SARS’ aim is to record all beneficial owners of registered Trusts in order to comply with the Financial Action Task Force (FATF) requirements. In this regard, certain information must be submitted via e-Filing. These documents may include, but are not necessarily limited to, the following:
- An organogram, illustrative, or schematic diagram depicting effective control of the Trust. Where the Beneficial Ownership is in the form of other legal arrangements or legal entities, this should be provided in a separate attachment.
- An Excel spreadsheet containing the above information; or
- Such other document(s), which will elaborate on Beneficial Ownership in relation to the Trust.
When capturing the beneficial ownership information, it is mandatory for the current year’s return that at least one document be submitted that relates to beneficial ownership information. In the event there are more than 20 beneficial owners, the taxpayer must upload a supporting document that reflects the additional beneficial owner(s). All minutes, excluding those dealing with internal trustee governance arrangements and/or administrative matters, must be submitted.
Should you require professional assistance in this regard to not hesitate to contact our offices in this regard.