THE INCOME TAX RETURN FOR TRUSTS (ITR12T)

 What's New?

  • 17 September 2018 - Enhancements to the Income Tax Return for Trusts (ITR12T)
    On 17 September 2018, SARS implemented several changes to the Income Tax Return for Trusts (ITR12T) in respect of the year of assessment ending on 28 February 2018. The changes are part of SARS’s ongoing efforts to promote efficiency and compliance. If you saved or submitted your 2018 ITR12T prior to the implementation of the latest changes, none of the new fields will be presented for completion. The contents of the return are fully customisable, based on answers to certain questions presented to you for completion. Read more on the changes.

  • 7 March 2018 - Grace period for the submission of the new IT10B schedule for Controlled Foreign Companies (CFC)

    On 26 February 2018, the old IT10B Adobe PDF schedule was replaced with a simplified MS Excel IT10B schedule. The new schedule enables taxpayers to declare all CFC information for years of assessment 2012 onwards in one consolidated schedule that does not exceed the file upload limitation on the SARS eFiling.

    In order to accommodate taxpayers who have already prepared their CFC information in the old schedule, SARS will grant all taxpayers a grace period in which the old schedule will be accepted as a valid supporting document for all income tax return submissions prior to 1 June 2018. The limitation of uploading only the first 10 schedules as supporting documents to the income tax return, in cases where there are more than 10 CFCs, will remain applicable in respect of the old schedule. SARS, however, urges taxpayers who have not yet started preparing their CFC information to make use of the simplified MS Excel IT10B schedule.

    From 1 June 2018 all taxpayers who, together with any connected person, held at least 10% participation rights in any CFC must complete the CFC information in the new IT10B schedule. The new IT10B schedule must be uploaded as a supporting document in respect of CFCs for all income tax returns submitted from 1 June 2018 onwards. 

What is a Trust?

The Income Tax Return for Trusts is called the Income Tax Return for Trust (ITR12T). 

How will I get the ITR12T?

The form (ITR12T) is available on eFiling or may be captured at a SARS branch on behalf of the representative/Tax Practitioner of the trust (see section on “How to submit the ITR12T”).
 
An example of the new ITR12T form is available for downloading. Should you visit a SARS branch for capturing, you’ll need to fill it in before going to the branch. For more information on how to complete ITR12T, click here.
 
Top Tip: Asking for the ITR12T to be posted to you will no longer be an option and trust returns received via post will be rejected. 
 

How to submit the ITR12T?

You can submit the ITR12T via the following channels:

  • eFiling: Taxpayers who have not yet registered for eFiling you are encouraged to do so as this will enable you to complete and submit the return online in a secure environment.
  • SARS branch: If you are representing a trust with ten or fewer beneficiaries you have the option to have the ITR12T return captured by an agent at the branch. Please print the return and complete all the required fields prior to visiting the branch. You can download the ITR12T return from the eFiing. SARS branches will no longer print the ITR12T.

Any trust which had made taxable amounts distributed to / vested in more than 10 beneficiaries at any time during the year of assessment (YOA) must register and submit the ITR12T via eFiling

Any trust which had made taxable amounts distributed to/vested in less than 10 beneficiaries may register and submit the ITR12T via eFiling. However, if the trusts in the latter case are not registered, the representative/Tax practitioner must visit a SARS branch to have the return captured.

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 Top FAQs

​​How is income on a trust taxed?
A trust is taxed at 40%, but a special trust is taxed at a sliding scale from 18% to 40%. A Special ‘Type A Trust’ should apply at the SARS branch for classification as it qualifies for certain relief from Capital Gains Tax.

When selecting No to the first question “Have the banking, contact and trustee details been confirmed and verified” on the Income Tax Return for Trust (ITR12T), I am unable to continue filling in the ITR12T?
The registered details of the trust must first be confirmed, in order to complete the ITR12T. To do this either:

When must an income tax reference number be filled in on the Income Tax Return for Trust (ITR12T) for a beneficiary?
An income tax reference number must be filled for a Trust/Company that is a beneficary. The income tax reference number for an individual is optional, as in some cases a tax reference number isn't available.

I am getting an error message on submission of trust return, “The information provided does not seem to be correct. Please correct. HINT: There must be a corresponding income source code on the return”?
The income source codes selected in the ‘Trust Participant Schedules’ under section ‘Details of Taxable amounts distributed to / vested in beneficiaries or taxable i.t.o. s7 or par. 68 – 72 of the Eighth schedule

What are the channels to submit my ITR12T return?
You can submit your ITR12T return via one of the following channels:- eFiling if you are a registered eFiler. :-The drop boxes at the SARS branches where the completed return can