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Avoid a SARS audit, include these nine transaction details on your ITR12T form

by , 08 July 2015
SARS has tightened its belt on tax returns for Trusts. Last year, it released the new ITR12T form specifically for Trusts.

This means SARS requires more details from you than ever before. One section on the form requires specific details of the transactions within your Trust. If you fail to provide these, your Trust could be in line for a full audit from SARS.

To avoid that stress, make sure you include the details of these nine transactions in your IT12T form.

 
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You need to include the details of these nine transactions that took place during the tax year assessment:

 
1. Taxable income you distributed to or vested in Trust beneficiaries;
2. Any non-taxable income your Trust distributed or invested;
3. And capital or assets you Trust distributed or invested in;
4. Any outstanding loans granted to this Trust;
5. Any outstanding loans your Trust granted;
6. Any donations or contributions made to or by your Trust;
7. Any distributions from other Trusts or foundations;
8. Any refunds or repayment of contributions made to your Trust; and
9. The granting to any person of the right of use of assets held by this Trust.
 
Trusts with:
Less than or equal to 50 people where these transactions applied during the year of assessment, must provide the details of each transaction for every person.
More than 50 people must provide consolidated details of the transactions that applied. 
 
Submit the information on these transactions correctly and ensure that you don't draw SARS' attention to your Trust.  
 


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Comments
1 comments


sahlulwa isaih zungu 2015-07-10 04:14:29

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