You’ll spend two years in jail if you don’t give SARS the documents it wants with your ITR12T. Avoid this by submitting these four documents

Simangele Mzizi, Fsp Business, 04 Dec. 2014

Tags: itr12t, trusts, completing an itr12t, income tax return for trusts, submitting an itr12t

Something as small as not giving SARS the documents it wants can get you two years in jail.

The Tax Administration Act (TAA) makes it clear that, “if you intentionally don’t submit a return or relevant documentation to SARS and are convicted, you’ll face two years in jail.”

So, if for example, you don’t give SARS the correct supporting documents when you submit your Income Tax Return for Trusts (ITR12T), you’ll be guilty of a criminal offence.

Why put yourself at risk when complying is so easy?

Read on to discover the types of documents you must submit with your ITR12T to avoid a two-year jail term.

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Here are the documents you must submit with your ITR12T

As you know, in October this year, SARS put in place a new tax return for Trusts.
When you submit this new return, you may have to submit supporting documents or schedules too.
According to SARS, the support documents it may require include:
  1. Certificates for your Trust;
  1. Documents about your Trusts’ income;
  1. Financial statements; and
  1. Proof of payments of any tax credits and liabilities.

So how do you determine whether or not your Trust must submit support documents?

According to SARS, to determine whether your ITR12T submission must include support documents/schedules, you (the Trust representative) must evaluate the nature and the activities of the Trust.
Here’s the criteria you should use:
  • If your Trust did some mining activities, you must complete and submit the GEN-001 Mining schedule.
  • If your Trust and another person who’s connected to the Trust hold at least 10% of the participation rights in any controlled foreign company (CFC), you must submit an IT10A/B Controlled Foreign Company CFC return.
  • If the number of controlled foreign companies doesn’t exceed ten, you must complete and submit IT10A/B forms.
  • If the number of controlled foreign companies exceeds ten, you don’t have to submit the IT10A/B forms. You must complete and keep the forms for five years after submitting your ITR12T.
Note: You’ll get these forms and schedules on SARS’ website. And you’ll also get a tutorial on how to upload your support documents using eFiling.
Now that you know the type of documents you must submit with your ITR12T, comply. This way, you’ll avoid a two year jail term.
PS: If you have any questions about completing your ITR12T, check out How to Successfully Complete your ITR12T Form.

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