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The new IT12T trust tax return – How to fill in the maturity date of a loan in a trust

Wednesday, 29 October 2014   (0 Comments)
Posted by: Author: SAIT Technical
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Author: SAIT Technical

Q: I have a technical question to pose regarding the new trust tax returns. 

If there is a loan account in place in a trust, you have to declare that to SARS and load the trustees’/beneficiaries’ details. One of the questions that they pose is the maturity date of the loan, which there isn’t one in most cases. When I contacted the call centre with this regard they told me to enter 999 and that it should solve the issue. However this has hasn’t worked yet because the system says this is not a valid date. Have you had any dealings with this regard? Do you know how we should handle this?

A: We took the matter up with SARS. They agree that the return does not cater for the instance where the loan doesn't have a maturity date. The answer of how to deal with it this year given by SARS was to put use the last day of the year of assessment as the date in the return. That is of course not correct, but we suggest you use it so that you can be able to submit the return.  

Disclaimer: Nothing in this query and answer should be construed as constituting tax advice or a tax opinion. An expert should be consulted for advice based on the facts and circumstances of each transaction/case. Even though great care has been taken to ensure the accuracy of the answer, SAIT do not accept any responsibility for consequences of decisions taken based on this query and answer. It remains your own responsibility to consult the relevant primary resources when taking a decision.



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