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SARS Presentation on the new IT12TR

07 October 2014   (2 Comments)
Posted by: Author: SAIT Technical
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Author: SAIT Technical

Please 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.

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

  • 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;
  • Trust details will be pre-populated;
  • 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.

SARS will deliver a brief presentation on the new features during the following upcoming TaxCPD seminar series hosted by SAIT.

Region

Topic

Date

Registrations

Port Elizabeth

Employee Taxes: Risks & Audits     

09-Oct-14

Click here to register

Johannesburg

Trusts Back to Basics

09-Oct-14

Click here to register

Roodepoort

Trust Law Workshop     

09-Oct-14

Click here to register

George

Employee Taxes: Risks & Audits      

10-Oct-14

Click here to register

Polokwane

Trusts Back to Basics 

10-Oct-14

Click here to register

Pretoria

Trusts Back to Basics 

21-Oct-14

Click here to register

Cape Town

Employee Taxes: Risks & Audits

21-Oct-14

Click here to register

East London

Trusts Back to Basics 

22-Oct-14

Click here to register

Bloemfontein

Trust Law Workshop

10-Nov-14

Click here to register

Pretoria

Trust Law Workshop

11-Nov-14

Click here to register

Durban

Trust Law Workshop

18-Nov-14

Click here to register

 

Please 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 here. 

It is of critical for tax practitioners to become familiar with the new requirements. 

Comments...

Johanna S. Hoon (Du Plessis) says...
Posted 06 November 2014
Will there be new dates for the presentation on the changes with reference to trusts
Maria O. Coelho says...
Posted 16 October 2014
The new changes on the It 12 will be a huge relief and of course a bonus for tax clearance

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