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Thread: ITR14 2014 - how to record an accumulated loss

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    ITR14 2014 - how to record an accumulated loss

    I have been battling to complete the new ITR14 for this year as there is no section in which to record accumulated losses nor retained profits in the balance sheet section.
    Calling SARS is a complete waste as they have no idea what I am talking about. Has anyone a solution?

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    Colin, I encountered this some time ago but I am struggling to remember. I think this what I did (with the help of the call centre):

    The net of share capital and accumulated loss was entered in the Non-Distributable Reserves slot with a minus sign. Then you click on "calculate" abnd if it is happy, you submit it.

    The normal "Capital And Reserves" will not accept a minus sign.

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    Thanks Clive. It accepted the solution you suggested but its a bit scary knowing the info is incorrectly recorded.
    Its amazing that SARS can go to the depth of asking for CTC movements when they cant get a balance sheet right!

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    I have in the not too distant past, filed a balance sheet that did not balance I suppose, in a perverted way, that an accumulated loss is a NDR after a fashion.

    The ITR14 has no process or mechanism to balance reserves, or even retained income. So I guess it is what it is ....

    Glad you came right though.

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    Gold Member Houses4Rent's Avatar
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    Maybe this might help some of you with your tax/SARS issues. I have not tried it out myself.
    https://www.taxtim.com/za/index
    Houses4Rent
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    marc@houses4rent.co.za www.houses4rent.co.za
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    Luckily, if they are unsure, you usually have to file your financials as well, so if they have any questions, the answers should be on the financials.

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    Bronze Member Beancounter's Avatar
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    It is correct to enter the accumulated loss in the NDR field as confirmed by SAIPA and SARS.

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