In this important article in Accounting SA (ASA), trust expert Phia van der Spuy looks in detail at what is needed in order to meet the 30 September deadline for submission of trust IT3(t) forms to SARS. Many trustees and practitioners are still grappling with its practical implementation and should seek expert advice.
SARS has made it clear that the 2024 submissions will be used for testing and verification purposes. Therefore, although SARS will not use this year’s IT3(t) submissions to pre-populate the relevant parties’ respective tax returns, it will use the numbers to verify the accuracy of their and other submitted returns.
Read the article here to find out more.
Phia is a chartered accountant with a Master’s degree in tax and a registered fiduciary practitioner of South Africa®, a Chartered Tax Adviser, a trust and estate practitioner and the founder of Trusteeze®, the provider of a digital trust solution.