Overview

The introduction of the IT3(t) represents one of the most significant changes to trust compliance and third-party reporting in South Africa. Trustees, tax practitioners, accountants and fiduciary professionals are now required to disclose substantially more information regarding trusts, beneficiaries, distributions and beneficial ownership than ever before.

This practical and technically focused webinar provides delegates with a comprehensive understanding of the new IT3(t) requirements, the legislative framework underpinning these obligations, and the processes necessary to ensure accurate and compliant submissions.

Moving beyond theory, the session demonstrates how to identify discloseable transactions, correctly classify beneficiaries, gather the required information, and avoid common errors that may expose trustees and representative taxpayers to unnecessary compliance and audit risks.

Webinar Content

Part 1: Understanding the IT3(t)

• Purpose and objectives of the IT3(t)
• Legislative framework supporting third-party disclosures
• Relationship between the IT3(t), ITR12T and SARS compliance initiatives
• Which trusts are required to submit
• Submission deadlines and filing requirements

Part 2: Reportable Information

• Identifying reportable beneficiaries
• Vested versus discretionary beneficiaries
• Capital and revenue distributions
• Loans, advances and financial assistance
• Donations and trust distributions
• Foreign beneficiaries
• Connected persons
• Beneficial ownership considerations

Part 3: Gathering the Required Information

• Information required from trustees
• Information required from beneficiaries
• Source documentation requirements
• Reconciling trust accounting records
• Reconciling tax records
• Data validation prior to submission

 Part 4: Practical Completion of the IT3(t)

• Completing each section of the IT3(t)
• Understanding SARS data fields
• Common validation and submission errors
• Correcting rejected submissions
• Maintaining audit trails and supporting documentation

Part 5: Practical Examples

Practical examples covering:

• Discretionary family trusts
• Vesting trusts
• Testamentary trusts
• Employee share trusts
• Trusts with foreign beneficiaries
• Trusts making donations
• Trusts with loans to beneficiaries
• Mixed capital and income distributions

Competencies Developed

After completing this webinar, delegates will be able to:

• Explain the purpose and legislative basis of the IT3(t) disclosure regime.
• Determine whether a trust has an IT3(t) filing obligation.
• Identify reportable beneficiaries and discloseable transactions.
• Distinguish between capital and revenue distributions for disclosure purposes.
• Determine which trust transactions must be reported to SARS.
• Gather, verify and validate the information required before submission.
• Complete the IT3(t) accurately and efficiently.
• Identify and resolve common filing and validation errors.
• Reconcile trust accounting records with tax disclosure requirements.
• Understand the interaction between the IT3(t), ITR12T and beneficial ownership obligations.
• Implement practical compliance procedures to minimise filing risk.
• Prepare trusts for SARS verification, audit and ongoing third-party disclosure obligations.
• Advise trustees and clients on the practical implications of the new reporting framework.
• Develop internal procedures to ensure consistent and compliant annual IT3(t) submissions.

Presenter

Cheryl Howard 

Cheryl is a Chartered Accountant with over 30 years’ experience in high-net-worth client advisory, specialising in tax, estate planning, and fiduciary services. She began her career at Deloitte and later worked at SNG Grant Thornton before joining BoE Private Bank, where she led private client and fiduciary services in Johannesburg.

In 2000, Cheryl established her own family office practice, which she successfully ran until its sale in 2018. She later managed the South African office of an international fiduciary firm before relaunching her practice in 2023.

Cheryl is also an experienced presenter, writer, and coach, actively involved in developing professionals in the family office and fiduciary space. She has contributed to industry bodies including FISA and STEP, and has participated in SARS and National Treasury initiatives.

CPD

This event and successful completion of the online assessment will secure 2 hours verifiable output Tax CPD points per session.

Event Investment

Free for Tax Technician, Tax Practitioner, Tax Accountant CPD subscribers and Practice Packages. Not a CPD subscriber yet? Click here to register now.

• Regular price:  R460.00
• Group booking discounts available when you register for a group.

Payments & Cancellations

• All payments must be made by EFT or by credit card, at least 3 working days before commencement of an event.
• Kindly note that should payment not be received 2 days after the event, legal action will be taken
• Proof of payment will be requested at registration, if payment does not reflect on Tax Faculty's bank account.
• Cancellations:
  • Only written notice of cancellation will be recognized.
  • If the cancellation occurs more than 4 working days prior to the event no cancellation fee will be charged.
  • If the cancellation occurs less than 4 working days prior to the event a 100% cancellation fee will apply.
• Delegates who book and fail to attend will be liable for the full event fee.
• Tax Faculty`s liability in the case of an event being cancelled will be limited to a refund or credit of the event fee.
• Please click here for the full terms and conditions.