Trusts 2021 filing season

SARS is introducing form and system changes to the Income Tax Return for Trusts (ITR12T), the Notice of Assessment for Trusts (ITA34T), letters, and guides with effect from 10 September 2021. A limited number of source code descriptions will also be updated. 

The changes being introduced include, amongst others:

(i) Updated source code descriptions

(ii) Change to the field names and description on the ITR12T and ITA34T of all crypto-related source codes from Cryptocurrency to Crypto Asset.

(iii) An update on the ITR12T with all the latest legislative changes and additions of the appropriate validations following sections of the Income Tax Act (ITA), including the introduction of and/or changes to the sunset clauses of the following sections:

• • Section 12DA
  • Section 12F
  • Section 13quat
  • Section 13sept

(iv) Validations on the Income Tax Return for Trusts that apply to Vested or Discretionary Trusts were updated.

(v) These are the changes made to trust lump sum(s) and tax directives:

• • New paragraph 3b of the second schedule to the ITA linked to section 25B of the ITA will allow for the taxation of (specific) lump sum benefits in the trust
  • The validation of the lump sum against the Tax Directive(s) issued
  • The pre-population of the lump sum containers on the ITR12T return.

(vi) Update on the Audit letters to provide for a specific date for the submission of relevant supporting documents or a Request for Correction (RFC) where applicable.

For more information, see the updated IT-AE-37-G02 – Step by Step Guide to complete your Trust return via eFiling – External Guide and the updated IT-AE-36-G02 – Comprehensive Guide to the Income Tax return for Trusts – External Guide. 

17/09/2021