The ITR14 is the annual income tax return every South African company must submit to SARS, due within 12 months of the end of its financial year. It is completed on eFiling, built from your annual financial statements, and requires a tax computation reconciling accounting profit to taxable income.
The return itself is not difficult to submit. What causes problems is arriving at it without finalised financial statements, without a tax computation, and without the supporting schedules SARS asks for when it verifies.
TL;DR
Due: 12 months after your financial year end.
Where: SARS eFiling.
Needed before you start: signed annual financial statements, a tax computation, a fixed asset register, and details of provisional tax already paid.
Every company files, including dormant ones.
The return is customised by your answers to the opening questions.
Accounting profit ≠ taxable income — the reconciliation is the real work.
When it is due
Twelve months after your financial year end.
| Year end | ITR14 due |
|---|---|
| 28 February 2026 | 28 February 2027 |
| 30 June 2026 | 30 June 2027 |
| 30 September 2026 | 30 September 2027 |
| 31 December 2026 | 31 December 2027 |
This is a different deadline from everything else. Individual filing season dates do not apply to companies, and neither do the personal provisional deadlines. Companies work off their own year of assessment.
Note that the twelve-month deadline is generous compared with the six months you have to prepare annual financial statements — so if your AFS are done on time, the ITR14 should never be a rush.
What you need before you open the return
Trying to complete an ITR14 without these is where the time goes.
1. Signed annual financial statements. The return is built from them. Draft statements that later change mean redoing the return.
2. A tax computation. The schedule reconciling accounting profit to taxable income. More on this below — it is the substance of the exercise.
3. A fixed asset register. Cost, date brought into use, accumulated wear and tear, and the current year's allowance for every asset. SARS asks for this on verification.
4. Provisional tax payments already made. The IRP6 payments for the year, which are credited against the assessment.
5. Details of any assessed loss brought forward.
6. Beneficial ownership and shareholding details, matching what is filed at CIPC.
7. Supporting schedules for anything unusual — capital gains, foreign income, learnership allowances, section 12E allowances, donations claimed under section 18A.
The tax computation: where the work actually is
Your financial statements show accounting profit. SARS taxes taxable income. They are not the same number, and the ITR14 requires you to show how you got from one to the other.
A worked reconciliation:
| Amount | |
|---|---|
| Profit before tax per the financial statements | R1,240,000 |
| Add back — not deductible for tax | |
| Depreciation per the accounts | R186,000 |
| Entertainment | R42,000 |
| Fines and penalties | R8,500 |
| Increase in general provisions | R55,000 |
| Less — deductible for tax | |
| Wear and tear allowances | (R214,000) |
| Section 12E allowance on qualifying assets | (R95,000) |
| Taxable income | R1,222,500 |
Every one of those adjustments needs to be supportable. The four that appear most often:
Depreciation out, wear and tear in. Accounting depreciation is never deductible. It is replaced by the wear and tear allowance calculated on the SARS write-off periods, which are usually different.
Entertainment added back. Note that entertainment incurred in the production of income is generally deductible for income tax even though its VAT is denied — the two systems differ. Where entertainment has been treated as non-deductible in the computation, be consistent about why.
Fines and penalties added back. Never deductible, including SARS penalties.
Provisions added back. General provisions are estimates, not incurred obligations, so they are not deductible until they crystallise.
See what business expenses are tax deductible for the underlying test.
Filling in the return
1. Log in to eFiling as the registered representative or tax practitioner.
2. Answer the opening questions. The ITR14 is a customised return — your answers to the first set of questions determine which sections appear. Getting these wrong produces either a return missing sections you need, or one demanding information that does not apply.
You will be asked things like: is the company dormant, is it a Small Business Corporation, does it have foreign income, were there capital gains, is it part of a group.
3. Complete the balance sheet and income statement sections, matching the annual financial statements exactly. Differences between the AFS and the return are a standing verification trigger.
4. Complete the tax computation section with the reconciliation above.
5. Claim what you are entitled to. Section 12E accelerated allowances if you qualify as an SBC, learnership allowances under section 12H, section 18A donations, and any assessed loss brought forward.
6. Check the provisional tax credits have pulled through correctly.
7. Submit, and keep the acknowledgement.
Small Business Corporation status
The return asks whether the company qualifies as an SBC. The saving is significant — up to roughly R91,000 a year against the flat 27% rate — so it is worth answering deliberately rather than by habit.
