SARS Reporting Requirements For Trustees 2023

Written on 08/08/2023
MJ Minter Inc

SARS has increased the reporting requirements for trustees of resident trusts. As from the 1 September 2023, trustees, as representative taxpayers for a trust, are required to submit an IT3(t) form to SARS electronically – relating to the trust for which he or she acts as trustee. The IT3(t) will be due on the 30th September of each year in which the trust’s tax year ends. Trustees will be required to supply information about all distributions made from the trust to beneficiaries or other persons (in respect of any amount vested in a beneficiary including income (net of expenditure), capital gains and capital amounts distributed by 30 September during the preceding tax year of assessment, which ended at the end of February of the same year. In addition to the information about distributions, demographic information about the trust and beneficiaries will also be required to be submitted.

Summary of Information required to be provided in the IT3(t):

  • Demographic information of the reporting trust
  • Demographic information of the trustees and beneficiaries, which includes:
    1. Identity number/Passport number
    2. Address and contact details
  • Details relating to all financial flows including loans, donations and distributions, including:
  1. Taxable amounts distributed to/vested in persons/beneficiaries
  2. Details of all non-taxable income distributed
  3. All trust financial flows

A complete list of information required in athe IT3(t) can be found in a document published by SARS entitled Business Requirement Specification (BRS) document on IT3 data submissions. Should you require professional advice in this regard please do not hesitate to contact our offices.