Harsh penalties for trustees for non-compliance with new reporting requirements
The offences relate to not recording information about beneficial ownership and service providers that are accountable institutions.
Trusts
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Trusts are facing a multitude of new reporting requirements
Trustees will have to report directly to Sars, outside of the current trust tax return process, and before the trust tax return is due.
This is what Sars is doing to tighten its supervision of trusts
It also wants to address the inconsistent treatment of non-resident beneficiaries when capital gains are distributed.
What trustees should know about the amendments to the Trust Property Control Act
Among other things, trustees are obliged to keep adequate records in relation to beneficial ownership.
Changes to Trust Property Control Act may be overturned by the courts
One of the unforeseen consequences could be the premature acquisition of rights.
Trusts under the magnifying glass of local and international financial watchdogs
If a trust is not valid, the trustees can be held personally liable for any taxes related to the trust activities.
Sars ruling highlights need to understand implications of investing in hybrid offshore pension products
South Africans are increasingly mobile, either working abroad, staying abroad for extended periods, or opting to retire outside of South Africa. This has increased the focus on foreign pension products because South African […]
SCA thwarts man’s bid to keep assets from his wife during divorce trial
A wealthy Durban businessman has failed in his bid to “hide” more than R5.5 million from his wife. He had hastily established a trust and repaid his father an old debt. The Supreme […]
Estates and trusts in limbo due to huge backlog at Master’s Offices
Massive delays in winding-up deceased estates, as well as the functioning of trusts, are set to continue because of the almost total breakdown in services at the 15 Master’s Offices around the country. […]
Equity unit trusts or money market funds – Where do you get the better return?
In a recent Moneyweb article, Patrick Cairns mentions that the poor performance of the local stock market over the last five years has led many investors to consider moving away from equity unit […]
Validity of Trusts Questioned
A recent article in Moneyweb states that the validity of more than 85% of trusts on which legal audits have been conducted, can be questioned. Prof Willie van der Westhuizen, head of trust […]
