SARS announced the introduction of a new format tax return for trust taxpayers
On Friday, 26 September 2014, SARS announced the introduction of a new format tax return for trust taxpayers (ITR12T).
These changes were introduced effective from 3 October 2014 resulting in all tax returns, irrespective of tax year, submitted after this date having to be completed on the new format.
The main features of the new format are:
- 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
- assessment results will be available sooner than before.
For more information, contact Grant Thornton or read more about the new tax return for trusts on SARS’ website.