2024 Trust Filing Season Now Open
Filing season for Trusts is open from 16 September 2024 to 20 January 2025 for provisional and non-provisional taxpayers.
A Trust is considered a taxpayer and is legally required to meet all tax obligations. Trustees are the representative taxpayers and are legally responsible for complying with tax law. The trustees can ask a tax practitioner for help, but the trustees are legally liable and can be criminally prosecuted if the Trust’s tax requirements are not fulfilled.
When a Trust is set up, it must first be registered with the Master of the High Court. The Trust must then be registered with SARS for Income Tax. To register, click here on the SARS Online Query System (SOQS). Alternatively, book a branch appointment online for help to register a Trust. For more information, visit the Registering a Trust webpage.
Trust Tax Requirement | Details | Due |
Registering the Trust | Register for Income Tax with SARS. | Within 21 days of registering with Master of the High Court |
Filing an Income Tax Return | File an accurate Income Tax Return every year, even if the Trust is passive or inactive. | 20 January 2025 |
IT3(t) third-party data return | Give SARS all amounts vested to the beneficiaries of the Trust for the 2024 tax year. | 30 September 2024 |
Filing a Tax Return and Requirements
Although the filing period lasts for only four months, trustees (or their representatives) must file on or before 20 January 2025 (the deadline). The tax return, referred to as ITR12T, is a comprehensive document that must be filled in with detailed tax information to make the Trust more transparent. We encourage taxpayers to register on eFiling to submit the Trust’s Income Tax Return.
Requirements | Details |
Trust instrument | Deed or Will |
Certain transactions and financial flows | Income sources and distribution of income; proof of any tax credits |
Financial information | Annual Financial Statements/Annual Administration Accounts |
Parties connected to a Trust | Beneficial Ownership Document per entity listed, and minutes and resolutions of trustees |
Other documents | Letters of Authority |
Foreign-trust document (if applicable) | Controlled Foreign Company (IT10) |
Mining document (if applicable) | Mining Schedule A and B |
The Deadline for IT3(t) Third-party Data Return is 30 September 2024
The IT3(t) shows all amounts vested to the beneficiaries of the Trust for a specific year of assessment. These amounts are not limited to income, but also include capital gains and other capital amounts such as repayment of contributions. Trustees must submit the IT3(t) return. Although the trustees may delegate this duty to a representative or tax practitioner, the trustees are still liable for the prompt and accurate submission of the IT3(t) return.
Two-pot Withdrawals
To withdraw money from the savings pot of your retirement fund, first contact your fund administrator to begin the withdrawal. The fund manager will contact SARS on your behalf and apply for a tax directive to calculate the tax amount — according to your taxable income — to be deducted before the money is paid to you. You do not need to contact SARS. Use SARS’s online Two-Pot Retirement System Calculator to estimate your tax liability and check for outstanding tax returns or debt. If you have debt with SARS, it will be deducted from your two-pot withdrawal before payment is made to you, unless you have a payment arrangement with SARS.
The calculator is available on
- eFiling (sarsefiling.co.za)
- WhatsApp: 0800 117277
- SARS MobiApp (available on the Google Play Store or Apple App Store)
- SARS Online Query System (SOQS)
- USSD: *134*7277#
Individual Filing Season
The 2024 filing season for individuals is underway. We urge those who have not yet filed to complete their tax returns by 21 October 2024. Late submissions will be penalised.
Act today, to avoid penalties!
Use our online services to book a branch appointment. Also visit the SARSTV YouTube channel for how-to videos and webinar recordings.
#YourTaxMatters
