Trusts: Back to basics and understanding the new IT(3) form

In order for trustees to complete the new IT3(t) form, and for tax practitioners to submit the annual ITR12T return for trusts, a thorough understanding of the terminology used in these forms is essential. An understanding of the parties and their connections to the trust, specific sections regarding the funding of the trust, and the timing of and accounting for tax consequences of distributions to beneficiaries is required.

We will not be addressing the detail with respect to the completion of the IT3(t) or the ITR12T in this session as the forms cannot be completed without understanding what is required. In this session we will therefore look at the meaning of relevant terminology contained within the forms so that they can accurately completed and the tax consequences of the information supplied to be SARS be fully understood. Please join us as we “go back to basics” and look at the meaning of the terminology used in respect of trusts and the tax consequences of the most relevant legislation.

  • The outcomes of the live events has been mapped to the following competencies: Tax planning, Tax governance.
  • The live event is ideal for Continuing  Professional Development and where required the necessary CPD accreditation is obtained from the professional body. For more information contact us.
  • We offer bulk registration discounts for group bookings on our live events. Please view our standard group booking rate card here. 
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Event hosted by
Diane Seccombe
Ideal for
Continuing Professional Development (CPD)
Part 1 - 10 May 2023
Part 2 - 16 May 2023
Time (SAST)
This live event is recorded

We will, inter alia, address:


  • Exempt institution 
  • Testamentary vs Inter vivos
  • Vesting vs discretionary
  • Connected persons to the trust
  • Nature of founder vs donor


  • Required registration with Masters office
  • Timeous and valid Trustee resolutions
  • Personal liability for tax debts of the Trust


  • Vested vs discretionary
  • Right to income ,capital and capital gains
  • Use of and accounting for loan accounts to avoid section 7C deemed donation

Trust income

  • Effect of low or interest free loans: will these trigger section 7 deemed accrual for the lender?
  • Section 7C, Will the low or interest free loan trigger a deemed annual donation for the lender


  • Taxation of capital gains (attribution rules para’s 68-72). 

The index below represents the structure of the Live Event. You will be able to access the information contained within the index once registered. On the day of the event, you will head over to section 2 below where the Live Event will be streamed. 

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Meet the instructor

Diane Seccombe

Diane Seccombe is an admitted attorney with a masters degree in taxation. She has over 15 years of experience with taxation. Diane is currently the National Head of Tax Training at Mazars Academy Proprietary Limited and in this capacity provides tax training to professional institutes, banks, financial service providers and financial planners. She is also well known amongst students for her tax lectures at post graduate level. Diane consults on income tax matters including, corporate, individual and international tax and is an expert in Value Added Tax