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 c... ››› more
Contrary to popular belief, Trusts aren't exempt from tax.
With SARS, ignorance of the law is never an excuse. Your Trust must account for tax correctly. If you don't, you'll have hefty SARS penalties coming your way not to mention prosecution.
That said, the reality is tax on Trusts isn't simple.
According to experts behind the Practical Tax Loose Leaf Service, it all depends on who's go... ››› more
Completing an 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 up.
This brings us to the question: Do you have any recourse when you realise you made a mistake on your ITR12T?
Yes, you do.
According to SARS, once you've submitted your... ››› more
There's a new Income Tax Return for Trusts (ITR12T) and it's available on eFiling.
What you may not know is the new ITR12T requires more information than the old IT12TR. SARS says the reason for this is to help you submit an accurate return and be compliant with SARS' requirements.
So what kind of information does SARS require now?
Keep reading to find out so you can fill in the form accu... ››› more
Earlier this month, SARS introduced a new Income Tax Return for Trusts (ITR12T).
It redesigned and automated the old form (IT12TR) in an effort to help you submit an accurate return and be compliant.
Since its introduction, we've been inundated with questions about the form. And one thing most people want to know is where they can get the new ITR12T.
Read on to find out the answer.
... ››› more
Last week, we reported that SARS has introduced a new Income Tax Return for Trusts.
The new form is called the Income Tax Return for Trust (ITR12T).
If, like many people involved with Trusts, you're wondering if the introduction of the redesigned and automated form will just be another administrative burden, we've got good news for you.
The introduction of the ITR12T is definitely a positiv... ››› more
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