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Thread: IT14 and Accumulated Losses - no provision in return to record it

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    IT14 and Accumulated Losses - no provision in return to record it

    What a silly thing for SARS to omit in the 2012 IT14 via e-filing.
    I read on SAIT that they are aware, recommend that we do not file, and that it should be corrected by May 13.... well, so much for that!
    I still havent filed, and contacting SARS themselves is spectacularly unhelpful.
    The only option is to record an accumulated loss as an "Other Asset" in the balance sheet... am so wary of doing this, as fear one day in the future it will have disappeared in terms of tax treatment consideration by SARS.
    Curious how others have chosen to handle this particular problem.
    Thanks - AMB

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    I presume you are referring to the new layout that came into effect on 4 May? Because prior to that it was fine.

    If source code 4604 has been omitted, have they omitted 4642 also (Other debit capital and reserves)?

    I too would be uncomfortable with Other Asset. If you do use that, I would suggest you "request a correction" once they have fixed it

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    See attached screenshot
    "Once they have fixed it"Click image for larger version. 

Name:	IT14 - no accrued loss.jpg 
Views:	243 
Size:	39.8 KB 
ID:	3585.... is a real pipe dream, it seems.
    I called the SARS hotline, waited the obligatory 20min in the queue, got a "what?" from the call centre person who then disconnected me :-)
    Sent SARS an email a week ago, and not holding my breath for an answer
    <sigh> sars

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    Platinum Member Mike C's Avatar
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    In my experience their email responses appear to be "copied and pasted" and usually don't answer the actual question at all.

    Keep us posted if / when you get a response. It will be interesting to hear.
    An education isn't how much you have committed to memory, or even how much you know. It's being able to differentiate between what you do know and what you don't. - Anatole France

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    It is available now

  6. Thank given for this post:

    AMB57 (31-May-13), Dave A (30-May-13)

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    Clive - are you sure? When I open up the IT14 its exactly as per the screenshot, ie nothing changed at all. This is a 2012 IT14, just to be clear. Am I doing something wrong - maybe there's a way to refresh it? Wouldn't want to have to start again unless no other choice. But just want to make sure before doing anything drastic - any ideas? Thanks, AMB

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    Yip
    Click image for larger version. 

Name:	AccLoss.jpg 
Views:	146 
Size:	45.2 KB 
ID:	3592

    It's on page 5.

    If you created the return before it was fixed, I suggest you mark it as "manually submitted" and request again

  9. Thanks given for this post:

    AMB57 (01-Jun-13)

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    Clive I will do so - thank you, u r da man

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    Clive (or anyone) - please help. I tried your 'manually submitted' suggestion, but all it does is enter it as "filed" and not allow me to request again... now am totally stuck, as I cant delete/undo that - let alone request what I hope should be a v2 of the IT14 with Acc Loss present as you indicate. Eishhhhhh, what a mess

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    Go to the return but do not open it.
    Below it, one of the buttons says "Incorrect Return Type?"
    Click on that and select IT12R (I know, it should say ITR14)
    It should now generate the latest version and mark it it as "Saved".

    Alternatively, if that does not work for you, select Request a correction. The generated return should be the latest.

    If all that still fails, phone the call centre.

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