Trustees and SARS

[saor]

Following from this thread:

Post in thread 'Any complex trustees on here? Please help.'

Saturday at 11:13 PM

Tks Saor, they've said it's because because bodies corporate are required to pay income tax and submit annual returns.

It's legit but who wants to flash these personal details around - not me.

Got this as well on Friday. Fk knows why SARS needs this - not sure what individual trustees have to do with the BC paying income tax.

• saor

• 

I'm a trustee for a block of flats. SARS now requires personal and specific information about each trustee as part of their control over the 'income tax' the body corporate must pay on interest earned etc.

What bothers me slightly is that SARS requires our tax number as well. Is this just a very extreme form of authentication of trustees or is there some wiggle room here for trustees lives to somehow be made more difficult via personal liability or some other way SARS will find to induce suffering?

My issue is less with giving the info out and more with how SARS intends to use it. Anyone have more info?

 

[now05ster]

Following from this thread:

Post in thread 'Any complex trustees on here? Please help.'

Saturday at 11:13 PM

Tks Saor, they've said it's because because bodies corporate are required to pay income tax and submit annual returns.

It's legit but who wants to flash these personal details around - not me.

Got this as well on Friday. Fk knows why SARS needs this - not sure what individual trustees have to do with the BC paying income tax.

• saor

• 

I'm a trustee for a block of flats. SARS now requires personal and specific information about each trustee as part of their control over the 'income tax' the body corporate must pay on interest earned etc.

What bothers me slightly is that SARS requires our tax number as well. Is this just a very extreme form of authentication of trustees or is there some wiggle room here for trustees lives to somehow be made more difficult via personal liability or some other way SARS will find to induce suffering?

My issue is less with giving the info out and more with how SARS intends to use it. Anyone have more info?

View attachment 1921474

Only what I posted in that thread, that corr was from our auditors to our MA.

I still haven't done mine...

 

[Sideshow Bob]

Following from this thread:

Post in thread 'Any complex trustees on here? Please help.'

Saturday at 11:13 PM

Tks Saor, they've said it's because because bodies corporate are required to pay income tax and submit annual returns.

It's legit but who wants to flash these personal details around - not me.

Got this as well on Friday. Fk knows why SARS needs this - not sure what individual trustees have to do with the BC paying income tax.

• saor

• 

I'm a trustee for a block of flats. SARS now requires personal and specific information about each trustee as part of their control over the 'income tax' the body corporate must pay on interest earned etc.

What bothers me slightly is that SARS requires our tax number as well. Is this just a very extreme form of authentication of trustees or is there some wiggle room here for trustees lives to somehow be made more difficult via personal liability or some other way SARS will find to induce suffering?

My issue is less with giving the info out and more with how SARS intends to use it. Anyone have more info?

View attachment 1921474

Never submitted my own tax reference number and I used to be trustee in sectional title schemes and currently as HOA director since last 2-3 years.

I know that I do sign CIPC director amendment document digitally but that is from CIPC and that just needs ID number.

Is it mandatory field though ? I mean all kinds of forms ask all sorts of questions but only certain fields are mandatory.

 

[Smiggles]

Who cares? If you're concerned about personal liability you have bigger issues.

 

[saor]

Who cares? If you're concerned about personal liability you have bigger issues.

I care. Hence the thread. Go do something else if you're bored. Jinne.

 

[saor]

Never submitted my own tax reference number and I used to be trustee in sectional title schemes and currently as HOA director since last 2-3 years.

I know that I do sign CIPC director amendment document digitally but that is from CIPC and that just needs ID number.

Is it mandatory field though ? I mean all kinds of forms ask all sorts of questions but only certain fields are mandatory.

This is a very recent thing with SARS pushing for this info. Far as I'm aware these details are necessary for tax compliance but I'm also asking around trying to figure out if this is exposing the trustee to any risk.

 

[EmmanuelGoldstein]

Looking everywhere for money. Kieswetter left them with a huge gap or something IDK.

 

[Sideshow Bob]

This is a very recent thing with SARS pushing for this info. Far as I'm aware these details are necessary for tax compliance but I'm also asking around trying to figure out if this is exposing the trustee to any risk.

Our managing agents are usually on top of compliance related things. I will ask them but doesn't make sense to me. I could understand if you were a Trustee of a private trust but asking for tax reference number for sectional title trustees ? seems weird.

 

[saor]

Looking everywhere for money. Kieswetter left them with a huge gap or something IDK.

The frustrating part is that it's already difficult getting people to volunteer their time for a thankless job. Made even harder now asking people to give all this info. We've got one trustee who's already about to pull out.

 

[ice_cubes]

The frustrating part is that it's already difficult getting people to volunteer their time for a thankless job. Made even harder now asking people to give all this info. We've got one trustee who's already about to pull out.

I would also pull out. Not jinxing my luck by adding SARS to my list of headaches/badluck.