South African Revenue Service New Requirements and Disclosures for Company Tax Returns
July 2013
New income tax forms for companies
As a result of recent changes in tax legislation, the South African Revenue Service (SARS) have recently revised and updated the corporate income tax returns.
* As such, it is now compulsory to submit an electronic copy of the signed annual financial statements, on which the tax return is based, together with the income tax return to SARS.
* Furthermore, SARS now requires additional information to be presented and disclosed in the corporate income tax return.
New registration form (REG01)
Contact, address, banking and public officer details of a company may be verified and may be updated (if required) on the REG01: * Via eFiling, by clicking on the “Maintain legal entity details” button. (SARS may request that details be verified at a branch.) * Visiting a SARS branch
New income tax return (ITR14)
The new ITR14 will allow a company to create a customised return according to the company type specified when completing the return. Company types will be classified in line with the following company category descriptions: Type | Description | Dormant company | A dormant company is classified as a company that has not actively traded for the full year of assessment (i.e. if the company partially traded during the year of assessment, the company will not be regarded as a dormant company). | Share Block | A Share Block Company is defined in s. 1 of the Share Blocks Control Act, 1980 (Act 59 of 1980). | Body Corporate | A Body Corporate is defined in s. 1 of the Sectional Titles Act, 1986 (Act 95 of 1986). | Micro Business | A Micro Business is classified as a company with a gross income (sales / turnover plus other income) not exceeding R1 million and total assets (current and non-current) not exceeding R5million, and that is not classified as a Body Corporate / Share Block Company. | Small Business | A Small Business is classified as a company with a gross income (sales / turnover plus
New income tax forms for companies
As a result of recent changes in tax legislation, the South African Revenue Service (SARS) have recently revised and updated the corporate income tax returns.
* As such, it is now compulsory to submit an electronic copy of the signed annual financial statements, on which the tax return is based, together with the income tax return to SARS.
* Furthermore, SARS now requires additional information to be presented and disclosed in the corporate income tax return.
New registration form (REG01)
Contact, address, banking and public officer details of a company may be verified and may be updated (if required) on the REG01: * Via eFiling, by clicking on the “Maintain legal entity details” button. (SARS may request that details be verified at a branch.) * Visiting a SARS branch
New income tax return (ITR14)
The new ITR14 will allow a company to create a customised return according to the company type specified when completing the return. Company types will be classified in line with the following company category descriptions: Type | Description | Dormant company | A dormant company is classified as a company that has not actively traded for the full year of assessment (i.e. if the company partially traded during the year of assessment, the company will not be regarded as a dormant company). | Share Block | A Share Block Company is defined in s. 1 of the Share Blocks Control Act, 1980 (Act 59 of 1980). | Body Corporate | A Body Corporate is defined in s. 1 of the Sectional Titles Act, 1986 (Act 95 of 1986). | Micro Business | A Micro Business is classified as a company with a gross income (sales / turnover plus other income) not exceeding R1 million and total assets (current and non-current) not exceeding R5million, and that is not classified as a Body Corporate / Share Block Company. | Small Business | A Small Business is classified as a company with a gross income (sales / turnover plus