taxpaye's, if selected by SARS, are required to reconcile Income Tax, Value-Added Tax, Pay-as-you-Earn 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 forms, but rather on the content of each of the forms to assist taxpayer's in understanding the relevant terminology and specifically the impact of the increased disclosure from a tax perspective. We will also address how SARS may use certain information disclosed by taxpayers to assess taxpayers in terms of new tax avoidance legislation and to determine the risk profile of a taxpayer.
Programme highlights will include:
- Customising the return and effect on AFS's
- Loans that will trigger the new anti-avoidance provisions in respect of interest bearing debt
- New anti-avoidance provisions limiting the deduction of interest expenses
- Re-cap of small business corporations, personal service providers
- Payment of dividends and link DTR1 and DTR2 forms
- New transfer pricing rules and documentary requirements
- International transactions and withholding taxes
- Requests for correction
- Incorrect disclosure and prescription
- Submission of relevant material with ITR14
- Common adjustments to company tax computations
- Customising the return
- PAYE reconciliation and areas of concern
- Extended PAYE reconciliation for medium to large businesses
- Linking the Income Tax reconciliation with the ITR14 Tax computation
- Extended VAT reconciliation required for medium to large business including opening and closing stock and foreign transactions
Tax Administration Act
- Relevant provisions that relate to the ITR14 and IT14SD
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
(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.
This event and successful completion of the online assessment will secure 4.5 hours verifiable output TaxCPD™ points/units.
Including the following professional bodies. (SAICA, CIMA, SAIPA, SAIBA, ACCA, FPI, CSSA, LSSA, FISA, ICB, IAC)
Option 1 - Seminar:
Important: Please note that as from 2014 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 - Live Webinar Broadcast
This CPD event will be broadcast live on Thursday 10 July 2014 from 09:00 - 13:00
Click here to register for the Webinar
Payments & CancellationsAll payments must be made by EFT or by credit card, at least 3 working days before commencement of an event.
- Proof of payment may be requested at registration, if payment at that point in time has not been reflected on SAIT's bank account.
- Only written notice of cancellation will be recognised.
- If the cancellation occurs more than 30 days prior to the event no cancellation fee will be charged.
- If the cancellation occurs less than 30 but more than 10 days prior to the event a 50% cancellation fee will apply.
- If the cancellation occurs less than 10 days prior to the event a 100% cancellation fee will apply.
- Delegates who book and fail to attend will be liable for the full event fee.
- SAIT's liability in the case of an event being cancelled will be limited to a refund or credit of the event fee.