Critical Communication – New Trust SARS income tax return being launched!

We advise that SARS is implementing a new SARS Tax return for Trusts (ITR12T) on 3rd October 2014.

This modernised return will be similar to the Corporate/Entity tax return (ITR14) introduced early last year – certain sections will also be pre-populated depending on customised questions.

The new return will also now require expanded reporting disclosures for financial information, the Trustee and Beneficiary information along with any income or benefits enjoyed by them via the Trust. The another new requirement is that all Trusts must now upload their Annual Financial Statements and other related supporting documents/certificates to SARS e-filing for the tax return to be successfully submitted to SARS.

These include:

– Capital or revenue distributed or vested in beneficiaries

– Distributions or vesting of non-taxable income

– Distribution or vesting of capital or assets

– Loan(s) granted and received

– Donation(s) or contribution(s) made or received

– Distributions received from other trusts or foundations

– Refund(s) received on contribution(s) made to this trust

– The right of use of asset(s) granted.

SARS will no longer be accepting any Manual returns for Trust in the future – only this revised form via SARS E-filing will be accepted.

Although we strive to keep our charges relating to Trust tax return completion to a minimum, the new changes brought in by SARS will result in more compliance time spent in ensuring our client’s returns are completed correctly and in accordance with SARS requirements.

Please contact our offices on 021 683 4834, should you have any further queries in this regard.

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