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Third-Party Data Submissions by Trusts that are Tax Exempt Institutions
- 14 September 2023
- Trusts
- SARS
According to the Public Notice 3631 published in Government Gazette No. 48867 on 30 June 2023, all Trusts will be required to submit third-party information (IT3(t) – returns) on all amounts vested in beneficiaries including income (nett of expenditure), capital gains and capital amounts. Due to their philanthropic and altruistic nature, tax exempt (EI) Trusts are established to benefit the public at large. Therefore, these Trusts do not have the type of beneficiaries envisaged with the submission of IT3(t) returns i.e., beneficiaries of the Trust, as per the Trust instrument, and who will benefit from the income or assets of the Trust.
However, certain EI Trusts have other organisations listed as beneficiaries in their Trust instruments to whom distributions will be made on a periodic basis or as per the discretion of the trustees. Typical instances are where a conduit public benefit organisation (PBO) provides funding to one or more public benefit organisations as per the stipulations in the Trust instrument. These Trusts will also be required to submit IT3(t) third party returns for the year of assessment ending on the last day of February 2024.
EI Trusts that are approved Section 18A institutions, will be required to submit both the IT3(d) and IT3(t) data to SARS. Section 18A approved EI Trusts that would like to participate as early adopters for both the IT3(d) and IT3(t) third-party data project, are required to send an e-mail to TEISegment@sars.gov.za. Organisations are also welcome to visit the TEI and the Third-Party Data webpages for more information.
Source: SARS