Latest News & Developments
Land Reform Minister Mzwanele Nyhontso is set to meet with King Misuzulu ka Zwelithini to address ongoing concerns regarding the Ingonyama Trust Board and its recent challenges.
The Portfolio Committee on Land Reform investigates the Ingonyama Trust’s legal status following governance concerns raised by King Misuzulu’s suspension of the Trust Board.
SARS is set to enforce penalties on trusts failing to comply with tax return submissions, starting retroactively from April 2025 … trustees must act now to avoid costly repercussions
Zulu King Misuzulu kaZwelithini has declined a meeting with Land Reform Minister Mzwanele Nyhontso, citing cultural seclusion until the upcoming Umkhosi wokweshwama ceremony.
The NICSA condemns a councillor’s racist remark during a council debate, calling for immediate action and accountability.
Explore how South African businesses can combat the rising threat of money laundering and protect their operations from criminal activities.
Trusts now have their own dedicated filing season, starting September 16, 2024, to January 20, 2025.
Many trustees are advised to distribute all trust income and capital gains to beneficiaries to escape the high tax rates in trusts.
Many trustees do not understand the unique nature of a trust and the outcomes of relevant court cases.
Although no insurance products exist for family trustees, professional/independent trustees may access insurance for trust services they provide.
Setting up a trust and selecting beneficiaries requires a good understanding of trusts. Picture:
The runners-up in the South African Manager of the Year race were last year’s winner, PSG Asset Management, in second place and Boutique Collective Investments in third place, each of which received a certificate.
Only 30% of trusts are registered as taxpayers with Sars, trust tax returns are 7 years behind and only a fraction submit on time.
Trustee services cannot be provided for free.
King Misuzulu said he wanted amakhosi to play a more significant and hands-on role in the governance of the Ingonyama Trust.
Although many are of the view that South Africa introduced more stringent measures for trusts and companies in the past year, out of free will, the opposite is true.
The unit trusts industry, therefore, concluded the third quarter of this year with net quarterly inflows of R39 billion.
Trustees are to keep a record of all the prescribed information under the TPCA, the regulations and Sars’s requirements.
As a country, there is no alternative for us but to work together, as the consequences of non-compliance will be too ghastly to contemplate.
There seems to be huge confusion and various interpretations of which types of trust beneficiaries to include as “beneficial owners” after new measures were hastily introduced in an attempt to avoid greylisting and meet the Financial Action Task Force’s (FATF) requirements.
Non-compliance goes way beyond reportable irregularities and includes actual or suspected non-compliance with our country’s laws including the Trust Property Control Act, the Estate Duty Act, the Transfer Duty Act, and the Income Tax Act.
If you are looking to buy a home that you would like to leave behind to an heir, establishing a trust is worth considering.
SA tax authorities have been on their toes since the country was greylisted. It has been tightening and strengthening its laws in order to adhere to the FATF recommendations.
At last month’s South African Institute of Taxation Tax Indaba, trusts were on the agenda again. And the South African Revenue Service (Sars) new measures of ensuring trusts are run as separate entities (such as companies) on a real-time basis and not on an ad hoc basis in an attempt to prove compliance, was very much part of the conversation.
At the recent South African Institute of Taxation (Sait) Tax Indaba, trusts were on the agenda again. In conversation, the message of the South African Revenue Service (Sars) was loud and clear – new measures they have put in place are aimed at giving Sars the assurance that trusts are run as separate entities (such as companies) on a real-time basis and not on an ad hoc basis in an attempt to prove compliance.