The IT14SD Reconciliation process can be difficult for the unsuspecting taxpayer! The IT14SD is a reconciliation between a taxpayer’s annual financial statements to the income tax return, VAT, PAYE and customs declarations.
We have seen SARS officials too easily draw the wrong conclusions about the reasons for discrepancies and even issue additional assessments based on these discrepancies. The critical issue is that where a discrepancy appears in the IT14SD reconciliation, this does not mean that there is prejudice to the fiscus. The discrepancy may be caused by a number of underlying reasons and may be as simple as inadvertently omitting an expenditure or income item from the tax calculation.
It is therefore important that, once a discrepancy is identified in the disclosure to SARS, the cause of the specific discrepancy be explored.
This webinar takes an in-depth look at the systematic reconciliation process from theory to practice when completing the IT14SD.
The outline of this webinar is as follows:
1) What is an IT14SD?
2) Completion of the IT14SD
A detailed systematic approach will be followed in the completion of the IT14SD Reconciliation, with specific focus on the reconciling differences
- PAYE Reconciliation Schedule
- Income Tax Reconciliation Schedule
- VAT Reconciliation Schedule
- A high level discussion on the completion of the Customs Reconciliation Schedule
The webinar will contribute to 2.5 hours CPD/CPE