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.
****** You don't want to miss this ******
For five simple ways you can knock up to
R445 000 off your 2015 tax bill
Negotiating your way through the tax laws and never-ending tax changes is a minefield.
But, today, I'm going to introduce you to the best kept 'secret weapon' in the market.
• How to get tax-free dividends
• How to erase one payroll headache from their lives
• Whether they should use company cars or travel allowances to save taxes
• 17 Important tax updates and changes
• How to find out if they qualify for a 98% tax saving and how to take advantage of it if they do
• How to turn an assessed tax loss into a profit
• How standing up to SARS can actually save money and how to do it without getting into trouble
• How to avoid R3.6 million in penalties by avoiding this common mistake
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.
• 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.