The new trust IT3(t) to be submitted to SARS by 30 September 2024 - 3 July 2024
~ Written by Phia van der Spuy ~
October 11th, 2024
Many boards of trustees, now third-party data providers to the South African Revenue Service (SARS) through reporting beneficiary distributions, remaining ultimately responsible, are turning to their accountants/tax practitioners for guidance. These professionals play a crucial role in navigating the complex information required for the IT3(t) form, which can only be submitted once the trust financial statements are finalised. If done properly and correctly, it takes a great effort to create correct, complete trust information in a format that facilitates the unique trust tax treatment described below. The IT3(t) is just one of several returns to be submitted to SARS, reflecting income and capital gains generated by the trust.