Should a Trust be a non-profit organisation (and duly registered as such) that provides consumer financial education (or similar activity) in terms of the object of their Trust instrument, will the Trust be required to submit an IT3(t)?

The Trust will not be required to report on their core business, where it is the provisioning of consumer financial education (or similar activity), on an IT3(t). An IT3(t) is required for amounts distributed to specified beneficiaries. When compiling their financial statements, the expenditure related to the core business will be reflected in the income statement and there will be no monetary value distributed to specified beneficiaries. Should the Trust, however, decide to vest specific amounts to specified beneficiaries (should be in accordance with the Trust instrument) the Trust will be required to submit an IT3(t).