- 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]
- 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]
- 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]
- Six new pieces of information you must submit with your new ITR12T
- 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
- [03 November 2014]
- Where can I get the new ITR12T?
- 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
- [31 October 2014]
- Here's why the introduction of the new Income Tax Return for Trusts is good news for you
- 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
- [07 October 2014]