An IT34 correctly known as an ITA34 is the SARS income tax assessment issued immediately after you have submitted your income tax return to SARS.
In essence, it is a SARS summary of your annual income, expenditure, assets as well as liabilities.
You can view an example ITA34 by Clicking here and we can also assist you in getting one.
Read on for more information
SARS issues mainly two types of ITA34’s, namely:
Which may also be viewed by Clicking here or
Which can also be viewed by clicking here.
Let me be honest with you, the bank is trying to see if you are not overstating your business income or understating its expenditure.
They are trying to correlate, whether, the financial information given to them corresponds to that found on the IT34 SARS report.
Contrary to popular belief, they are NOT trying to see if you are compliant with SARS. That remains the duty of the South African Revenue Services.
In reality, no, this is hardly the case, especially with small businesses and I will tell you why. Normally the guy who prepares the tax return is not the same guy who prepares the financial statements.
And again, the submission of an IT34 normally takes place at a time when the main focus is on the tax clearance rather than on the financial statements.
As a result of this, a number of disparities end up existing between the IT34 as well as the financial statements.
Depending on the banker, an application for a business loan could potentially be declined in instances where the IT34 does not match the financial information.
Get an expert advise from us. At Fixonate, we assist businesses with the preparation or correction of an existing ITA34 without landing you in hot waters with the South African Revenue Services.
In fact, we take a holistic view at your financial information to ensure that we iron out issues that could potentially negatively affect your loan application.
We shall assist you in creating and obtaining an ITA34 that matches the financial information.
Simply give us a call or fill in the online application form for more information & assistance (072 547 5231).
Click on the example PDF’s to see our work.
