South Africa

October 2024 South Africa

How to update the template

If you are in the process of finalizing a calculation (tax pack), you can choose if you wish to update your calculation or not.
Please show the columns called "Template Name" and "Template Version" on the calculation's homepage in ONESOURCE Corporate Tax. To do this please follow the below steps:
  • Select the settings option on the top right-hand corner of the screen.
  • Select the options
    Template Name
     and
    Template Version
    .
  • Once this is done you'll notice 2 additional columns on the calculations homepage. Please take note of the
    Template Name
     and the
    Template Version
     number before updating your calculation as this will change once your calculation gets updated.
The latest template versions for this update are
  • South Africa Company Tax 2023 - Consol - v 1.030
  • South Africa Company Tax 2023 - v 1.032
  • South Africa Company Tax 2024 - Consol - v 1.001
  • South Africa Company Tax 2024 - v 1.001
note
  • Before updating any calculations, please save your calculation in excel or as a PDF to ensure the figures in your calculation hasn't changed after the update gets applied.
  • Please ensure that all files that are part of a group consolidation in a dataset are updated to the same Template Version. The Template Version number will be different for a group file but the same for all company files.
Updating a single calculation
  1. Select the tick box to select the calculation.
  2. Select the more button.
  3. Select
    Upgrade
     to upgrade your file to the latest template.
  4. Select
    Refresh
     and check the
    Template Name
     and
    Template Version
     number columns to ensure it got updated to the latest version.
Updating multiple calculations
  1. Select the dataset by ticking the tick box beside it. This will ensure all calculation files are selected.
  2. Select
    More
    .
  3. Select the option
    Upgrade
     to upgrade all files to the latest template.
  4. Select
    Refresh
     and check the
    Template Name
     and
    Template Version
     number columns to ensure all files have updated to the latest version.

Content Update

Template update for FY2023 and subsequent years
We've updated the schedules/reports below.
Schedules
Added the below schedules:
  • P11 - Details of Beneficial Owners - as per ITR14 legislation changes.
  • 118 - Other Reconciling Items - for disclosing additional other reconciling items on 16.
Updated the below schedules:
  • A - Adjustment of profit - added section at bottom of sheet to calculate assessed losses and ITR14 legislation changes.
  • B - Asset allowances - added lines for s12BA.
  • B1 - Asset allowance analysis sheet - added lines for s12BA.
  • C2 - Asset disposals - added lines for s12BA.
  • C16 - Disposals analysis - added lines for s12BA.
  • C17 - Assets additions analysis - added lines for s12BA.
  • C21 - Profit/loss on disposal of investment summary - disclosure updated.
  • C22 - Profit/loss on disposal of investment analysis - new columns have been added.
  • E1 - Capital gains analysis - Added validation check for Capital profit and loss.
  • I - Tax Account - IFRS - updated formulae on cell for Charged/ (credited) to 1/S column.
  • I3 - Tax basis balance sheet - added lines for s12BA and s24.
  • I6 - Reconciling items - updated line to include s12BA, added new line for s24 and added new reconciling line items at the bottom of 16.
  • I7 - Proof of tax - updated formulae for permanent item section.
  • P7 - Individual shareholders - as per ITR14 legislation changes.
  • P8 - Company shareholders - as per ITR14 legislation changes.
  • P9 - Trust shareholders - as per ITR14 legislation changes.
  • P10 - Other entity shareholders - as per ITR14 legislation changes.
Importing
You can now import into the sheets below:
  • A10 - Receipts or accruals of a capital nature
  • A20 - Interest not allowable 23M
  • A21 - Transfer pricing and financial assistance
  • A22 - Income not taxable in terms of double tax agreement
  • A26 - Allowance in respect of future repairs to certain ships
  • B7 - Broad based employee share plan
  • B10 - Limitation of deductions
  • B11- Lump sum contributions to pension, provident or benefit funds
  • C6 - Other receivables detail
  • C8 - Other payables detail
  • C14 - Recoupment of leasing charges
  • C17 - Assets additions analysis
  • C28 - Customer rebates payable
  • C31 - Provision for packaging
  • C33 - Lease smoothing - debtors
  • C34 - Employee provisions transferred between companies
  • C35 - Capital related government grants received - tax
  • D20 - Amounts deemed to be dividends in species
  • D24 - Equity-settled share based payments
  • D28 - Income exempt in respect of mining rehabilitation company
  • D29 - Fruitless and wasteful expenditure
  • D35 - Accounting forfeitable share expense
Reporting
We've updated the reporting for the sheets below:
  • A7 - Donations
  • A14 - Learnership allowance
  • A17 - IFRS and other revaluations
  • A21 - Transfer pricing and financial assistance
  • A23 - Calculation of foreign tax credits available
  • C10 - Accruals
  • C12 - Doubtful debt allowance
  • C17 - Assets additions analysis
  • C21 - Profit/loss on disposal of investment summary - disclosure updated
  • C22 - Profit/loss on disposal of investment analysis
  • E1 - Capital gains analysis
  • P7 - Individual shareholders
  • P8 - Company shareholders
  • P9 - Trust shareholders
  • P10 - Other entity shareholders
We've added the reporting for the sheets below:
  • C35 - Capital related government grants received - tax
  • P11 - Details of Beneficial Owner(s)
  • I18 - Other Reconciling Items

