Corporate Tax Module Release Notes January 2019

Release Notes

Index 1. Introduction ......................................................................................................................... 3

2. New Compliance Changes ..................................................................................................... 3 2.1. Venture Capital Container ................................................................................................................................. 3 2.2. Donations .......................................................................................................................................................... 3

2.2.1. Donations .................................................................................................................................................. 3 2.2.2. Collective Investment Scheme .................................................................................................................. 4

2.3. PAYE Credits ...................................................................................................................................................... 4 2.4. IRP 5 Tax Certificates ......................................................................................................................................... 4

2.4.1. Specify the number of IRP 5 tax certificates ............................................................................................. 4 2.5. Additional Assessment Information .................................................................................................................. 5 2.6. Company Structure ........................................................................................................................................... 5 2.7. Contributed Tax Capital for Medium and Large Enterprises ............................................................................. 5 2.8. Multinational Entity Details ............................................................................................................................... 6 2.9. Income Statement ............................................................................................................................................. 6

3. Wording changes .................................................................................................................. 7 3.1. Tax Allowances / limitations for small/medium/large business ....................................................................... 7

3.1.1. Is the company a “covered person” as envisaged in section 24JB? .......................................................... 7

Contact Us ................................................................................................................................... 8

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1. Introduction The latest release of the Corporate Tax Module contains the new and amended fields and rules as introduced by the SARS ITR14 form changes. This version of the Corporate Tax Module requires the latest version of CaseWare Working Papers to be installed (Version 2018.00.196 (Release 4), released October 2018).

2. New Compliance Changes

2.1. Venture Capital Container A warning message will be displayed if the answer to the question “Did the company invest in SARS approved Venture Capital Companies in exchange for the issue of shares during this year of assessment?” is changed from “Yes” to “No” or “No” to “Yes”.

2.2. Donations

2.2.1. Donations

A warning message will be displayed if the answer to the question “Does the company want to claim donations made to an approved organisation in terms of s18A?” is changed from “Yes” to “No” or “No” to “Yes”. If “Yes” is selected on the warning message and the wizard question is changed from Yes to No, any containers that are currently displayed based solely on a “Yes” selection for this wizard question will be removed. If “No” is selected on the warning message, then the wizard question and any form containers will remain unchanged.

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2.2.2. Collective Investment Scheme A warning message will be displayed if the answer to the question “Is the company a collective investment scheme?” is changed “Yes” to “No” or “No” to “Yes”.

2.3. PAYE Credits A warning message will be displayed if the answer to the question “Will the company be claiming any PAYE credits reflected on an IRP5 tax certificate?” is changed from “Yes” to “No”.

2.4. IRP 5 Tax Certificates

2.4.1. Specify the number of IRP 5 tax certificates

If “Yes” is selected on the warning message and the answer is changed to “No”, then the relevant IRP 5 certificate containers will be removed. If “No” is selected on the warning message, then the relevant IRP 5 certificate containers will remain unchanged.

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2.5. Additional Assessment Information A new rule and disclosure question has been added to the Additional Assessment Information container. • Selecting “Yes” for the question “Is the company carrying on banking, financial services or insurance business?” will

display a new sub question. • The new Additional Assessment question is “Is the company a “covered person” as envisaged in paragraph (c)(i) to (iii)

and (d) of that definition in section 24JB?”

A new allowance has been added for Small and Medium/Large companies if the answer is “Yes” for the new sub question. • The “Allowance in respect of impairments (s11(jA))” is included in the “Special Allowances Not Claimed in the Income

Statement” container and in the “Allowances / Deductions Granted in Previous Years of Assessment and now Reversed” container.

2.6. Company Structure Subsidiary Details are now only visible on the 2017 form for 2017 Year of Assessment (YOA).

2.7. Contributed Tax Capital for Medium and Large Enterprises A new field “Adjustment in terms of S8G” becomes visible for the 2018 YOA. This new field is deductible in the Contributed Tax Capital calculation.

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2.8. Multinational Entity Details A new mandatory question “Did the company enter into potentially affected transactions exceeding an aggregate value of R100 million for the year of assessment?” becomes visible for the 2018 YOA.

2.9. Income Statement A new income field “Tainted Dividends (local and foreign) deemed to be income (s22B)” is visible for the 2018 YOA. This new income field will be visible for:

• Dormant Companies; • Micro Companies; • Body Corporations; • Share Block Companies; • Small Companies; and • Medium/Large Companies.

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3. Wording changes

3.1. Tax Allowances / limitations for small/medium/large business

3.1.1. Is the company a “covered person” as envisaged in section 24JB? “Envisage” has been renamed to “Envisaged”.

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