RSM South Africa


Be aware of change to trust tax returns

10 June 2020
As from late in 2019, the ITR12T annual trust tax return was updated with the legislative amendments applicable to trusts to incorporate additional disclosures.      In order to comply with the amendments made to the Income Tax Act, No. 58 of 1962 (“the Act”), the following changes were implemented on the trust tax return:

Basic rules for the administration of trusts

2 May 2019
Trusts have been in the spotlight in recent years, and SARS is imposing more stringent laws on trusts. It is therefore important to ensure that trusts are set up for the right reasons and that they are properly administered by the trustees to ensure the consequences of mismanagement are avoided.

The challenges of registering a trust as a taxpayer

3 November 2017
To get onto the SARS register nowadays has proven to be quite challenging and time consuming, even more so for a trust.

To will a testamentary trust or not

23 August 2017
As part of one’s Estate planning, it should be considered if a Testamentary Trust, also known as a Will Trust, should be written into the Will.

Trusts and Interest Free Loans - Important Legislative Amendments

11 January 2017
In our previous article related to this topic, we highlighted proposed new tax laws that would apply to low or interest free loans made to a trust. Those proposed laws were subject to public comment and, as a result, National Treasury has made substantial revisions to the proposals to be introduced as Section 7C of the Income Tax Act.

Trusts and interest free loans

19 July 2016
The 2016 Budget Speech contained a proposal to introduce new tax laws targeted at the prevention of estate duty and donations tax avoidance by making use of interest free loans to a trust. National Treasury recently released the Draft Taxation Laws Amendment Bill that contains the measures intended to give effect to the proposal.

Trust Property Control Act 57 of 1988 - The role and responsibility of a trustee

25 January 2016
What is the role and responsibly of a trustee?

The growing concern behind the reasons for forming an Inter-vivos trust

15 October 2015
Gone are the days of waking up to a large pile of IFRS books and Acts by my bedside. I wake up, in the early hours of the morning, to the screeching sounds of all types of motor vehicles, increasing traffic and different individuals walking to work. This is all driven by the need to survive, provide for families and aid in bettering the crisis faced economy.

Davis Tax Committee - Estate Duty Report

25 September 2015
The Davis Tax Committee (DTC) has released its First Interim Report on Estate Duty addressing the role and relevance of estate duty, as well as its interaction with other taxes.