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Breaking news from SARS regarding Income Tax and your Trust

by , 01 October 2014
SARS has been making headlines lately.

Last week, we heard that it now has a new Commissioner, Tom Moyane.

Now there's other news coming from SARS and it's about Income Tax and your Trust.
Read on to find out about this new development so you can get in line with the change.


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The news coming from SARS is that it's introduced a new Income Tax Return for Trusts


That's right.
 
The new form is called the Income Tax Return for Trust (ITR12T).

In an effort to improve things for you, SARS has basically redesigned and automated the current form (IT12TR).

The new form (ITR12T) will be available from this month


SARS won't accept the old IT12TR after the date the new ITR12T becomes available.

On its website, SARS warns that it won't accept any IT12TRs it gets at its branches or by post (including a SARS drop box), after 3 October 2014. It will simply send you a letter asking you to complete the new ITR12T online.'

What if you use eFiling?

According to SARS, if you've saved your return (IT12TR) on eFiling but haven't sent it by 3 October 2014, you'll be able to view and print your old return (IT12TR), but you'll need to manually transfer the information to the new ITR12T online for completion and submission.

Now that you know about the new Income Tax Return for Trust (ITR12T), get in line with the change.

If you have any queries about the new form, ask our experts at the Tax & Accounting Club.

PS. Find out how to take the hassle out of tax, audit-proof your business and make the Receiver your friend!


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