The course is developed to assist the tax practitioner in exercising due diligence when preparing the ITR14 tax return.The course will be case study based and learning will occur on a practical and interactive basis.
The course will deal with the following issues:
Anticipating that an IT14SD may be required upon assessment and ensuring that the disclosure in the ITR14 facilitates the preparation of the IT14SD.
Anticipating a SARS audit as and when the ITR14 is prepared.
Interpreting annual financial statements and trial balances, and identifying tax risks and opportunities from a critical review of these. Under this section, we will discuss common issues encountered from a review of the annual financial statements and trial balances. It will include:
IFRS adjustments, e.g., straight-lining of leases, derivatives, business combinations, etc.
Fixed assets, e.g., leasehold improvements, plant and machinery, repairs and maintenance
Debtors, e.g., doubtful debts, prepayments
Creditors and provisions
Stock and contracts with section 24C and section 22(3A)
Items recorded via OCI
Understanding deferred tax
Understanding the purpose of “Yes”/”No” questions
Understanding the reasons for connected party disclosures and the importance of full and accurate disclosure
The course will be structured in line with the preferred approach to ITR14 preparation:
Phase 1: Understanding the business and the industry.
Phase 2: Requesting and collecting required information.
Phase 3: Analysing and interpretation of information and preparation of tax computation.
Phase 4: Preparing supporting working papers and preparing the draft ITR14. (In anticipation of a SARS audit and IT14SD.)
Phase 5: Consider section 223 opinions for Uncertain Tax Positions.
Phase 6: Communicating with the taxpayer and the auditor by way of a formal report. Explore and discuss variations in the tax calculations from the ones used for annual financial statement purposes.
Phase 7: Submissions of ITR14 and comparing it with ITA34 assessments.
Phase 8: If applicable – manage tax disputes including requests for refunds under section 190 of the Tax Administration Act.
SAIT members: R1 295
Other members: R1 595
Printed notes: R50
SAIT member: R480
Other members: R575
Company Price: R950
50% Discount for all 2019 CPD subscribers on the General Tax Practitioner and the Tax Accountant subscription packages to attend the workshop. (Not yet a subscriber? Please click here to for more information)
Attending this event and successful completion of the online assessment will secure
5.5 hours verifiable output Tax CPD
09 May | Cape Town
10 May | Port Elizabeth
14 May | Johannesburg
15 May | Pretoria
22 May | Durban
23 May | Kempton Park
Time: 08:00 – 13:30