The ITR14 is the return every registered company must file annually, declaring its financial results and computing taxable income for corporate income tax purposes.
What it means
It requires figures drawn from the company's annual financial statements, adjusted for items treated differently for tax than for accounting, such as deferred tax, wear-and-tear allowances and disallowed expenses.
Where it fits in
Filing the ITR14 triggers SARS's assessment, the ITA34C, and may trigger a request for an IT14SD if the declared figures don't reconcile against VAT and PAYE submissions. Payroll cost is one of the figures SARS checks for consistency.
Key rules
- Filed annually by every registered company.
- Computes taxable income from the annual financial statements, adjusted for tax purposes.
- Followed by an ITA34C assessment from SARS.
- Can trigger an IT14SD request if figures don't reconcile against VAT/PAYE.
