With effect from 23 June 2023, SARS will introduce changes to the Income Tax Return for Trusts (ITR12T), eFiling enhancements, i.e., additional questions to the Income Tax Return Wizard to be completed, and mandatory supporting documents that must accompany the return.
The IT3(t) (3rd party data submission) will be due for the 2024 financial year.
• Financial Action Task Force (FATF) requirements- SARS aims to record all
beneficial owners of newly registered Trusts.
• What information is required to register a Trust on eFiling.
• The eFiling periods for Trusts.
• What changes have been made to the form and system of the ITR12T:
o Update to the wizard on the Trust return
o Simplified return for Passive Trusts
o Enhancements to the ITR12T
o Supporting documents to be submitted with the ITR12T
• Obligation to report beneficial ownership of trusts to the Master of High
Court.
• New obligations of trustees of trusts.
• Trustees becoming 3rd party data providers to SARS -IT3(t).
Tax practitioners, accountants and trust service providers who want to equip themselves to assist or advise their clients regarding trust filing season on the latest form and system changes introduced from 23 June 2023 (Completion of the ITR12T, with the requirements to submit beneficial ownership information)
