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Here are the four documents you need to complete your ITR12T

by , 04 November 2014
When it comes to Trusts, SARS says the trustee must complete and send them an Income Tax Return for the Trust every year.

If you haven't done this because you don't know where to start, we're here to help you so you can complete your Income Tax Return for Trust (ITR12T) correctly.

Keep reading to discover the four documents you need to complete your ITR12T.


You need these four documents to complete your ITR12T

 
SARS explains on its website that you need these four documents to complete your ITR12T:
 
  1. All certificates and documents relating to income and deductions;
 
  1. Financial statements and/or administration accounts;
 
  1. Proof of payment of any tax credits; and
 
  1. Particulars of assets and liabilities.
 
That's not all.
 
SARS goes on to say, you must fill in supporting schedules and send them with your ITR12T if the Trust:
 
  • Was involved in mining or mining operations as defined in Section 1 of the Income Tax Act. You must fill in the GEN-001 Mining schedule.
 
  • Held, with any connected person to the Trust (for example, a Trust beneficiary) at least 10% of the rights or voting rights in any Controlled Foreign Company (CFC). In this case, you must fill in the IT10A (Controlled Foreign Company Prior 2012) or IT10B (Controlled Foreign Company 2012 Onward).
 
Note: A function is available on eFiling to upload your supporting schedules.

 
 
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Now that you know what documents you must have on hand, take note of the due date for your ITR12T

 
In this article, we explain that:
 
  • If you submit the form (electronically) at a SARS branch (provisional and non-provisional), the due date is 21 November 2014;
 
  • If you're a non-provisional taxpayer who uses eFiling, the due date is 21 November 2014; and
 
  • If you're a provisional taxpayer who uses eFiling, the due date is 30 January 2015.
 
If you want to know more about the ITR12T, direct your questions to our experts at the Accounting & Tax Club. Also check out this article. It contains a list of the new pieces of information you must submit with your new ITR12T.
 

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