Four things you need to know to complete your ITR12T correctly

Simangele Mzizi, Fsp Business, 04 Nov. 2014

Tags: itr12t, sars, completing an itr12t, tax for trusts, trusts

The tax “game” has changed when it comes to Trusts.

This after SARS introduced a new Income Tax Return for Trust (ITR12T) last month.

This means there are some important points you must get to grips with so you can complete the form with ease and without any mistakes.

Here are the four things you need to know to complete your ITR12T correctly.

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To complete your ITR12T correctly, make sure you know these four things

1. The ITR12T is only available via eFiling
This means, you must fill the form online. SARS has made it clear that it will no longer post the form to you.
2. You must to check that all the details of your Trust are correct
SARS explains on its website that before you complete your ITR12T, you must make sure that the contact, address, banking and public officer details of the Trust are correct by verifying and updating them (if required) on the Registration, Amendments and Verification Form (RAV01).
3. The new ITR12T requires more information than the old IT12TR
This is so you can submit an accurate return and be compliant with SARS' requirements.
To discover the six new pieces of information you must submit with your new ITR12T, check out this article.
4. There are four documents you must have on hand to complete your ITR12T
In this article, we explain that you must have:
  • All certificates and documents relating to income and deductions;
  • Financial statements and/or administration accounts;
  • Proof of payment of any tax credits; and
  • Particulars of assets and liabilities.
Now that you know these four important things, complete your ITR12T correctly so you can avoid penalties.

PS: For more information about the ITR12T, direct your questions to our experts at the Accounting & Tax Club.

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