16 September 2024 – The date for Trusts filing season is 16 September 2024 to 20 January 2025 for provisional and non-provisional taxpayers.
The following enhancements were implemented based on legal and form changes:
- Enhanced deduction for certain machinery, plant, implements, utensils, and articles used in renewable energy production to increase the appeal of the tax incentive by temporarily enhancing the current renewable energy tax incentive in section 12B of the Income Tax Act to encourage greater private investment in renewable energy.
- Urban Development Zone (UDZ): The tax incentive’s sunset date has been extended by two years, from 31 March 2023 to 31 March 2025.
- Loans, advances, or credit granted to Trusts by connected persons: The exclusion for acquiring a primary residence has been clarified, including funding for improvements to the residence. The limitations regarding the land on which the primary residence is located now also apply.
- Public Officer: A new question has been added to the form wizard to confirm that the person appointed as a trustee has not been disqualified.
- Donations: The donations questions have been updated to allow the taxpayer to enter up to 20 number of approved organisations, that the Trust donates to.
- Request for Reduced Assessment (RRA02): A new feature has been introduced to manage requests for reduced assessments for Trusts under section 93 of the Tax Administration Act (TAA). Taxpayers must complete the Request for Reduced Assessment (RRA02) form, which will generate a case to determine whether they qualify for a reduced assessment.
- Beneficial Ownership: Clarifications have been added to the Beneficial Ownership section to assist in completing information for unnamed beneficiaries.
See the updated Income Tax Return for Trusts as an example – ITR12T prototype.
See the Trusts webpage for more information.
The following guides were updated:
