- 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 c... ››› more
- [13 April 2017]
- SARS reveals: Trusts are having problems submitting their info on the ITR12T form
- 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... ››› more
- [07 December 2015]
- The earnings threshold has changed. Check if you still need to complete a tax return
- Tax season is open and you can now submit your income tax return (ITR12) to SARS.
But SARS has changed the earnings threshold on who should submit a tax return, and who should even pay taxes at all.
So make sure you know SARS' expectations and tax return deadlines to make sure you're compliant.
Here's what you need to know...
SARS will give y... ››› more
- [27 July 2015]
- Avoid a SARS audit, include these nine transaction details on your ITR12T form
- SARS has tightened its belt on tax returns for Trusts. Last year, it released the new ITR12T form specifically for Trusts.
This means SARS requires more details from you than ever before. One section on the form requires specific details of the transactions within your Trust. If you fail to provide these, your Trust could be in line for a full audit from SARS.
To avoid that stress, make su... ››› more
- [08 July 2015]
- What tax must a charitable Trust register for?
- What do you know about the tax treatment of a charitable Trust. Must this type of Trust register for income tax and Vat?
Or should the Trust only be registered for Vat and not income tax.
Read on to find out the answer...
Regardless of what Trust it is, it must be registered for income tax
Whether it must be registered for Vat will depend on it meeting the requirements for registration i... ››› more
- [18 March 2015]
- Five new pieces of information you must submit with your new ITR12T form!
- At the end of last year, SARS simplified some of its procedures for registering and filling out forms. One of these changes revolces around offering more information when completing a form. In what follows, you'll find the five new pieces of information that SARS wants you to submit when you fill in the new ITR12T form for your Trust.
Here's what you need to include when submitting your ITR12T ... ››› more
- [16 March 2015]
- 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 recei... ››› more
- [11 March 2015]
- Nine transaction details you must include in your ITR12T form so it won't trigger a SARS audit
- 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 ... ››› more
- [03 December 2014]
- Tax on Trusts is far from simple! Make sure you know these three basic tax principles to get it right
- 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
- [18 November 2014]
- Made a mistake on your ITR12T? Here's how to request a correction (RFC)
- 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
- [14 November 2014]