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News & Press: Trusts

New modernised income tax return for trusts (ITR12T) to replace the IT12TR in due course

23 September 2014   (5 Comments)
Posted by: Author: SARS
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Author: SARS

SARS released a notice on 23 September 2014 whereby it introduced the modernised income tax return for trusts (ITR12T) which is set to replace the existing IT12TR. 

Some of the prominent features of the ITR12T include the following:

  • Trust details will be pre-populated;
  • Expanded financial and legal reporting requirements;
  • Full details of all parties contributing funds, assets, etc. into the trust will need to be
    provided as well as details of the actual transactions made;
  • Full details of any party benefitting in any way from the trust as well as details of the
    benefits received or enjoyed will need to be provided for every beneficiary; and
  • Assessment results will be available sooner than before.

Please click here to access the relevant notice

Comments...

Thembisa Nompula says...
Posted 25 September 2014
I really don't understand how SARS operate, they always make these changes that affect us but we are always the last to find out. They is no form of communication whatsoever. It makes one wonder if it is even worth being a tax practitioner, especially if you can't help your clients in time because forever changes they make! The sad thing about this is that their word is final, they say we must jump and all we can do is ask them how how, it's really is irritating!
Ian B. Hooper says...
Posted 25 September 2014
SARS says we need to keep documents for 5 years. Remember we are dealing with trusts. All documents need to be kept until five years after the trust is wound up!!
Geoffrey S. Carroll says...
Posted 25 September 2014
in the middle of a busy tax period SARS sees fit to change the format for Trust returns ,with additional, onerous details to be submitted as from 3rd October 2014. Their timing of such a radical change is beyond comprehension. Geoff
Andy Anderson says...
Posted 25 September 2014
Like Anton i experience the same issues with SARS. I AM NOW BUSY WITH A CASE THAT I HAVE TO SUBMIT FOR THE 7TH TIME (THATS RIGHT THE 7TH TIME). SARS has implemented a system that works in developed countries in a developing country. Who does SARS consult with when they ring the changes? When we hand in documentaion at SARS we do not get any form of acknowledgement like we used to, why not?
Anton van de Stadt says...
Posted 25 September 2014
I, Anton van de Stadt being a registered tax practitioner (Ref. PR- 0011279) am extremely disillusioned with SARS on the aforegoing matter. I have experienced IT problems with the current IT12TR for the last two months. I consulted an IT expert with no success. SARS last reference to PCC was # 146 959 736. One has to wait 21 days turnaround period. Admission via the SARS consultants confirm they cannot help, neither is their IT division forthcoming with assistance, based on my experience. Can SAIT lend assistance to a sole practitioner????

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