THE INCOME TAX RETURN FOR TRUSTS (ITR12T)

 What’s New?

• 8 December 2020 – ITR12T form changes implemented
  
  The following legislative and eFiling updates regarding the ITR12T form where made for 2020:
  • Section 11(j) – The field “Doubtful debt Allowance – IFRS applied s(j)(i)” and “Doubtful debt Allowance – IFRS not applied s(j)(ii)” has replaced the “Doubtful Debt Allowance field.”  This is applicable with effect from the 2020 year of assessment. The “Doubtful debt Allowance” field will still display in 2020 to accommodate backward compatibility. 
  • Solidarity fund contributions – A new field now allows taxpayers to claim donations to the Solidarity Fund. Taxpayers can claim an additional 10% deduction (new source code 4055) over and above the normal 10% for the 2021 year of assessment only. Claims exceeding the limit carries over to source code 4011 for the 2022 year of assessment.
  • eFiling – The same rules and due dates applicable to the individual phase of Filing Season are applicable to the ITR12T trust return. Where a taxpayer requests a return for a trust prior to the commencement of Filing Season, a message alerting the taxpayer will be displayed on eFiling.

The following guides were updated:

• Comprehensive Guide to the Income Tax return for Trusts
• Step by Step Guide to complete your Trust return via eFiling
• 1 July 2020 – Enhancements to the Income Tax Return for Trusts (ITR12T) Enhancements to the Income Tax Return for Trusts (ITR12T) 
  The Trusts Filing Season started on 01 July when the Income Tax Return for Trusts (ITR12T) became available for completion and submission to the South African Revenue Service (SARS). This submission is in respect of the year of assessment ending on 28 February 2020. Read more on the changes.

What is a Trust?

The Income Tax Return for Trusts is called the Income Tax Return for Trust (ITR12T). 

How will I get the ITR12T?

The form (ITR12T) is available on eFiling or may be captured at a SARS branch on behalf of the representative/Tax Practitioner of the Trust (see section on “How to submit the ITR12T”).   An example of the current ITR12T form is available for downloading. For more information on how to complete ITR12T, click here.  

Top Tip: Asking for the ITR12T to be posted to you will no longer be an option and trust returns received via post will be rejected. 

How to submit the ITR12T?

You can submit the ITR12T via the following channels:

• eFiling: Taxpayers who have not yet registered for eFiling you are encouraged to do so as this will enable you to complete and submit the return online in a secure environment.
• SARS branch: If you are representing a trust with ten or fewer beneficiaries you have the option to have the ITR12T return captured by an agent at the branch. Please print the return and complete all the required fields prior to visiting the branch. You can download the ITR12T return from eFiing. SARS branches will no longer print the ITR12T.

Any trust which had made taxable amounts distributed to / vested in more than 10 beneficiaries at any time during the year of assessment (“YOA”) must register and submit the ITR12T via eFiling. 

Need help?

• Read more on the types of trusts
• Read more on how to register as a trust

To access this page in different languages click on the links below:

• Afrikaans
• isiZulu
• Sepedi
• Sesotho
• Xitsonga