Alberton Record
2024 Trust Filing Season Now Open
A Trust is considered a taxpayer and is legally required to meet all tax obligations. Trustees are the representative taxpayers and are legally responsible for complying with tax law.
The trustees can ask a tax practitioner for help, but the trustees are legally liable and can be criminally prosecuted if the Trust’s tax requirements are not fulfilled.
When a Trust is set up, it must first be registered with the Master of the High Court. The Trust must then be registered with SARS for Income Tax.
To register, click here or go to the Trust Registration page on the SARS Online Query System (SOQS) through the SARS website.
Alternatively, book a branch appointment online for help to register a Trust. For more information, visit the Registering a Trust webpage on the SARS website.
| Trust Tax Requirement | Details | Due |
| Registering the Trust | Register for Income Tax with SARS. | Within 21 days of registering with Master of the High Court |
| Filing an Income Tax Return | File an accurate Income Tax Return every year, even if the Trust is passive or inactive. | 20 January 2025 |
| IT3(t) third-party data return | Give SARS all amounts vested to the beneficiaries of the Trust for the 2024 tax year. | 30 September 2024 |
Filing a Tax Return and Requirements
Although the filing period lasts for only four months, trustees (or their representatives) must file on or before 20 January 2025 (the deadline).
The tax return, referred to as ITR12T, is a comprehensive document that must be filled in with detailed tax information to make the Trust more transparent. We encourage taxpayers to register on eFiling to submit the Trust’s Income Tax Return.
| Requirements | Details |
| Trust instrument | Deed or will |
| Certain transactions and financial flows | Income sources and distribution of income; proof of any tax credits |
| Financial information | Annual Financial Statements/Annual Administration Accounts |
| Parties connected to a Trust | Beneficial Ownership Document per entity listed, and minutes and resolutions of trustees |
| Other documents | Letters of Authority |
| Foreign-trust document (if applicable) | Controlled Foreign Company (IT10) |
| Mining document (if applicable) | Mining Schedule A and B |
The Deadline for IT3(t) Third-party Data Return is 30 September 2024
The IT3(t) shows all amounts vested to the beneficiaries of the Trust for a specific year of assessment. These amounts are not limited to income, but also include capital gains and other capital amounts such as repayment of contributions. Trustees must submit the IT3(t) return. Although the trustees may delegate this duty to a representative or tax practitioner, the trustees are still liable for the prompt and accurate submission of the IT3(t) return.
Two-pot Withdrawals
To withdraw money from the savings pot of your retirement fund, first, contact your fund administrator to begin the withdrawal.
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