Tax Troubles for Trusts | Income Tax Registration of all Individuals

Income tax registration | Individuals

View our YouTube video highlighting the new income tax registration requirements.

C2M Video Blog

C2M Video Blog

The new income tax return for trusts (ITR12T) came into effect on 6 October 2014. The latest requirements state that all beneficiaries of a trust should be registered for income tax when a distribution is received. This includes:

  • Children under the age of 18.
  • Individuals who fall under the tax threshold eg. earning less than R73 650 per annum.

Income tax registrations should be completed before your trust’s tax return can be submitted to SARS. For example, should your child or stay-at-home spouse be a beneficiary of your trust and distributions are paid out, the income tax registration of those individuals should be completed before you can submit the trust’s annual tax return. (eFiling deadline for trusts: 27 November 2015).

Require assistance with individual income tax registrations? 

Appoint C2M as your tax practitioner and our tax department will assist with the completion of the required registration documentation. Confirmation of bank details can only take place if the individual attend an appointment at SARS with the tax practitioner.

C2M fee for income tax registrations | individuals:  R600

Steps for first-time taxpayers:

  • Complete the ‘Registration of a taxpayer’ document. Click here to download the document.
  • Complete the ‘Tax Practitioner Power of Attorney’. Click here to download the document.
  • Email completed to info@c2mca.co.za with a request to register an new taxpayer.

Income Tax Registration | Trusts

Note that tax registrations for Trusts can be done by C2M as the appointed tax practitioner. The bank details of the trust must however still be verified by the trustee at the SARS branch. C2M will accompany the trustee to SARS for this verification.

Read more about the requirements of the new ITR12T return.

Who must accompany C2M Tax administrators to SARS:

Legal Entity Type Nature of Entity Representative Capacity
Individual Individuals Parent/Guardian, Curator, Executor, Administrator
 
  Sole Proprietors Curator, Executor, Administrator
Companies and Intellectual Properties Commission (CIPC) Registered Companies State Owned Company (SOC) Public Officer, Liquidator, Administrator
Private Company (Pty) Ltd Public Officer, Liquidator, Administrator
Public Company (Ltd) Public Officer, Liquidator, Administrator
Personal Liability Company (Inc) Public Officer, Liquidator, Administrator
Non Profit Company (NPC) Public Officer, Liquidator, Administrator
Company Limited by Guarantee Public Officer, Liquidator, Administrator
External Company Public Officer, Liquidator, Administrator
Non Profit External Company Public Officer, Liquidator, Administrator
Company Registered Under Transvaal Law Public Officer, Liquidator, Administrator
Close Corporation Public Officer, Liquidator, Administrator
Unlimited Company Public Officer, Liquidator, Administrator
Primary Co-Operative Public Officer, Liquidator, Administrator
Secondary Co-Operative Public Officer, Liquidator, Administrator
Tertiary Co-Operative Public Officer, Liquidator, Administrator
Statutory Body Public Officer, Liquidator, Administrator
Non CIPC Registered Entities Partnerships/Body of persons Main Partner, Public Officer (of the main partner where the main partner is a juristic person)
Clubs Treasurer, Liquidator, Administrator
Association not for Gain Accounting Officer, Liquidator, Administrator
Welfare Organisation Accounting Officer, Liquidator, Administrator
Foreign Governmental Institution Accounting Officer, Liquidator, Administrator
Trust Testamentary trust
Other trusts
Main Trustee, Liquidator,  Executor, Administrator

 

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