Page 55 - Nexia SAB&T Trust Guide 2025

b. Demographic information of the trustees and beneficiaries, which
includes:
(a) Identity number/Passport number
(b) Address and contact details
c. Details relating to all financial flows including loans, donations and
distributions, including:
(a) Taxable amounts distributed to/vested in persons/beneficiaries
(b) Details of all non-taxable income distributed
(c) All trust financial flows
d. A complete list of information required in the IT3(t) can be found
in a document published by SARS entitled Business Requirement
Specification (BRS) document on IT3 data submissions.
vii. Even where no distributions that have been made by the trust, the trustees
are nevertheless required to file the IT3(t).
Consequences for non-compliance
The Trust Property Control Act, as amended, imposes harsh penalties on trustees
found guilty of non-compliance with the above requirements.
These penalties may be extended to tax practitioners, accountants and
financial planners who should have been aware that any submission of false
documentation or statements made on behalf of the client would be considered
an offence, regardless of negligence.
The penalties may include a fine not exceeding R10million or imprisonment not
exceeding 5 years.

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