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.
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- Click on ‘No – Maintain Legal Entity Details now‘, to verify and update any outdated information regarding the Trust, i.e. contact details, physical address, postal address, banking details and particulars.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.
- 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.
- All mandatory fields on the ITR12T will be indicated in red.
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.
Submitted by Brian Drury, business law legal advisor
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