SARS ramps up scrutiny as trust and provisional tax filings surge
With more tax returns submitted, SARS is intensifying efforts to ensure full compliance, particularly among trusts, using AI and data-driven enforcement.
Trusts
SA racing against February deadline if it wants to exit grey list by mid-2025
National Treasury tells companies and trusts to submit their beneficial ownership information by the end of November.
Constitutional Court clarifies CGT in multi-tier trust arrangements
The court’s interpretation and application of the conduit principle has implications for structures involving layers of multiple discretionary trusts.
Tweaking needed to tighten anti-avoidance rules on loans to trusts
The draft Taxation Laws Amendment Bill addresses a critical anomaly in trust anti-avoidance legislation. By narrowing the transfer pricing exemption, the Bill ensures that only the correct portion of cross-border trust loans escapes double taxation.
What you should know about the 2024 tax-filing season
This year’s return provides for claiming the residential solar energy tax rebate or a tax deduction in respect of the renewable energy tax incentive.
Scammers at work … from VAT fraud to fake invoices
Lieutenant General Godfrey Lebeya details the cases involving financial crimes investigated by the Hawks.
Who does and does not have to submit a tax return in 2024
Pay attention to the conditions that must be met to be exempt from filing a return.
Here are the filing deadlines for the 2024 tax season
Auto-assessment notices will be sent out from 1 July, SARS says.
Amendments proposed to clarify attachment of living annuities and trust assets
The South African Law Reform Commission releases its final report containing recommendations on changes to the Maintenance Act.
Another amendment coming to curb tax avoidance when making an interest-free loan to a non-resident trust
The context to Treasury’s concern is where the arm’s length interest rate is lower than the official rate of interest.
Sars publishes important guides for taxpayers – including trusts
One of the guides applies to the Income Tax Return for Trusts.
Income distributions to non-resident beneficiaries may be taxed twice
An amendment to the Income Tax Act makes it easier for Sars to collect taxes owed by tax non-resident beneficiaries of South African trusts.
FIC issues guidance for trust and company service providers
Persons who are trustees in their personal capacity only are not accountable institutions.
TCSP guidance welcome, but grey areas remain, says FISA
It may not always be clear when someone has crossed the line into carrying on the business of creating a trust arrangement for a client.
Clarity on anti-avoidance rules for low-interest or interest-free loans to trusts
The amendments encompass debt denominated in a foreign currency and the primary residence exclusion.
Sars has its eye on the application of attribution rules in trusts
Trusts that have failed to comply with the rules are exposed to penalties and fines.
Are you exempt from submitting a tax return for 2023?
Pay attention to the conditions that must be met for an exemption.
