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Nine transaction details you must include in your ITR12T form so it won't trigger a SARS audit

by , 03 December 2014
SARS recently released the 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.

But it also means SARS requires more from you, so it can get the most relevant information about your Trust.

For example, you need to include specific details of transactions within your Trust. If you don't, it could lead to a full on SARS audit of your Trust.

To help you avoid this, I'm going to tell you about the nine transaction details you need to include in your ITR12T...


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When you complete your ITR14T include these nine transaction details

According to How to Successfully Complete your ITR12T, the new ITR12T form has new sections for details of:
  • All parties contributing funds or assets into the Trust; 
  • The actual transactions made;
  • Any party benefitting in any way from the Trust; and
  • The benefits received or enjoyed by any beneficiary.
To enable the new return to fulfil its purpose, you need to include the relevant information in these new sections: 
  1. Taxable income you distributed to or vested in Trust beneficiaries;
  2. Any non-taxable income your Trust distributed or invested;
  3. And capital or assets you Trust distributed or invested in;
  4. Any outstanding loans granted to this Trust;
  5. Any outstanding loans your Trust granted;
  6. Any donations or contributions made to or by your Trust;
  7. Any distributions from other Trusts or foundations;
  8. Any refunds or repayment of contributions made to your Trust; and
  9. The granting to any person of the right of use of assets held by this Trust.
But just remember these important rules when you provide these details.
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When your provide transaction details on your ITR12T, remember these rules

If your Trust has 50 people or less involved in these transactions during the year of assessment, provide the details of each transaction for every person.
If your Trust has more than 50 people involved in these transactions 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.
You must submit the ITR12T via eFiling if a Trust has more than ten beneficiaries where these transactions apply. If you can't submit via eFiling, go into a SARS branch and get a SARS official to help you complete the form.
If all the new changes have you feeling a little overwhelmed, don't worry. We have the solution. Check out How to Successfully Complete Your ITR12T for everything you need to know to complete it correctly.

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