REGISTERING AS A TRUST
A trust must register with SARS for the taxes that it may be liable for.
How to register for the following taxes
The way you register for tax & customs and update your existing details has changed from 12 May 2014. For more information, click here for more
- Income Tax – To register for Income Tax, complete an IT77TR – (Application for Registration as a Trust and Change in Particulars Trust). Once a trust is registered for Income Tax, the trustee will be required to annually send an Income Tax Return for the Trust.
- Provisional Tax – The trust must apply for registration within 21 business days of becoming liable for Provisional Tax.
- Payroll Taxes –
- Value-Added Tax (VAT) – The trust must register if an enterprise has taxable supplies, goods or services subject to VAT – of more than R1 million are made in any 12 month consecutive period. A trust making taxable supplies of less than R1 million may register voluntarily.
A trust may also be liable for the following taxes:
- Donations Tax – Payable at 20% on the value of any gratuitous disposal of property.
- Transfer Duty – Payable at a sliding scale on the value of property transferred.
- Securities Transfer Tax (STT) – Levied on the transfer of a security at 0,25% of the taxable amount of the security.
A trust may be eligible to register as a Tax Exempt Organisation
on condition that certain requirements are met.