Run Your Own Company? New Co Tax Return Changes for 2016

Posted: April 21, 2016 in For the Entrepreneurs, Taxes, Uncategorized

Changes to the ITR14 fields

The following changes to fields that need to be completed should be noted:

  • Disclose donations separately in respect of section 18A on the ITR14. For a company that is not a collective investment scheme, the allowable donations will be limited to 10% of taxable income and the remaining balance will be carried forward to the next year of assessment. For collective investment schemes, the allowable section 18A donations will be limited to 0,005 of the average value of the aggregate of all participatory interests held by investors in the portfolio. Donations that are disclosed in the Income Statement will automatically be deducted in the tax computation.
  • The details of investments in venture capital companies are required.
  • Provision has been made for debt reduction in respect of paragraph 12A (4) of the Eighth Schedule.
  • Transfer pricing related transactions have been expanded to request the details of the number of tax jurisdictions, countries and value per country.
  • Additional questions have been added to the ITR14 to assist SARS with the assessment.
  • Where a company claims PAYE credits, the IRP5 numbers related to the company will be pre-populated on the ITR14.
  • The tax computation has been extended to include additional fields aligned to changes in legislation

Not all that glitters is Gold,

Themba

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s