TAXCO TABLE VIEW

PENALTIES FOR NON-SUBMISSION OF TRUST INCOME TAX RETURNS

Clients are advised of an important SARS update following the public notice issued on 27 March 2026, confirming that the non-submission of Trust income tax returns constitutes non-compliance under section 211 of the Tax Administration Act, 2011.

Administrative penalties, effective from 4 May 2024, apply to outstanding obligations and may be levied monthly until the non-compliance is resolved. This applies to Trusts with outstanding ITR12T returns from 2024 onwards.

SARS will issue a Penalty Assessment Notice (AP34) outlining penalties imposed, outstanding returns, and required corrective actions.

🏆 We’ve been nominated for Best of Bloem!

We’re so excited to share that Taxco is in the running for Best of Bloem 2026! 🎉

If you’ve trusted us with your tax matters, supported our business, or simply love what we do, we’d really appreciate your vote. 💙

🗳️ Vote for Taxco:
https://bestofbloem.co.za

Every vote means so much to our team. Thank you for your continued support! 🙌

BEWARE OF SARS SCAMS

TAXCO encourages all clients to remain vigilant against fraudulent communications claiming to be from the South African Revenue Service (SARS).

Please note that SARS will never request your password, one-time pin (OTP), banking PIN or eFiling login credentials via email, SMS, social media or telephone.

Pierre Goosen – [email protected]
Taxco Accountants and Tax Consultants

📢 2026 Tax Return Filing Reminder

Do you need to submit a tax return for the 2026 year of assessment?

Many taxpayers assume they do not need to file — but SARS may still require a return to be submitted.

You may need to file if you are:
✔ An individual taxpayer
✔ A company or trust
✔ A taxpayer specifically requested by SARS to submit
✔ A taxpayer with an active income tax reference number

Failure to submit when required may result in administrative penalties and unnecessary stress.

If you are unsure about your filing obligations, we are here to assist.

📞 051 436 3829
📧 [email protected]

Stay compliant. Stay informed. Stay tax relaxed.

Taxpayers are advised of an important SARS update following the public notice issued on 27 March 2026, confirming that the non-submission of Trust income tax returns constitutes non-compliance under section 211 of the Tax Administration Act, 2011.

Administrative penalties, effective from 4 May 2024, apply to outstanding obligations and may be levied monthly until the non-compliance is resolved. This applies to Trusts with outstanding ITR12T returns from 2024 onwards.

SARS will issue a Penalty Assessment Notice (AP34) outlining penalties imposed, outstanding returns, and required corrective actions.

Taxpayers may follow the dispute process where applicable:
• Request for Remission (RFR)
• Notice of Objection (NOO)
• Notice of Appeal (NOA)

Taxpayers are encouraged to ensure that all outstanding Trust returns are submitted timeously to avoid penalties

When Steve Jobs died in 2011, his estate was valued at roughly $10 billion, largely tied to Apple and Disney shares.

Normally, a fortune of that size triggers estate taxes, probate proceedings, and potential asset liquidation. Large positions in public companies often have to be sold to cover tax obligations, and the process can take years.

That did not happen.

Long before his death, Jobs had placed much of his wealth into structured trusts. These legal structures are designed to manage how assets are transferred, reducing exposure to immediate taxation and avoiding probate court.

Because of this, there was no forced sale of Apple or Disney shares. No prolonged court process. No public legal disputes.

Control transferred efficiently.

Laurene Powell Jobs became one of the wealthiest women in the United States almost overnight, with control over billions in assets and long-term influence through entities like Emerson Collective.

The key point is not just the size of the fortune.

It is how it was structured.

Many founders focus entirely on building wealth. But without planning, large estates can lose significant value through taxes, legal delays, and forced decisions.

Jobs approached wealth differently.

He did not just build a fortune.

He engineered how it would survive him.

📊 𝗧𝗮𝘅 𝗧𝗶𝗽 𝗧𝘂𝗲𝘀𝗱𝗮𝘆

The new Tax Administration Laws Amendment Act (2026) gives SARS more power.

Here’s what you need to know:

✔ SARS can issue estimated assessments if you don’t submit on time
✔ The amount can be payable immediately — even if disputed
✔ Penalty relief is stricter — fewer excuses for errors
✔ SARS can take faster collection action

👉 This makes accurate and timely
submissions more important than ever.

If you’re unsure about your compliance, we’re here to help.

📞 051 436 3829
📧 [email protected]

Stay compliant. Stay informed. Stay tax relaxed.