Sky Tax IT3-T
Complete the IT3-T. Move the data into the trust tax return. Do the work once.
Sky Tax IT3-T lets your practice prepare, verify and submit trust distribution information in bulk — beneficiary details, vested amounts, submission tracking and a full audit trail in one controlled workflow. Once the IT3-T is complete, the verified information moves into the trust income tax return (ITR12T).
Capture once. Verify once. Use the information for both the IT3-T submission and the trust tax return.
Enter your name and email address to start the video.
The 30 September deadline is approaching
There is enormous pressure on accounting and tax practices to get their trust clients compliant. Many trusts are still not properly registered or ready to submit, and registration, representative, beneficiary and data problems all take time to resolve. Waiting until September creates the risk of missing information, unsuccessful submissions and non-compliance.
Every practice needs to work through six questions now:
- Which trusts vested or distributed reportable amounts to beneficiaries.
- Which trusts are not properly registered or not yet submission-ready.
- Whether registered-representative and third-party data submission requirements have been resolved.
- Whether beneficiary demographic information is complete.
- Whether distribution and vesting information is accurate.
- Who inside the practice is responsible for each submission.
Do not allow unregistered trusts, missing information and failed submissions to become a September crisis.
Accfin led the way in trust distribution processing
Accfin pioneered the software processing of trust distributions for IT3-T reporting. We did not enter this area only once IT3(t) reporting became compulsory — we had already built practical experience in handling trust distributions for practices with large trust portfolios.
That experience is built into Sky Tax IT3-T: the verification steps, the way beneficiary and distribution information is structured, the submission controls, and the link through to the trust income tax return.
IT3-T reporting without the spreadsheet chaos
One controlled, repeatable process for a practice that handles many trusts — from the first import right through to the completed trust tax return.
Bulk preparation
Prepare IT3-T trust distribution information for your whole trust portfolio in one controlled run, instead of trust by trust in spreadsheets.
Use the data you already have
Import trust and beneficiary information from Sky Sec or structured CSV data, so permanent details are not recaptured.
Distributions per beneficiary
Capture taxable income, capital, non-taxable and other reportable amounts for each beneficiary, including amounts credited to beneficiary loan accounts where these are reportable.
Verify before you file
Check permanent, demographic and distribution information, and see missing or inconsistent details before a submission file is generated.
Validated against the SARS BRS
Information is validated against the applicable SARS Business Requirements Specification for the submission year.
Submission control
Submit through the applicable approved third-party data channel and monitor accepted, rejected, failed and outstanding submissions.
Evidence kept in one place
Submission files, SARS responses and confirmations are stored against each trust, with a full audit trail of submissions and corrections.
Straight into the ITR12T
Completed and verified IT3-T information moves into the trust income tax return, so the same distribution information is never captured twice.
IT3-T Returns — Time is Running Out — 1 Hour of CPD
Five steps from beneficiary data to the trust tax return
- Step 01
Import trust and beneficiary information
Bring in existing information from Sky Sec or structured CSV data without unnecessary recapture.
- Step 02
Capture distributions and vested amounts
Record taxable income, capital, non-taxable amounts and other reportable distributions for each beneficiary.
- Step 03
Verify before filing
Identify missing demographic, beneficiary and distribution information before the SARS submission is generated.
- Step 04
Submit and reconcile with SARS
Submit in bulk through the applicable third-party data channel, monitor SARS responses and retain the relevant confirmations.
Move the information into the trust tax return
Use the completed and verified IT3-T information in the trust income tax return (ITR12T) without capturing the distribution information again. The submission to SARS and the return tell the same story, and your team does the work once.
Is your trust portfolio ready?
Work through these nine questions for every trust you administer. If you cannot answer all of them with confidence, there is work to do before 30 September.
- Have all affected trusts been identified?
- Are the trusts correctly registered with SARS?
- Are the necessary representative and submission arrangements in place?
- Is every beneficiary correctly linked to the trust?
- Is the beneficiary demographic information complete?
- Have all vested and distributed amounts been captured?
- Has the information been verified before submission?
- Can the practice see which submissions are completed, outstanding or unsuccessful?
- Is the information ready to move into the trust tax return?
Frequently asked questions
- What is an IT3-T?
- The IT3(t) is a third-party data submission to SARS. It contains trust information, beneficiary details, demographic information, and the amounts vested in or distributed to those beneficiaries for the year of assessment.
- Who must submit IT3-T information?
- A trust that vested or distributed reportable amounts in identifiable beneficiaries must submit the applicable IT3(t) information for those beneficiaries. Ordinary trust expenditure is not, on its own, a beneficiary distribution — the test is whether a reportable amount was vested in or distributed to a beneficiary.
- When is the IT3-T deadline?
- The annual submission deadline is 30 September, subject to the applicable SARS notice for the relevant submission year. Practices should confirm the current year's notice and plan the work well ahead of that date.
- Does Sky Tax IT3-T work as a standalone product?
- Yes. It can be run on its own. You get far more automation and data flow when it is used together with Sky Tax and Sky Sec, because trust, beneficiary and distribution information is shared rather than recaptured.
- How is the information submitted to SARS?
- The information is verified, packaged in the format required by the applicable SARS Business Requirements Specification, and submitted through the applicable approved third-party data channel. Please confirm the channel that applies to your practice with us during setup.
- What happens after the IT3-T is completed?
- The verified distribution information is moved into the trust income tax return (ITR12T). You do not capture the same distribution information a second time, and the return agrees with what was reported to SARS.
- Can the practice monitor submission results?
- Yes. You can track which submissions are completed, accepted, rejected, unsuccessful or still outstanding, and the submission files and SARS responses are retained against each trust.
September will arrive sooner than you think. Start preparing your trusts now.
Capture the information once. Verify it once. Submit the IT3-T and move the data into the trust tax return.