SARS is Digging Deeper into Trust Taxpayers’ Affairs
We would like to bring to your attention some important updates regarding trust taxpayers’ compliance requirements. SARS is intensifying its scrutiny of trust taxpayers’ affairs to ensure that all trusts are compliant with the latest regulations.
TRUST COMPLIANCE – WE NEED YOUR HELP!
Beneficial Ownership Declaration
When filing tax returns for a trust, SARS now mandates the submission of beneficial ownership information along with the prescribed documentation. It is essential for each trust to file a Beneficial Ownership Declaration with their tax returns. Failure to include this declaration may prevent the returns from being filed, leading to potential non-compliance issues.
IT3(t) Annual Reporting
The due date for all trust taxpayers’ IT3(t) submissions is 30 September 2024. Representative taxpayers or their representatives must use the IT3-01 and IT3-02 forms to report the necessary ITR12T information to SARS. Reporting should include all distributions made from a trust to qualifying beneficiaries and any distributions and/or donations to a trust. Dormant trust taxpayers are also required to file a NIL return to avoid administrative penalties.
We urge you to contact us to ensure that we have all your current details on record, which is vital for maintaining your SARS compliance.
SARS Scam Alert
In recent times, there has been a notable increase in scams related to SARS. These scams often involve fraudsters posing as SARS officials and requesting payments into incorrect bank accounts. Please remember that SARS will never provide banking details over email or phone, as they are a public beneficiary. Any communication claiming to be from SARS that includes banking details should be treated with suspicion.
Please contact your C2M Tax Advisor if you have received such a notice. We will do a compliancy check for you to ensure your affairs are in order.
Kind regards,
C2M Chartered Accountants
