trust changes

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.

Some important changes to the ITR12T include:
  • The Trust Type will be pre-populated on the ITR12T. If the Trust Type is Special Trust Type A or B, validation questions will be presented for response, and based on the answers provided, the Trust Type may change;
  • Certain fields on the Income from Local Farming Operations (IT48) and Income from Local Partnership Farming Operations (IT48V) will be pre-populated, and certain fields will now auto-calculate;
  • The Income from Local Farming Operations (IT48) and Income from Local Partnership Farming Operations (IT48V) will now cater for negative currency to be captured;
  • The Trustee will be able to select one or both of the options Vested and Discretionary, if this is applicable to the Trust;
  • A new question pertaining to Imputed Income from Controlled Foreign Companies has been added to the ITR12T wizard. If this is applicable to the Trust, the ITR12T form will display a new container to be completed; and
  • The following fields have been added to the IT12T and ITA34T:
    • Reduction in Debts (s19).
    • Cash contributions to a Rehabilitation Trust Fund (s37A).
    • Amounts in respect of certain (tainted) intellectual property (s23I).

Supporting documentation and additional information

The following documents (at a minimum) are needed in order to complete the Income Tax Return for Trusts (ITR12T) on eFiling:

  • Financial statements and/or administration accounts
  • All certificates and documents relating to income and deductions
  • Proof of any tax credits claimed
  • Particulars of assets and liabilities
  • Details of persons/beneficiaries to whom income, capital and/or assets were distributed/vested.

Please note that for ITR12T submitted at a SARS branch, all relevant supporting documents must be provided.

Remember to keep all supporting documents for five years. SARS may request the documents if verification is required.

Where applicable, the following schedules must be completed, as you will be required to upload these in respect of your ITR12T submission:

To upload the supporting documents via eFiling, click on “Upload supporting documents” once you are ready to submit your return.

Maintaining registered particulars of the trust
  • Before completing the ITR12T return, the trusts’ particulars will have to be maintained.
  • Make sure that the contact, address, banking and trustee details are correct by updating where required on the Registration, Amendments and Verification Form (RAV01). The RAV01 can be verified and updated by:
    • Clicking on “Maintain Registered Particulars” on eFiling. SARS may request you to come into a branch to verify any changes to the banking details which may have been done via eFiling or
    • Visiting a SARS branch. Please consult the RAV01 guide on the SARS website to prepare the mandatory supporting documents (relevant material) required when updating banking and trustee details at a SARS branch.
Please note that manually completed and posted ITR12Ts are no longer accepted by SARS.

How to submit the ITR12T
You can submit the ITR12T via the following channels:

  • eFiling: Taxpayers who have not yet registered for eFiling are encouraged to do so, as this will enable them 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. SARS branches will no longer print the ITR12T.

Please note that manually completed and posted ITR12Ts are no longer accepted by SARS.

Top Tip: An example of the new ITR12T form is available.

For more information, please consult the updated guides, Step-by-Step Guide to complete your ITR12T via eFiling and the Comprehensive Guide to the ITR12T for Trusts.

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Last Updated: 22/03/2019 1:09 PM     print this page
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