New changes to the ITR12T form make fulfilling this tax obligation more complicated! Here are some tips to help
SARS recently released a new ITR12T form. It's specifically for trusts and SARS created the form to make the process of submitting a tax return for trusts much easier.
Although it may have made it easier to submit, the return has become very complicated.
SARS now asks you for more information so it can get the most relevant information about your trust, the beneficiaries, and what was received by those beneficiaries from the trust during the tax year.
This means that, for instance, you now have to include specific details of transactions within your trust. If you don't give SARS these details, it could lead to a full audit of your trust.
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Before you add the transaction details, you have to pay attention to some aspects!
Here are some very important ones you need to know about so you don't submit a form you didn't complete right!
Two IMPORTANT steps you must follow before you add these transaction details
Follow these two steps before you complete the ITR12T form:
Step no. 1:
Check all the details SARS has on your trust are correct
You do this via the Single Registration portal on eFiling http://www.sarsefiling.co.za/Register.aspx. It will prompt you to confirm you have checked all details.
Step no. 2:
Make sure the contact, address, banking and Registered Representative details of the trust are correct.
Do this by verifying and updating them on the Registration, Amendments and Verification Form (RAV01).
Note that you can access this under the "Maintain SARS registered details" tab. The form has an automated questionnaire that will give you different fields to fill out based on your selections and answers.
This is just like the first page of the individual and company income tax returns on eFiling.
Pay attention when you answer this because if you answer incorrectly, you could be missing a section of the return you actually have to complete!
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