It does not allow for an accumulated loss. An accumulated loss must therefore be reflected in the " "other asset" category.
Several expenses cannot be entered in the
appropriate fields – the system rejected them.
SARS is aware of the problems encountered with the new IT14 and is in the process of fixing it. The IT14 will be corrected on Monday,13 May. SAIT would like to advise its members not to file until the problem is resolved.
Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.