note that SARS released a notice on 23 September 2014 introducing the
modernised income tax return for trusts (ITR12T) and replacing the current
IT12TR. SARS confirmed that effective 3 October 2014, the current IT12TR will
no longer be accepted.
of the prominent features of the ITR12T include the following:
Expanded financial and legal
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;
Trust details will be
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
Assessment results will be
available sooner than before.
will deliver a brief presentation on the new features during the following
upcoming TaxCPD seminar series hosted by SAIT.
note that the SARS presentation is scheduled from 12h30 to 13h30 and attendance
of the SARS update session is not exclusive to the seminar delegates in the
morning. If you elect to only attend the SARS session, kindly RSVP your seat
is of critical for tax practitioners to become familiar with the new
Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.