Filing IT3(t): A Practical & Technical Guide
Presenters : Cheryl Howard
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 video 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.
Video 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 video, delegates are 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.