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New income tax return for trusts

New income tax return for trusts

What is the new income tax return for trusts?

SARS has improved the Income Tax Return for Trusts. The old form was redesigned and automated. The new form will be called the Income Tax Return for Trust (ITR12T).

Since when is it in effect?

The new form came into effect on 6 October 2014. SARS also stated that they will not accept the older forms.

Manually completed IT12TRs: All IT12TRs received at a SARS branch or by post, including a SARS drop box, will not be accepted. A letter will be sent to you asking you to complete the new ITR12T online.

eFiling submissions: If you’ve saved your return (IT12TR) on eFiling but you haven’t sent it by 3 October 2014, you will be able to view and print your old return (IT12TR), but you will need to manually transfer the information to the new ITR12T online for completion and submission.

How do you get the new forms?

The new form will be available on eFiling or it may be filled in at a SARS branch on behalf of the representative or tax practitioner.

An example of the ITR12T is available if you wish to take a look at it. If you do however need help at a SARS branch, you need to fill in the sample before you go.

What are the benefits of the new form?

The taxpayer will be able to customise the form to his or her specific needs. This new form is supposed to help taxpayers produce an accurate return while improving compliance.