What is an IT3t Tax Certificate
The South African Revenue Service (SARS) has released instructions for trustees on how to disclose details about distributions made to beneficiaries or individuals from trusts in the previous tax year. These reports should be submitted annually by the end of September.
As the appointed tax representatives for trusts, trustees are obligated to provide SARS with electronic data every September. This data should detail all distributions made from the trust to beneficiaries or other individuals during the previous tax assessment year, which concludes at the end of February of that same year.
South Africa’s greylisting led to the promulgation of Act No. 22 of 2022: General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act. This resulted in amendments to several other pieces of legislation throughout 2023.
After navigating all the changes introduced in 2023, third party reporting in terms of Section 26 of the Tax Administration Act, 2011, remains due. Also referred to as IT3(t) submission for trusts.
Frequently asked questions
What is information is processed when the IT3t is submitted
The IT3(t) filings for trusts necessitate the declaration of capital distributions and/or different kinds of income such as interest, dividends, rental income, capital gains, and any other income produced by the trust. These filings also mandate the provision of beneficiary details and the distributions they have received.
What is the deadline for the IT3t Tax Certificate
Submissions for IT3(t) for trusts are usually expected by the end of September annually. Nonetheless, it's crucial to understand that the precise due date might differ, and it's recommended to seek advice from a tax expert or check the SARS guidelines for the exact submission deadline.
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