Funders of trust structures beware of the looming tax changes

Funders of trust structures beware of the looming tax changes

It is well known that trusts and estates have been under the magnifying glass of the South African Revenue Service (SARS) for a while now. This led to the introduction of an anti-avoidance measure (Section 7C of the Income Tax Act) effective from 1 March 2017, whereby SARS accesses growth in a trust. SARS wanted a way to access growth in assets, which people historically deliberately moved into a trust and thereby “froze” the value of the estate for estate duty purposes.

New tax laws for expats

New tax laws for expats

The laws around tax for South Africans who live and work abroad have changed and it’s important to work out whether or not you are now expected to pay tax on income you earn outside of the country. Carla Rossouw tackles this complex topic.

OPINION: Why Sars targets ‘connected persons’ in relation to a trust

OPINION: Why Sars targets ‘connected persons’ in relation to a trust

The SA Revenue Service (Sars) attempts to limit the abuse of trusts as a means of tax evasion by individuals. Sars identifies persons and entities that are closely connected to the beneficiaries of the trust – especially where income and capital gains have been transferred to such persons and entities – since the beneficiaries are the parties who will directly benefit from all income and capital gains accrued in the trust.

Updates from the 2018 budget speech

Updates from the 2018 budget speech

2018 BUDGET SPEECH UPDATE. The Minister of Finance announced amendments to tax and other legislation that may affect investors. These changes come
into effect on 1 March 2018, unless otherwise indicated.

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