Preparation of the IT3-T is a major part of preparing the ITR12 trust tax return and now has become a vital step in the process. The steps below will give the process of preparation and the uploading of the IT3-T and will save a huge amount of time.
Preparation of Data for IT3-T
1. Create the Trust under Masters, Client and ensure relevant information is captured.
Make sure the following fields are taken care of in the client file
Name, Registration Number ( at Masters and URN if available), Registration Date, Tax Number, Trust Type, Address ( postal and physical), Tel Number, Cell Phone Number, Email address
2. You will need to tag the Trust as an IT3-T submission Trust
Differentiate those trusts that you will be submitting the IT3-T for from those that you aren’t submitting.
If you will be submitting for all trusts on file, contact support to globally set this flag.
For more information on Portfolios click here Portfolio
3. Create the Beneficiaries and Other Connected persons or Participants under Masters Client
Other Connected persons/ Participants are defined as any person other than a beneficiary that has a financial flow or dealings with the trust, like Donors, contributors, etc. The records may be tagged under the taxpayer tab if a taxpayer and not if they are not a taxpayer.
Ensure relevant info is captured
Name ( surname , first names and initial for individuals), ID/Registration Number, SA Resident ( passport number, county and date of issue for no residents), Registration Date / Date of Birth, Tax Number, Address ( postal and physical), Tel Number, Cell Phone Number, Email address
4. Under Trust, Sec option
- Enter the Masters Office that the trust is registered at
- Masters URN if available
5. Create a Submitting Entity by (creating a master client record), this should be the information of your Organisation, under Master client, exactly the same as if you are entering a client. The Submitting Entity is the tax practice that will be responsible for submitting the IT3-T's
Ensure relevant info is captured
Name (surname, first names and initial for individuals), ID/Registration Number, Tax Number, Address (postal and physical), Tel Number, Cell Phone Number, Email address
6. Create a Contact Person, in the Master Client file. This is the person that SARS will contact regarding the IT3T submission. This should be a person in your organisation.
Ensure relevant info is captured in the Master Client
Surname and first names, Tel Number, Cell Phone Number, Email address
NB create multiple contact persons if necessary for your practice
Eg, if the contact person is different for each partners’ clients make sure each partner has the right contact. If the contact is the same for the whole practice make sure each partner has the same contact.
7. Link the submitting entity and contact person
On the Masters, Partner screen link the Contact as created in 6 above to each Partner.
This needs to be done for each Partner on file as indicated on the screen below.
Click on the white space for Contact Person and Submitting Entity and select the Contact Person and Submitting Entity which allows access of the client.
29 February 2024