IT3(t) Deadline for Trusts in South Africa
The Deadline for the IT3(t) submissions to SARS is 30 September 2024.
South Africa was put on the greylist. In response, they passed Act No. 22 of 2022. This act amended the General Laws on Anti-Money Laundering and Combating Terrorism Financing. This led to modifications in numerous other laws during the course of 2023.
After all the changes in 2023, third party reporting under Section 26 of the Tax Administration Act, 2011, is still required. This resulted in the obligation to submit IT3(t)'s for Trusts.
Entities / Trustees that handle the handle the distributions or payments to beneficiaries must submit the IT3(t) for Trusts by 30 September.
Frequently asked questions
SARS requires trusts to submit the IT3(t) form to report money given to a beneficiary in a specific tax year. Trusts must provide this information to comply with tax regulations. The IT3(t) submission is necessary for accurate reporting of financial transactions.
Submitting the form on time is important for trusts to avoid penalties. A crucial part of ensuring compliance with tax regulations and providing transparency in trust transactions.
2) What does the submissions entail?
When you submit IT3(t) forms for trusts, you must report the distribution of capital and various types of income. This includes interest, dividends, rental income, capital gains, and any other income earned by the trust. These submissions also require providing details of beneficiaries and their respective distributions received.
3) When are the submissions required?
The IT3(t) submissions for trusts will typically be due by the end of September each year. It's important to know that the deadline may vary. It's best to talk to a tax professional or check SARS guidelines for the exact submission deadline.
Do you need a Quote for our Tax and Accounting Services?
Contact our team via any of the following channels to get a proposal for your accounting and tax services:
Subscribe to our newsletters.
Disclaimer:
The views or opinions expressed on this site are solely those of the original authors and other contributors.
The material and information contained on this website is for general information purposes only.
This information is for general purposes only. Don't use this information for making business, legal and tax decisions without consulting a professional.
We do not make any express or implied representation, as to the completeness or accuracy of the information published.
Tax law regularly changes, so any tax information on this site could become outdated.
We are not responsible for any other websites that you may access through links on our website.
ZPA accepts no liability for any loss or damage arising from the use of any material on this site.
_Deadline_for_Trusts_in_South_Africa.png)
