Effective September 2023, Trusts are required to submit to SARS an IT3(t) form for the Trust. Submission of the IT3(t) form is required in addition to the current Trust Return Process and will need to be completed before the annual Trust Income Tax Return is submitted.

The IT3(t) form is to be submitted to the South African Revenue Service (SARS) annually and serves as a crucial component of trust compliance and transparency. The submission involves reporting any amount vested in a beneficiary during a specific tax year. In essence, it’s a declaration of the trust’s income distribution to beneficiaries.

The IT3(t) submission entails disclosing various types of income distributed to beneficiaries, including capital gains, dividends, interest, rental income, and any other income generated by the trust. Additionally, it requires providing detailed information on the beneficiaries who received these distributions.

It’s essential to note that the submission deadline for trusts typically falls by the end of September each year. However, the exact deadline may vary, and it’s recommended that trusts consult with a tax professional or refer to SARS guidelines for the specific submission deadline to avoid any potential penalties or fines.

To comply with new SARS requirements, it is now necessary to update your tax representatives for Trusts. This update is essential for accurate IT3(t) submissions. In the coming weeks, Pinion SA’s Trust clients will receive a request from Simelita Adolph (simelita.adolph@pinionza.com) regarding this update. Please prioritise responding to ensure compliance and accurate tax filings.

For any questions or assistance, feel free to contact us at info@pinionza.com or 041 368 6691.
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Disclaimer:
The information supplied herein should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact our office for specific and detailed advice. Any legal information presented is a precis of current legislation, is subject to change and should not be used as a substitute for detailed professional advice.

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