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

Tuesday, 23 September 2014   (0 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 in due course. 

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



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