A company’s ITR14 declares its income, expenses, assets, liabilities and tax calculation for the year of assessment. It is generally due within 12 months after the financial year-end. The return should be prepared from completed accounting records and supporting schedules, not from a bank statement or rough estimate.

The return applies even when the company did not trade

Companies registered for income tax generally still need to submit annual returns for the relevant periods, including dormant or loss-making years.

For the current official requirements, refer to SARS’s corporate-income-tax guidance and SARS’s ITR14 completion guide.

Nil activity should be supported by the records. A company with bank charges, loan movements or asset holdings may not be truly transaction-free.

Deadline and year-end

The ITR14 deadline is linked to the company’s financial year-end. A February year-end and a June year-end therefore have different filing dates.

Check that SARS and CIPC reflect the correct year-end before preparing the return. An incorrect period can create duplicate or misaligned assessments.

Core documents

• Trial balance and general ledger
• Annual financial statements or reliable year-end accounts
• Bank reconciliations
• Fixed asset register and depreciation or tax allowance schedules
• Loan-account reconciliations
• Payroll and directors’ remuneration records
• VAT and employer tax reconciliations
• Prior ITR14, assessments and assessed-loss information
• Supporting documents for material deductions
• Shareholding and connected-person information

Accounting profit is not automatically taxable income

The tax calculation adjusts accounting profit for non-deductible expenses, tax allowances, capital items, assessed losses and other tax rules.

Examples can include accounting depreciation, penalties, private expenditure, provisions and certain capital gains or allowances. The exact treatment depends on the facts.

Balance-sheet questions matter

The ITR14 contains detailed financial and tax questions. Assets, liabilities, loans, retained income and connected-party balances should reconcile to the accounts.

Unexplained director or shareholder loan movements often create delays because their nature and supporting resolutions are unclear.

Registered representative and eFiling access

The company should have a valid registered representative and the correct tax type activated on the relevant eFiling profile. Access problems should be resolved before the deadline.

Do not share personal passwords. Use formal access and practitioner-authorisation processes.

After submission

• Download the submission receipt and return copy
• Review the notice of assessment
• Check the statement of account
• Respond to verification requests within the stated period
• Retain supporting material
• Correct genuine errors through the appropriate SARS process rather than filing unsupported changes

Example: director loan account movements

A company pays personal expenses for a director and records all payments as a loan. At year-end, the balance is material but the ledger lacks descriptions and resolutions. The ITR14 cannot be completed confidently until the movements, remuneration, distributions and possible tax consequences are analysed.

Pre-filing quality review

Compare the return to the financial statements, prior assessment, VAT totals, payroll records and CIPC information. Large unexplained year-on-year movements should be investigated before submission, not after a SARS verification notice.

Related LMW guidance covers VAT registration, provisional tax and IRP6 returns, and recurring SARS administrative penalties.

How LMW Financial Solutions can assist

LMW assists with company income-tax returns, compliance reviews, registered representative matters and outstanding-return clean-ups. Where accounting records are incomplete, the required bookkeeping or schedules should be finalised before the ITR14 is submitted.

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Frequently Asked Questions

When is an ITR14 due?

A company’s ITR14 is generally due within 12 months after its financial year-end.

Must a dormant company submit an ITR14?

Generally yes, while it remains registered for income tax and has an outstanding return.

Is accounting profit the same as taxable income?

No. Tax adjustments may increase or reduce accounting profit to arrive at taxable income.

What happens after an ITR14 is filed?

SARS issues an assessment and may select the return for verification or request supporting documents.