The qualifying tests are demanding: all shareholders must be natural persons, none may hold shares in another company subject to limited exceptions, gross income must be under the prescribed threshold, not more than 20% of receipts may come from investment income or personal services, and the company must not be a personal service provider.
The shareholding test is what catches people. A shareholder who owns a dormant company registered years ago and forgotten can disqualify your trading company entirely. Check CIPC records for every shareholder before ticking the box.
Full detail in what is the company tax rate in South Africa.
Assessed losses and the 80% restriction
If the company has an assessed loss brought forward, it does not simply wipe out this year's taxable income.
Since 2022, the loss set-off is limited to the higher of 80% of taxable income or R1 million. The balance carries forward.
Worked example. Taxable income before losses R3,000,000, assessed loss brought forward R4,500,000.
80% of R3,000,000 = R2,400,000
R2,400,000 is higher than R1,000,000, so the limit is R2,400,000
Taxable income after set-off: R3,000,000 − R2,400,000 = R600,000
Tax at 27%: R162,000
Assessed loss carried forward: R4,500,000 − R2,400,000 = R2,100,000
A company with more losses than profit still pays tax. This surprises people every year, and it is the single most common reason a provisional estimate turns out to be too low.
Dormant companies
A dormant company still files an ITR14. The return is short — you indicate dormancy in the opening questions and most sections fall away — but it must be submitted.
Not filing leaves the period outstanding, triggers administrative non-compliance penalties that recur monthly, and makes your tax compliance status non-compliant, which blocks tax clearance and tenders.
What happens after you submit
Assessment. SARS issues an ITA34 assessment showing the tax calculated, provisional payments credited, and the balance payable or refundable.
Verification. SARS may request supporting documents — typically the AFS, the tax computation, the fixed asset register and schedules for larger deductions. You generally have 21 business days to respond, so upload everything at once, correctly named.
Payment. Any balance is payable per the assessment. Late payment attracts interest at 10.25% per annum.
Disagree? Lodge a Notice of Objection within 80 business days of the assessment.
Frequently asked questions
What is an ITR14? The annual income tax return that every South African company submits to SARS, completed on eFiling and built from the company's annual financial statements.
When is the ITR14 due? Within 12 months of the company's financial year end. For a year ended 28 February 2026, the return is due by 28 February 2027.
What documents do I need to file an ITR14? Signed annual financial statements, a tax computation reconciling accounting profit to taxable income, a fixed asset register showing wear and tear, details of provisional tax paid, any assessed loss brought forward, shareholding details, and supporting schedules for items such as capital gains or special allowances.
Does a dormant company have to file an ITR14? Yes. The return is short — dormancy is indicated in the opening questions and most sections fall away — but it must still be submitted. Not filing triggers recurring administrative penalties and makes the company non-compliant.
Why is my taxable income different from my accounting profit? Because certain items are treated differently for tax. Accounting depreciation is added back and replaced by wear and tear allowances, entertainment and fines are added back, and general provisions are not deductible until incurred. The reconciliation between the two is the tax computation.
How does an assessed loss work on the ITR14? An assessed loss brought forward can only be set off against the higher of 80% of taxable income or R1 million, with the balance carried forward. A company with more losses than profit can therefore still have tax to pay.
What happens after I submit the ITR14? SARS issues an ITA34 assessment showing the tax calculated and provisional payments credited. SARS may request supporting documents, generally allowing 21 business days to respond. Any balance is payable per the assessment, with interest at 10.25% per annum on late payment.
Can I object to my company's assessment? Yes. A Notice of Objection must be lodged within 80 business days of the date of the assessment, with written reasons and supporting documentation.
A return that is a formality, not an event
The ITR14 is straightforward when the financial statements are finalised, the tax computation is prepared alongside them, and the asset register is current. It becomes an ordeal when all three have to be built in the last week before the deadline.
Smartbook prepares the annual financial statements, the tax computation and the ITR14 as one continuous piece of work — and keeps the fixed asset register current through the year so the wear and tear claim is right the first time.
Need company tax returns as a once-off? →
Last reviewed: 26 July 2026. Written by the Smartbook team — SAIPA and SAICA accredited, SARS registered tax practitioners. Worked examples are illustrative. General guidance, not advice on your circumstances.
Primary sources: SARS — Companies · SARS — Budget 2026 Frequently Asked Questions · SARS — Small Businesses Taxpayers · SARS eFiling