ITR14 form update

Below are the schedules we've updated for the new ITR14 legislation changes.
Tax Computation (Schedule A - Adjustment of Profit / Loss)
Special Allowances Not Claimed in the Income Statement
  • Added new row - Enhanced machinery, plant, implements, utensils and articles used in the production of renewable energy deductions - (s12BA).
  • Renamed row from Learnership Allowance (s12H) - agreements in effect/ completed in current year (agreements entered into on or after 1 October 2016) to Learnership Allowance (s12H) - agreements in effect/ completed in current year (agreements entered into on or after 1 October 2016 but before 1 April 2024).
Special Allowances Not Claimed in the Income Statement (Continued)
  • Added new row - Credit agreement and debtors allowance (Lay-by) (s24).
Non-Deductible Amounts Debited to the Income Statement
  • Added new row - Interest claimed exceeding interest received (not linked to trading) (s11G).
Allowances/ Deductions Granted in Previous Years of Assessment and now Reversed
  • Added new row - Credit agreement and debtors allowance (Lay-by) (s24).
Recoupment of Allowances / Expenses Previously Granted
  • Renamed row from Recoupments (excl. wear and tear) (s8(4)) to Recoupments (excluding wear and tear) (s8(4)) and recoupment in terms of s8(4)(nA) for Enhanced Renewable Energy assets as contemplated in s12BA).
  • Added new row - Recoupment in terms of s8(4)(nA) for Enhanced Renewable Energy assets as contemplated in s12BA.
R - Return : Questions - Page 1
Registered Details
  • New question added to confirm that the person appointed as public officer complies with the requirements to be appointed as public officer as contemplated in section 246 of the Tax Administration Act, 2011.
Dormant
  • New question added - Did the company cease trading during this tax period?
Company Type
  • New question added - Is the company a non-profit company?
  • New question added - Does the company have members?
  • New question added - How many different classes of shares have been issued by the company?
Company Information
  • Updated question from "Was the building or part of the building brought into use after 31 March 2024?" to "Was the building or part of the building brought into use after 31 March 2025?".
  • New question added - Did the company withdraw funds from a rehabilitation fund, and not use it?
  • New question added - How many beneficial owners does the company have?
  • New question added - Is the company a Non-profit Cooperation without members, a cooperative society or a voluntary association?
  • New question added - Does the company have to pay a penalty in terms of s37 A( 6) or s37 A(7)?
R2 - Return : Company Information - Page 2
Company / Close Corporation Particulars
  • New selector added - Select the Standard Industry Code (SIC) applicable to the main activity of the Company.
  • Updated question - State the profit code of the main source of income.
R4 - Return : Disclosures (2) - Page 4
Additional Assessment Information
  • New selector added - Select the Standard Industry Code (SIC) applicable to the main activity of the Company
  • Renamed questions from "Do you give consent that SARS can provide the attached financial statements to the Companies and Intellectual Property Commission (CIPC)?" to "Does the company give consent that SARS can provide the attached financial statements to the Companies and Intellectual Property Commission (CIPC)?".
  • Renamed question from "If Yes, does this have any tax effects?" to "If Yes, does this have any tax effect?".
R6 - Return : Disclosures (3) - Page 6
Share Register
  • Updated the existing section. This section is completed by adding in the share register and corresponding schedules.
R7 - Return : Financial Statements (Micro Business) - Page 7
Expense Items (Only debit amounts)
  • Added new row - Interest paid.
R8 - Return : Tax Computation (Micro Business) - Page 8
Adjustments: Added Back
  • Added new row - Recoupment in terms of s8(4)(nA) for Enhanced Renewable Energy assets as contemplated in s12BA.
  • Renamed row from Taxable amounts not declared in Income Statement (incl. recoupments) to Taxable amounts not declared in Income Statement (incl. recoupments, excl. recoupment in terms of s8(4)(nA) for Enhanced Renewable Energy assets as contemplated in s12BA).
Adjustments: Allowable
  • Added new row - Interest claimed exceeding interest received (not linked to trading) (s11G).
  • Added new row - Enhanced machinery, plant, implements, utensils and articles used in the production of renewable energy deductions - (s12BA).
R16 - Return : Tax Computation (Small/ Medium/ Large) - Page 16
Special Allowances Not Claimed in the Income Statement
  • Added new row - Enhanced machinery, plant, implements, utensils and articles used in the production of renewable energy deductions - (s12BA).
