IS YOUR TRUST TAX COMPLIANT?
Discover our comprehensive suite of services tailored specifically for trusts, aimed at ensuring tax compliance.
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DISCOVER HOW WE CAN ASSIST TO ENSURE YOUR TRUST IS TAX COMPLIANT
The compliance landscape for trusts has evolved and changed significantly in 2023. There are extended compliance reporting requirements that need to be met by trust taxpayers. Ensuring that your trust is tax compliant involves:
Preparing Accurate Financial Records
Preparing of Trust Annual Financial Statements or Trust Administration Statements is key in reporting to SARS on the activities of the trust, the financial position of the trust and the specific income streams being generated by the trust from its activities.
Keeping a Beneficial Ownership Register
Trust are required to prepare a register of all persons identified as beneficial owners and need to submit this register to the Master of the High Court. The register of beneficial owners is also required to submit to SARS as part of the mandatory beneficial ownership declaration required in the trust income tax return.
Filing Trust Income and Provisional Tax Returns
Whether your trust is a family trust, business trust, testamentary trust, or a public benefit organization (PBO), trust taxpayers are required to prepare and submit to SARS, provisional tax returns every 6 months and an income tax return annually. SARS is set to start levying admin penalties on non-compliant trusts.
IT3(t) Reporting
Trusts are now included as persons required to submit third-party data to SARS. Trusts are required to submit to SARS details on income and capital gains that have been vested or distributed to trust beneficiaries or attributed to other related parties like donors and loan account holders.
IT3(d) Reporting for PBO Trusts
PBO trusts that are registered as a section 18A PBO with SARS are required to report on all trust donors and their donations made to the trust.
Contact us today to learn more about our trust service
offering and how we can help ensure your trust is tax compliant.
ARTICLES
For those who would like to read more on trust taxpayer compliance with SARS, click on the links below:
Is your trust compliant with SARS? Here is what you need to know
New tax dates for trusts in South Africa