The ITR14 is the Income Tax Return for Companies — the annual return a private company, close corporation, or other juristic person submits to SARS to declare its taxable income and calculate the corporate tax it owes. Getting it right requires accurate financial statements, a proper tax computation, and a clear understanding of the deductions and allowances available to your business. Filing late, filing incomplete, or filing with errors are three of the fastest routes to a SARS audit.
What is the ITR14?
The ITR14 is SARS's income tax return form for companies. It collects the information SARS needs to raise a tax assessment — the formal determination of how much corporate tax your company owes for the financial year. The current corporate tax rate is 27% of taxable income (reduced from 28% for years of assessment ending on or after 31 March 2023). Small Business Corporations (SBCs) that qualify under Section 12E of the Income Tax Act are taxed on a progressive scale, with the first R95,750 of taxable income tax-free.
Who Must File an ITR14?
Every company registered for Corporate Income Tax with SARS must file an ITR14 for each year of assessment, regardless of whether it traded or made a profit. This includes: Private Companies (Pty Ltd), Close Corporations (CC), Public Companies (Ltd), Non-Profit Companies (NPC) with taxable income, Trusts registered as companies, and Personal Liability Companies (Inc.). A company that made a loss must still file — the assessed loss is carried forward to reduce future taxable income.
When is the ITR14 Due?
The ITR14 is due within 12 months of the last day of the company's financial year end. For example, if your financial year ends on 28 February 2025, your ITR14 is due by 28 February 2026. SARS issues returns filing season notices that specify the exact filing window. Late submission attracts a penalty of R250 per month for each month the return is outstanding, up to a maximum of R16,000 per return. These penalties apply even if no tax is owed.
Note that provisional tax payments (IRP6) are due before the final ITR14. The first IRP6 is due six months into your financial year; the second is due on the last day of the financial year. The ITR14 then reconciles your actual taxable income against the provisional payments you made.
Before You Start: What You Need
Prepare the following before opening the ITR14 on eFiling: your Annual Financial Statements (signed and finalised for the financial year), a tax computation showing the move from accounting profit to taxable income, a fixed asset register (for Section 12C, 11(e), or 12E wear-and-tear allowance claims), schedules for any assessed losses brought forward from prior years, details of any dividends received or paid, and records of any controlled foreign company (CFC) interests if applicable. The ITR14 cannot be accurately completed from bank statements alone — you need finalised, IFRS-compliant financial statements.
Step 1: Access the ITR14 on eFiling
Log in at efiling.sars.gov.za. Ensure you are in your company's portfolio — click the dropdown next to your name and select the company entity. Navigate to 'Returns' → 'Returns Issued' → 'Income Tax' → 'ITR14'. Select the relevant year of assessment and click 'Open Return'. If the return is not listed, it may not yet have been issued by SARS — check 'Returns History' or contact SARS to request the return be issued.
Step 2: Work Through the Return Sections
The ITR14 is a dynamic form — sections appear or disappear based on your answers. The main sections are: **Company Information:** confirm legal name, registration number, financial year dates, and public officer details. **Income Details:** gross income, cost of sales, and operating expenses drawn from your income statement. **Tax Computation:** adjustments to accounting profit — adding back non-deductible expenses (entertainment, penalties, provisions), deducting allowable items (wear-and-tear, Section 12E allowances, bad debts). **Assessed Loss:** carry forward any assessed loss from prior years to reduce taxable income. **Capital Gains:** declare any disposal of assets and the resulting capital gain or loss (companies pay CGT at an inclusion rate of 80%, taxed at 27%, giving an effective rate of 21.6%). **Dividends:** declare dividends received and dividends paid. **Foreign Income:** report any foreign-source income and applicable foreign tax credits.
Work methodically through each section. Do not skip fields or enter estimated figures — SARS cross-references the ITR14 against your provisional tax returns, VAT returns, and in some cases third-party data from banks and other institutions.
Step 3: Attach Supporting Documents
After completing the return, eFiling will prompt you to attach supporting documents. At minimum, attach: your signed Annual Financial Statements (PDF), your tax computation schedule, and your fixed asset register if you are claiming depreciation allowances. For first-time filers or where the return differs significantly from prior years, SARS may request additional documentation during verification. Attaching everything upfront reduces the risk of being selected for a verification audit.
Step 4: Review, Calculate, and Submit
Click 'Calculate' to generate a tax liability figure. Review this carefully against your own computation — if the eFiling calculation differs from yours, identify the discrepancy before submitting. Common causes of differences include incorrectly capturing gross income, missing deduction fields, or errors in the assessed loss schedule. Once satisfied, click 'File Return'. eFiling will confirm submission and generate a submission receipt number — save this.
If tax is owed, payment is due within the deadline. Pay via SARS eFiling's payment gateway, or by EFT using the payment reference number on your assessment. SARS does not accept cash or cheque payments.
After Submission: What to Expect
SARS will issue an assessment — either an ITA34 (auto-assessment confirming your submission) or a request for verification (a letter requesting additional documents). Most accurate ITR14 submissions are processed within 7–21 business days. If SARS selects your return for audit, they will issue a letter specifying what they require. Respond within the stated deadline — non-response results in SARS estimating the assessment, almost always unfavourably.
If You Disagree with SARS's Assessment
You have 30 business days from the date of the assessment to lodge a Notice of Objection (NOO) via eFiling. If you miss this window, you can apply for condonation of late objection — but this is not guaranteed. Common grounds for objection include SARS disallowing a legitimate deduction, misinterpreting income classification, or failing to credit provisional tax payments correctly. A Tax Practitioner can prepare and submit an objection on your behalf.
Common Mistakes That Trigger SARS Audits
Gross income understated: SARS compares your declared turnover against VAT returns, third-party data, and industry benchmarks. Significant differences raise flags. **Deductions without supporting documents
Sikatrix Business Accountants prepares and submits ITR14 returns for all our corporate clients. We prepare the tax computation from your financial statements, identify all permissible deductions, and manage any SARS correspondence that arises. If you are behind on corporate tax returns or need support with an upcoming filing, contact us for a free consultation.