CHECKLIST FOR SOUTH AFRICAN TRUSTS

CHECKLIST: Documents every South African Trust is expected to have kept, by law?

In South Africa, trusts are governed by the Trust Property Control Act No. 57 of 1988, the Income Tax Act, and related legislation. Trustees are legally obligated to keep specific records to demonstrate proper administration, protect trust assets, and comply with regulatory requirements (especially after recent anti-money laundering reforms).

Here is a comprehensive list of documents that every South African trust is expected to keep by law:

Core Trust Documents

These are essential for the existence and lawful operation of the trust:

1. Trust Deed (original or certified copy) – founding document of the trust.

2. Letters of Authority – issued by the Master of the High Court, confirming the appointment of trustees.

3. Trustee Appointment and Resignation Letters – for changes in the board of trustees.

4. Resolution Register – signed trustee resolutions on decisions made.

5. Trustee Register – details of all current and past trustees, including full names, ID numbers, and dates of appointment/resignation.

6. Beneficiary Register – full list of all beneficiaries and their identification details.

7. Minutes of Trustee Meetings – decisions, discussions, and resolutions, kept for at least 5 years.

Financial and Accounting Records (as per SARS and FIC compliance)

Trusts must maintain full and accurate records of financial activities:

1. Annual Financial Statements – including income statement, balance sheet, and notes.

2. Bank Statements – of all trust accounts.

3. General Ledger and Journals.

4. Receipts and Payment Vouchers.

5. Invoices and Supporting Documentation.

6. Asset Register – all property, investments, and other trust assets.

7. Loan Agreements – especially where loans are made to or from connected persons.

Records must be kept for at least 5 years, but 7 years is best practice (and sometimes required for tax purposes).

Tax and Regulatory Records

Trusts must comply with SARS and possibly the Financial Intelligence Centre (FIC):

1. Income Tax Returns (ITR12T) – annual returns submitted to SARS.

2. IT3(t) Declarations – issued to beneficiaries for distributions.

3. Tax Assessments and Correspondence – notices from SARS.

4. VAT Records – if the trust is VAT registered.

5. PAYE/UIF/SDL Returns – if the trust employs staff.

6. SARS eFiling Profile Access – maintained and updated.

7. Beneficial Ownership Register – required from 2023 under new Master’s Office directives.

Compliance & Other Legal Records

1. Anti-Money Laundering Documentation – especially for trusts dealing with large financial flows, including:

   • Proof of residence and ID of trustees, founder, and beneficiaries.

   • Source of funds declarations.

2. Correspondence with the Master of the High Court – updates, notices, compliance queries.

3. Trust Asset Management Agreements – with financial advisors or asset managers.

4. Insurance Policies – where applicable, for trust-owned assets.

Retention Periods Summary:

Document Type	Minimum Retention Period
Trust Deed & Letters of Authority	Indefinitely
Financial Records & Bank Statements	7 years
Tax Records	5–7 years
Trustee & Beneficiary Registers	Indefinitely
Meeting Minutes & Resolutions	5+ years
AML / FIC Documents	5 years (after end of relationship)