The Tax Index of Financial Data, or the TIFD in short, is an extensive list of financial statement items where each item is assigned a unique four-digit code.
This tax index was developed to enable the department to collect and process financial information in a structured format.
The TIFD is only part of a larger package of electronic interactive services, which the department is committed to provide.
All companies whose financial year-end is 31 December 2001 or later, must report financial statement information using the TIFD when they submit their tax return.
The guidelines in this booklet provide a number of frequently asked questions, a complete list of the TIFD and instructions on how to use it.
Table of Contents
Part 1 - General Information
- What is the TIFD?
- Why was the TIFD developed?
- How was the TIFD developed?
- Who can use the TIFD?
- What are the Tax reporting requirements of non-trading companies?
- When will the TIFD come into force?
- Why are companies’ financial statements to be submitted in TIFD format for financial years ending December 2001 and later?
- Is the IRD shifting on others work that it currently does itself?
- What are the benefits that can be reaped from these new arrangements?
- Do accountants and auditors need to prepare two sets of financial statements: one for clients and one for the IRD?
- Does the TIFD result in an increase to the reporting requirements?
- If the IRD wants only the same information as is now being reported, why are 500 items included in the TIFD?
- Has the IRD informed companies about the TIFD or is it the accountants’ responsibility to inform clients?
- Does the TIFD impair the present responsibilities between auditors and their clients?
- How is the TIFD structured?
- Why are mandatory fields included in the TIFD?
- If I use a TIFD generic code, will the IRD call for more information?
- What if one line on my financial statements matches more than one TIFD item?
- Will TIFD codes change from year to year?
- What ways are available to file financial statements in TIFD format?
- How do I file the notes to the financial statements with electronic lodgement?
- What about the audit report?
- How do I present the notes if I file a paper copy of the return and financial statements?
- Will there be any changes to the present company tax return?
- What are the prescribed attachments and what purpose do they serve?
- Where can I get more information on the TIFD?
Part 2 - Using the TIFD
- TIFD structure and design
- How to select TIFD items
- Reporting negative amounts
- Reporting the money value irrespective of currency denomination
- Group reporting
- Mandatory items
- Subtotals within the TIFD
- Reporting multiple lines of business
- Reporting an amount that combines two or more items
- Notes to the financial statements
- Complete listing of the TIFD
- Worked example on the application of the TIFD
- Multiple lines of business
- Transitory arrangements