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Six new pieces of information you must submit with your new ITR12T

by , 03 November 2014
There's a new Income Tax Return for Trusts (ITR12T) and it's available on eFiling.

What you may not know is the new ITR12T requires more information than the old IT12TR. SARS says the reason for this is to help you submit an accurate return and be compliant with SARS' requirements.

So what kind of information does SARS require now?

Keep reading to find out so you can fill in the form accurately.

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The following information is needed for the new ITR12T

On its website, SARS explains that the new ITR12T now has:
1. A questionnaire that will allow SARS to customise the ITR12T to only create sections applicable to your Trust.
2. Demographic information and general Trust questions. This will be the Legal Entity details, for example, registered name, registration number, etc.
3. Statement of Assets and Liabilities.
4. Income received by your Trust.
This could be:
  • Local remuneration, rental and business income;
  • Local and foreign capital gain or loss; or
  • Local and foreign farming income.

5. Other aspects relating to the Trust, for example:
  • Was the Trust a Personal Service Provider (PSP)?
  • Did the Trust conduct Research and Development (s11D)?
  • Was the Trust involved in Partnerships?

That's not all.
6. You must also provide details of the following transactions that took place during the year of assessment:
  • Taxable income distributed to or vested in beneficiaries;
  • The distribution or vesting of non-taxable income from the Trust;
  • The distribution or vesting of capital or assets from the Trust;
  • Any outstanding loans granted to the Trust;
  • Any outstanding loans granted by the Trust;
  • Any donations or contributions made to or by your Trust;
  • Any distributions from other Trusts or foundations;
  • Any refunds or repayment of contributions made to the Trust; and
  • The granting to any person of the right of use of assets held by the Trust.
Now that you know about the type of information SARS needs, complete your ITR12T accurately and submit it on time.
If you want to know more about the new ITR12T, direct your questions to our experts at the Accounting & Tax Club.

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