Here's what you need to include when submitting your ITR12T form:
1. Demographic information and general trust questions
. This will be the Legal Entity details, e.g. registered name, registration number, etc.;
2. Statement of Assets and Liabilities;
3. Income received by the Trust, for example:
• Local remuneration, rental and business income;
• Local and foreign Capital Gain/Loss; and
• Local and foreign farming income.
4. Other aspects relating to the Trust, for example:
• Was the Trust a Personal Service Provider (PSP)?
• Did the Trust conduct Research and Development
• Was the Trust involved in Partnership(s)?
5. Transaction types, for example:
• Contributions to/from Trust;
• Distributions to/from the Trust;
• Donations to/from the Trust;
• Loans held/granted by the Trust; and
• Right of use of an asset the Trust grants.
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Nine transaction details you must provide
1. Taxable income distributed to/vested in beneficiaries;
2. The distribution/vesting of non-taxable income from this Trust;
3. The distribution/vesting of capital or assets from this Trust;
4. Any outstanding loan(s) granted to this Trust;
5. Any outstanding loan(s) granted by this Trust;
6. Any donation(s)/contribution(s) made to/by this Trust;
7. Any distributions from other Trusts or foundations;
8. Any refund(s) or repayment of contribution(s) made to this Trust; and
9. The granting to any person of the right of use of asset(s) held by this Trust.
Note that if your Trust has less than people (distinct persons) where these transactions applied during the year of assessment, you must provide the details of each transaction for every person.
Also, in case your trust has more than 50 people, where these transactions applied during the year of assessment, you must provide consolidated details of the transactions. You must also provide the details of each transaction for every person (limited to 50) with the highest transactions of more than R500 000.
Note! You must submit the ITR12T via eFiling if a Trust has more than 10 beneficiaries where these transactions are applicable. If you can't submit via eFiling, you must go into a SARS branch and get a SARS official to help you complete the form.