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June 19, 2018ByIn

TRUSTEES: YOUR RISK OF PERSONAL LIABILITY IN PROPERTY SALES

Firstly, a warning to anyone selling or buying property to/from a trust – have your lawyer check upfront that you are adequately protected by the terms of the sale agreement. The problem is that contracting with trusts has its own specific set of rules and, as a High Court case illustrates, standard sale agreements don’t...
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June 14, 2018ByIn

WRITE YOUR WILL TODAY! FOUR GOOD REASONS TO DO IT NOW

“We used to terrorize our babysitters when I was little, except for my grandfather because he used to read to us from his will” (comic Janine Ditullio) Whether you are young or old, healthy or ailing, wealthy or not-so-wealthy, married or single – you must have a will. Dying “intestate” (i.e. without leaving a valid will)...
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April 25, 2018ByIn,

APPOINTING AN ADMINISTRATOR FOR A MENTALLY INCAPACITATED INDIVIDUAL

Being capable of making decisions regarding one’s personal affairs and assets forms an integral part of our day-to-day lives. If, however, a person is diagnosed with a severe or profound intellectual disability, the law no longer attaches consequences to the decisions made by such person.  In practical terms this means that the person cannot dispose...
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October 24, 2017ByIn

INTEREST FREE OR LOW INTEREST LOANS TO TRUSTS – BEWARE THE TAX IMPLICATIONS!

If you have an interest free loan or low interest loan which is owed to you or your company from a Trust, then you need to pay attention, as failure to do so could result in an unwanted tax liability come the end of February 2018. The Law Section 7C of the Taxation Laws Amendment...
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February 23, 2017ByIn

BUDGET 2017 – HOW IT AFFECTS TRUSTS

The big news is that trusts are now taxed at 45%, up 4% in line with the new top marginal rate for individuals on taxable income in excess of R1.5 million. The good news is that the company tax rate remains unchanged at 28% – further reason to take advantage of the company tax rate...
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February 12, 2017ByIn

HOW SECTION 7C AFFECTS LOANS TO TRUSTS

The first objective of estate planning is to build wealth outside of your estate – effectively achieved by using a trust. The question is, how to transfer your wealth to a trust? This can be done in two ways: donation of asset, or sale of asset on loan account to a trust. Donation A donation...
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January 10, 2017ByIn

BUSINESS RESCUE – A DIRECTOR’S DUTIES AND PERSONAL LIABILITY

The restructuring of a company in financial distress may be an attractive option to many a business facing tight times. The Companies Act 2008, at Chapter 6, formally introduced the global concept of “business rescue” to South Africa. The aim, to rehabilitate ailing companies by providing a temporary suspension of claimants’ rights against the company...
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October 10, 2016ByIn,

YOUR TRUST, THE CONSUMER PROTECTION ACT & THE NATIONAL CREDIT ACT

A Trust is a separate legal entity, but it is not a legal persona or a juristic person per se. When trading in a Trust or when applying for a loan from a financial institution, though, you should be mindful of the provisions of the Consumer Protection Act and the National Credit Act. The Consumer Protection...
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September 29, 2016ByIn

DAVIS COMMITTEE 2ND INTERIM REPORT

The committee released its second interim report on the 24th of August. It is important to stress that these are only recommendations and not law until National Treasury drafts the legislation and the Minister of Finance puts it into effect by official proclamation. So what are the key recommendations? Estate Duty The committee recommends the removal of...
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June 9, 2016ByIn

NEW FOREIGN ASSET AMNESTY

“As the world becomes increasingly globalised and cross-border activities become the norm, tax administrations need to work together to ensure that taxpayers pay the right amount of tax to the right jurisdiction. A key aspect for making tax administrations ready for the challenges of the 21st century is equipping them with the necessary legal, administrative...
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