Paymaster Magazine

THE NEW INCOME TAX RETURN FOR TRUSTS (ITR12T)

What is it?

SARS is improving the Income Tax Return for Trusts. The current form (IT12TR) was redesigned and automated. The new form will be called the Income Tax Return for Trust (ITR12T).

When is it coming into effect?

The new form (ITR12T) will be available in October 2014.
We will not be able to accept the old IT12TR after the date the new ITR12T becomes available:
  • Manually completed IT12TRs – All IT12TRs received at a SARS branch or by post, including a SARS drop box, after 3 October 2014 won’t 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 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 will I get the new form (ITR12T)?

The new form (ITR12T) will be available on eFiling or may be filled in at a SARS branch on behalf of the representative/Tax Practitioner.
draft version of the new ITR12T is available for downloading. Should you visit a SARS branch for help, you’ll need to fill it in before going to the branch.
Top Tip: Asking for the ITR12T to be posted to you will no longer be an option.

What are the benefits?

  • You’ll be able to create your own return by tailoring the form to your specific needs
  • The new form has been enhanced to help taxpayers to produce an accurate return, helping them to be compliant.

Need help?

Source: http://www.sars.gov.za/ClientSegments/Businesses/Trusts/Pages/default.aspx

Adrian Baillie-Stewart

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