Your will and foreign assets

Each country has its own legislation regarding inheritance and signing of wills. It would therefore be possible that your South African will does not comply with all the requirements of the country where your foreign assets are located. This may result in the non-inheritance of your foreign assets in terms…

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Provisional tax for individuals: Did you know?

Provisional tax is not a separate type of tax  but pre-payments on income tax for a specific tax year.  The aim of provisional tax payments is to help taxpayers to fulfil their tax responsibilities by spreading tax payments over a tax year. After SARS has assessed a taxpayer for income…

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Estate agents: Audit requirements

Section 29 of the Estate Agency Affairs Act (EAAA), Number 112 of 1976, states that every estate agent shall keep such accounting records as are necessary to fairly reflect and explain the state of affairs of all monies received or expended, including monies deposited to a trust account or interest-bearing…

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Public benefit organisations: Profit from tax benefits

Organisations with philanthropic missions serving the general public may enjoy the benefit of SARS’ generosity if they have all their ducks in a row. There are, however, quite a number of requirements and stipulations which must be adhered to in order to qualify, and companies that want to apply, should…

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SARS prescription

Imagine the following scenario: a taxpayer named Andrew is on his annual vacation for four weeks. On the fifth day of his vacation, he is lying carefree in the sun with his toes wiggled into the warm beach sand.  A thought crosses his mind: perhaps he must check his email…

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So when am I authorised to act as trustee?

The Trust Property Control Act 57 of 1988 defines a trustee as meaning “any person (including the founder of the trust) who acts as a trustee by virtue of an authorisation under Section 6.” In the matter of Lupacchini vs Minister of Safety and Security (16/2010) [2010], ZASCA 108 (17…

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