SARS reveals five helpful hints for completing your ITR12T form
As a trustee, you have a legal duty to complete and send an Income Tax Return for your Trust to SARS every year. Failure to do so is an offence and could result in harsh penalties.
The good news is, SARS is going to make your Income Tax Return for Trust (ITR12T) completion seamless.
It understands that the ITR12T may be a bit tricky and it wants to help you submit an accurate return and be compliant with its requirements.
Keep reading as we give you five helpful hints from SARS for completing your ITR12T form.
*********** Advertisement ************
Do you know how to complete the new income tax return for trusts?
SARS has introduced a new form for you to fill out on eFiling if you have a trust.
Completing the new Income Tax Return for Trusts (ITR12T) can be a mission especially when you consider the fact that the new ITR12T requires more information than the previous one did.
This means mistakes can easily creep in. But they don't have to.
Here's how to take the hassle out completing the new ITR12T form…
SARS outlines the five helpful hints to note when completing your ITR12T form
1. The ITR12T is only available online via eFiling.
To request the form, log on to eFiling and follow these steps:
Click on 'Returns' displayed on the menu options.
Click on 'Returns Issued' displayed on the side menu options.
Select 'Income Tax (ITR14/ITR12T/ITR12EI)' displayed as one of the categories of the left side menu option 'Returns Issued'.
Select the appropriate period of submission from the drop down list displayed on the right side of the screen.
Click on 'Request Return'. After this, the 'Income tax work page' will be displayed.
Click on 'No – Maintain Legal Entity Details now', to verify and update any outdated information regarding the Trust, i.e. contact details, physical address, postal address, banking details and particulars. After you've verified the details, select 'Yes'.
Click on the 'ITR12T' hyperlink. The 'Information to create the income tax return for a Trust' form will be displayed.
2. All mandatory fields on the ITR12T will be indicated in red.
Click on 'Edit' displayed as one of the options in 'My menu' on the far right side of the screen to start creating your ITR12T form.
Keep reading to get your last three tips in completing your ITR12T form…
*********** Discover ***********
22 Little known allowances that you could deduct so you pay less tax
This is just one of the secrets you'll uncover in the Practical Tax Handbook.
Here are another eight:
Click here to get your hands on these secrets.
If SARS asks you to sign this document... STOP! Put down that pen. You have the right to refuse
What R5 000 can do to boost your annual deductions, and how to maximise its effect
The ONLY way you'll NEVER pay donations tax
Use your company car in these three ways and you WON'T pay tax
The seven expenses you incur for legal activities that you can claim deductions on
A three-point checklist that guarantees the repairs you make to your office, machinery or tools will qualify as a deduction
The three ways to deduct your bad debts
Seven expenses to always include in your travel claim to maximise your tax savings
SARS outlines the five helpful hints to note when completing your ITR12T form continued...
3. The new ITR12T requires more information than the previous IT12TR.
This means you'll have to answer certain questions when you fill in the form so SARS can customise the ITR12T to only create sections applicable to your Trust.
So, depending on your answer for each question, subsequent questions may follow. And you must answer all the questions before you start to complete your return.
4. You must refer to the source code booklet on the SARS website to complete the source codes.
5. Once you've submitted your ITR12T and realise you've made a mistake, you can Request a Correction (RFC). You'll find details about the RFC on SARS' website.
Using SARS' hints will help you complete your ITR12T form correctly. 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.
The Practical Tax Handbook will not only help you understand all the sections of the form but will give you the step-by-step process for each section taking the headaches and stress out of completing it.
Note: 5 of 1 vote