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Filing returns for an education trust

Jul 02 2015 02:45

Cape Town - Tax filing season for the period March 1 2014 to February 2015 has just kicked off and filing returns can sometimes be a daunting task.

Fin24, in collaboration with the SA Institute of Tax Professionals (SAIT), will as far as possible answer users' tax questions to help make this process as seamless as possible.

A Fin24 user has a few questions regarding filing tax returns for an education trust:

Regarding education trusts, what would you need from the trustees for the tax season?
What format should they be in?
Should the bank statements be from any accounting software or will Microsoft Office do?
Are financial statements necessary?

Piet Nel, SA Institute of Tax Professionals responds:

We don’t know whether or not the educational trust was registered with the SA Revenue Service (Sars) as a public benefit organisation and qualifies for tax exemption. 

That is relevant as the return to be submitted will be a different one if the trust is so approved. 

For both returns you would require the financial statements for the trust. The software used to compile the nominal ledger is irrelevant as the trustee will have to produce financials for the trust. The trust deed will provide the detail and requirements in this regard. 

READ: Being a trustee is a big deal

* Have a question? Send it to us and we will find an expert to answer.

Disclaimer: Fin24 cannot be held liable for any investment decisions made based on the advice given by independent financial service providers. Under the ECT Act and to the fullest extent possible under the applicable law, Fin24 disclaims all responsibility or liability for any damages whatsoever resulting from the use of this site in any manner.

sait  |  tax filing season 2015  |  money  |  money clinic  |  tax


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