SAIT tax seminars: SARS presentation on the new IT12TR – Oct/Nov 2014

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Please note that SARS released a notice on 23 September 2014, introducing the modernised income tax return for trusts (ITR12T) and replacing the current IT12TR. SARS confirmed that effective 3 October 2014, the current IT12TR will no longer be accepted.

Some of the prominent features of the ITR12T include the following:

  • Expanded financial and legal reporting requirements;
  • Full details of all parties contributing funds, assets, etc. into the trust will need to be provided as well as details of the actual transactions made;
  • Trust details will be pre-populated;
  • Full details of any party benefitting in any way from the trust as well as details of the benefits received or enjoyed will need to be provided for every beneficiary; and
  • Assessment results will be available sooner than before.

SARS will deliver a brief presentation on the new features during the following upcoming Tax CPD seminar series hosted by SAIT:

Port Elizabeth

Johannesburg

Roodepoort

George

Polokwane

Pretoria

Cape Town

East London

Bloemfontein

Pretoria

Durban

Please note that the SARS presentation is scheduled from 12h30 to 13h30 and attendance of the SARS update session is not exclusive to the seminar delegates in the morning.

It is critical for tax practitioners to become familiar with the new requirements.