Enhancements to Trusts’ Beneficial-Ownership Information

SARS aims to record all beneficial owners of registered Trusts to comply with the Financial Action Task Force requirements. Information in this regard must be submitted via e-Filing. These documents may include:

  • An organogram or illustration depicting effective control of the Trust. Where the Beneficial Ownership is in the form of other legal arrangements or legal entities, this should be provided in a separate attachment.
  • An Excel spreadsheet containing the above information; or
  • Other documents that elaborate on Beneficial Ownership in relation to the Trust.

When capturing the beneficial ownership-information, it is mandatory for the current year’s return to submit at least one document that relates to beneficial-ownership information. If there are more than 20 beneficial owners, the taxpayer must upload a supporting document that reflects the additional beneficial owners.

Submit all minutes, excluding those dealing with internal trustee governance arrangements or administrative matters. A guide on Trusts is available here: IT-AE-36-G02 – Comprehensive Guide to the Income Tax return for Trusts – External Guide

Source: SARS

There are not comments for this article at the moment, check back later.
You must be logged in to add a comment, log in now.
Need Help ?

Explore Smarty