TRUST STRICTO SENSU…
Whilst Trusts are well known instruments often used for estate planning in South Africa the very specific statutory provisions governing the taxation of trusts require expert knowledge of both Trust and Tax legislation.
Recent and ongoing changes in Tax legislation relating to Trusts have resulted in the administration of trusts evolving into a very specialised field that trustees and beneficiaries often have very little or no knowledge of.
Simple questions arise:
- Does the Trust have its own bank account?
- Do the trustees have meetings annually?
- Are records kept of all documents, meetings and decisions?
- Is the Trust older than 5 years?
- Does the Trust have an independent trustee in office?
- Are assets managed in accordance with the provision of the Trust Deed?
- Is the Trust’s tax return submitted every year?
Answers to these questions may prove vital in ensuring compliance.
At Probity Advisory a dedicated, experienced team with a wealth of knowledge is on hand to ensure that your Trust complies.
Do not wait until it is too late! Remember – The Trust assets do not belong to you!
TRUST STRICTO SENSU at all times.
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