SARS recently announced that certain changes were introduced to the ITR14 in respect of the 2014 year of assessment. (See the SARS notification for more details).
Specifically in respect of REITs, the ITR14 now provides for the identification of REITs. Furthermore, dividends received by a REIT are required to be disclosed separately in the Income Statement section of the ITR14.
We will keep you informed should there be further changes to the ITR14 in respect of REITs.
In addition, SARS has also indicated that a new income source code 4238 was created for the ITR12 in respect of the period ending 28 February 2015, to cater for taxable dividends.
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.
MINIMUM REQUIREMENTS TO REGISTER
The Act requires that a minimum academic and practical requirments be set to register with a controlling body. Click here for the minimum requirements of SAIT.