Tax practitioners wishing to register a trust for income tax have been experiencing difficulties where the trust does not have a bank account.
Fortunately, SARS has decided to accommodate such trusts by requiring that the registered representative complete a short declaration and reason as to why the trust does not have banking details to provide. This is provided for on the RAV01 form.
Furthermore, kindly bear in mind that for VAT Trust registrations (according to the VAT ACT 89 – 44.3d of 1991) banking details have been mandatory and the rules have been applied on the VAT Core Tax System prior to the Single Registration implementation- this rule has not changed.
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.
MINIMUM REQUIREMENTS TO REGISTER
The Act requires that a minimum academic and practical requirments be set to register with a controlling body. Click here for the minimum requirements of SAIT.