HomeHome SearchSearch MenuMenu Our productsOur products

SARS reveals: Trusts are having problems submitting their info on the ITR12T form

by , 07 December 2015
SARS has notified me that taxpayers are experiencing a problem when saving information on the Income Tax Return for Trusts (ITR12T) on eFiling. I really hope you're not one of them.

But if you are, here's how I can help you so you don't end up frustrated and giving up and not submitting on time.

First, you need to make sure you've followed these two steps.

********************
Don't become SARS' victim by not completing the new income tax return for trusts (ITR12T) correctly
 
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 target="_blank" class="contextual_links">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

********************

Two steps you must follow before you complete the ITR12T form
  1. You have to 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.
  1. Make sure the contact, address, banking and Registered Representative details of the trust are correct. You do this by verifying and updating them on the Registration, Amendments and Verification Form (RAV01). You can access this under 'Maintain SARS registered details' tab.
Now we need to see if you have the right information for your ITR12T tax return.
 
Five new pieces of information you must submit with your new ITR12T form
 
Here's what you need:
  1. The demographic information and general trust questions. T;
  1. Your Statement of Assets and Liabilities;
  1. Income your trust receives;
  1. Other aspects relating to the trust; and
  1. Transaction types.
If your Trust has less than or equal to 50 people (distinct persons) where these transactions applied during the year of assessment, you must provide the details of each transaction for every person.
 
If 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.
 
So now you're ready to file your return on eFiling.
 
But here's the problem.

********************


********************
 
Here's the problem when it comes to filing your ITR12T form on eFiling
 
For your information to save on both the form as well as to the SARS system, you must click 'Save' on the form.
 
You have to then click 'Save' again on the eFiling main menu.
 
The same applies when clicking 'Done'. You will need to click 'Done' on the form and then again on the eFiling main menu.
 
SARS told me this is what most taxpayers aren't doing right.


Related articles




Related articles



Related Products



Comments
0 comments


Recommended for You 

  Quick Tax Solutions for Busy Taxpayers – 35 tax answers at a glance



Here are all the most interesting, thought-provoking and common tax questions
asked by our subscribers over the last tax year – everything from A to Z!

To download Quick Tax Solutions for Busy Taxpayers – 35 tax answers at a glance click here now >>>
  Employees always sick? How to stop it today



Make sure you develop a leave policy to regulate sick leave in your company.

BONUS! You'll find an example of the leave policy and procedure in this report.

To download Employees always sick? How to stop it today click here now >>>
  Absenteeism: Little known ways to reduce absenteeism



This FREE e-report will tell you how you can reduce absenteeism in your workplace while avoiding the CCMA and without infringing your employees' labour rights.

To download Absenteeism: Little known ways to reduce absenteeism click here now >>>
  7 Health & safety strategies to save you thousands



Don't let a health and safety incident cost you one more cent. Implement these seven
strategies in your company today.

To download 7 Health & safety strategies to save you thousands click here now >>>