Monday is annual filing deadline for provisional taxpayers and trusts – Sars

Sars is reminding individuals who are provisional taxpayers and trusts that Monday is the deadline for filing their annual income tax returns for the 2024 tax year. The 2024 year of assessment refers to the period between 1 March 2023 and 29 February 2024.

The tax authority says in a statement a provisional taxpayer is anyone who receives income or to whom income accrues, other than remuneration, while a trust is included under the definition of a “person” in terms of the Income Tax Act and is therefore regarded as a taxpayer.

Sars says it wants to thank those taxpayers who already submitted their annual tax returns and urges taxpayers who must still submit their tax returns to do so before the deadline on Monday, 20 January.

“Taxpayers, including trusts, are legally obliged to register for the applicable tax, file tax returns, make accurate declarations in their tax returns, and make payments due to Sars where applicable. Non-compliance with these obligations is a criminal offence and will attract penalties and interest, Sars says.

Taxpayers must register for eFiling to file their annual income tax returns.

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Trustees must ensure tax compliance – Sars

Sars also points out that it is important to note that all trusts are required to file a tax return annually, including those that are not economically active.

“The trustees are the “representative taxpayer” of a trust and are legally liable in their official and personal capacity for meeting its tax obligations, even when using a tax practitioner to administer the tax affairs of the trust on their behalf. Sars will hold all the trustees of a trust jointly and severally liable for the tax non-compliance of trusts.”

Sars says it has made it easy for taxpayers to comply through online filing solutions. The personal income tax return (ITR12) and trust income tax return (ITR12T) can be found on eFiling, while an appointment with a Sars branch can be made on the Sars website.

Taxpayers are encouraged to refer to the Sars website for further information on their tax obligations at the links for “Trusts”, “Tax Filing Season 2023” and “Provisional Tax”. 

The Sars website provides a dedicated webpage for trusts with regular updates on a trust’s tax obligations, guides, and a list of trust tax registration supporting documents. Video tutorials and webinars on trust tax compliance can be viewed at https://www.youtube.com/@sarstax.