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Changes to the income tax return for companies (“ITR14”) and individuals (“ITR12”)

Thursday, 15 January 2015   (0 Comments)
Posted by: Author: KPMG South Africa
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Author: KPMG South Africa 

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.

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