  • Renamed row from Learnership Allowance (s12H) - agreements in effect/ completed in current year (agreements entered into on or after 1 October 2016) to Learnership Allowance (s12H) - agreements in effect/ completed in current year (agreements entered into on or after 1 October 2016 but before 1 April 2024).
R17 - Return: Tax Computation (2) (Small/ Medium/ Large) - Page 17
Special Allowances Not Claimed in the Income Statement (Continued)
  • Added new row - Credit agreement and debtors allowance (Lay-by) (s24).
Non-Deductible Amounts Debited to the Income Statement
  • Added new row - Interest claimed exceeding interest received (not linked to trading) (s11G).
R18 - Return : Tax Computation (3) (Small/ Medium/ Large) - Page 18
Allowances/ Deductions Granted in Previous Years of Assessment and now Reversed
  • Added new row - Credit agreement and debtors allowance (Lay-by) (s24).
R19 - Return : Tax Computation (4) (Small/ Medium/ Large) - Page 19
Recoupment of Allowances / Expenses Previously Granted
  • Renamed row from Recoupments (excl. wear and tear) (s8(4)) to Recoupments (excluding wear and tear) (s8(4)) and recoupment in terms of s8(4)(nA) for Enhanced Renewable Energy assets as contemplated in s12BA).
  • Added new row - Recoupment in terms of s8(4)(nA) for Enhanced Renewable Energy assets as contemplated in s12BA.
Details of enhanced renewable energy deduction - S12BA
  • New section added for Details of enhanced renewable energy deduction - S12BA.
Tax Allowances / Limitations
  • New question added - Was the approval for scientific or technological research and development previously granted ever withdrawn?
  • New question added - Does the company confirm that all interests claimed were correctly limited (in terms of s11G) to non-trading interest received / accrued?
  • New question added - Does the company confirm that no wear and tear (s11(e)) was claimed on an asset acquired as or with a government grant (s12P) as from 29 July 2022?
  • New question added - Does the company confirm that the Enhanced energy Incentive (s12BA) (as declared in the "Enhanced machinery, plant, implements, utensils and articles used in the production of renewable energy deductions (s12BA)" field in the Tax Computation) has not been claimed under any other sections of the Income Tax Act?
  • New question added - Does the company confirm that the asset(s) is new and unused, owned or acquired by the company as purchaser and was brought into use for the first time during this year of assessment?
  • New question added - Does the company still own the asset(s)?
  • New question added - With regards to s12H special allowance claimed, was the learnership agreement(s) entered into before 01 April 2024?
  • Renamed question from "Did the company obtain approval from the Department of Science and Technology as contemplated in s11D?" to "Did the company obtain approval from the Department of Science and Innovation as contemplated in s11D?".
R21 - Return : Credits and Partnerships - Page 21
PAYE Credits Available (excluding provisional tax)
  • Added new column - Non-Taxable income (already included elsewhere in the return).
  • Added new column - Total gross employment income (Taxable) (already included elsewhere in the return).
  • Added new question - By clicking this tick box the company confirm that the total employment income (Taxable and Non-Taxable) as reflected above have been included somewhere else in the return?
Penalties imposed on the holding of non-qualifying investments (S37A(6)) or penalties imposed on the impermissible distributions by a mining rehabilitation company or trust (S37 A(7))
  • Added new column - Penalties imposed on the holding of non-qualifying investments (s37A(6)).
  • Added new column - Penalties imposed on impermissible distributions by a mining rehabilitation company or trust (s37 A(7)).
The return form - R21 - Return : Credits and Partnerships - Page 21 in the PAYE Credits Available (excluding provisional tax). If you entered amounts in the 'IRP5 certificate number' and 'PAYE credit' columns, when the template is upgraded these amounts will appear in the 'Non-Taxable income' and 'Total gross employment income' columns. Ensure these amounts are moved to the correct columns
If a calculation is rolled forward and adjustments are made to the prior year calculation, a "full refresh" needs to be done in the current year calculation to ensure it gets updated with all changes from the prior year.
To do this, select
Refresh
 then
Manage Sources
 in the calculation toolbar. Select
Full Refresh
in the
Actions
 column.
For more information, contact our support team - onesourceza.support@thomsonreuters.com

This article applies to:

  • Product: ONESOURCE Corporate Tax