KEEP YOUR BUSINESS GROWING

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Having a successful business means ensuring that it continues to grow. Without growth, your business will eventually run dry and stagnant. But with the added responsibility of maintaining your business and keeping things running smoothly, it can be difficult to know where to look for business growth.

  1. Look for cost savings

This point is especially true when your business is trying to survive a struggling economy. Making cost saving choices can become more or less difficult depending on how you manage your incomings and outgoings.

Try find cost savings wherever you can. What subscriptions are you still paying for that you no longer need? Which supplier relationships need to be terminated? Are you spending too much on stationery? Aim to eliminate all unnecessary costs, even if they’re small.

  1. Automate everything

When you waste time, you waste money. When it comes to things like report preparation, data entry, and accounts payable and receivable, it’s worth investigating your automation options. Things like pursuing invoices can now be done with a click of a button and a few strokes of the keyboard. What’s more, they can be handled safely, legally, and efficiently.

Once you’ve automated portions of your business, you can focus exclusively on growing the business rather than just maintaining it. This is critical, because growing a business takes extreme dedication and commitment.

  1. Target other markets

If your current market is serving you well, then ask yourself if there are others. Sometime, those other markets are what make money. If your consumer market ranges from young professionals to young families, think about where these people spend most of their time. Could you introduce your business to schools, restaurants or community events? You could also offer discounts to special-interest clubs or donate part of your profits to schools and associations.

This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted (E&OE)

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ONROERENDE EIENDOM IN OORLEDENE SE BOEDEL

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In die eerste plek sal slegs onroerende eiendomme wat in die Akteskantoor in die oorledene se persoonlike naam geregistreer is as boedelbates kwalifiseer.

Indien die oorledene ‘n geldige Testament nagelaat het, sal die eiendom in terme van die bepalings van die Testament vererf. Die eiendom kan dus as ‘n spesiale bemaking aan een of meer erfgename vererf of in baie gevalle is daar nie spesifieke instruksies hoe daar met die eiendom gehandel moet word nie en dan sal die eiendom of eiendom(me) deel uitmaak van die restant van die boedel.

Uiteraard sal die bepalings van die testament, die boedel se kontantposisie, boedelskuld en ook die belange en behoeftes van die naasbestaandes deeglik oorweeg moet word.

Dit is ook belangrik om daarop te let dat indien ‘n eiendom as spesiale bemaking vererf, die vererwing onbelas is, m.a.w die erfgenaam wat die eiendom erf, ontvang die eiendom sonder enige skuldlas en enige kostes gekoppel aan die insluiting van die eiendom bv. die Prokureur se oordragkoste en Kapitaalwinsbelasting kwalifiseer as boedeluitgawes wat uit boedelfondse vereffen sal moet word.

Dit beteken dus ook dat indien die eiendom met ‘n verband beswaar is, kan die eiendom alleenlik oorgedra word as die verbandskuld afgelos en die verband gekanselleer is.

Met die bekendstelling van Kapitaalwinsbelasting (KWB) is dit natuurlik ook baie waarskynlik dat daar KWB betaalbaar sal wees op tweede en derde eiendomme en weereens is die KWB ‘n boedeluitgawe en impliseer dit dus dat die persoon wat die spesiale bemaking ontvang, vrygestel is van enige kostes t.o.v. die vererwing.

Kom ons kyk na ‘n voorbeeld:

Kosie Kramer kom in Maart 2017 met die volgende boedelbates te sterwe:

Primêre woonhuis, Wellington R1 500 000-00 (Basiskoste R600 000-00)
Strandhuis, Stilbaai R1 200 000-00 (Basiskoste R800 000-00)
Woonstel, Stellenbosch R1 400 000-00 (Basiskoste R700 000-00)
Kontant (Restant) R2 000 000-00

Daar is geen verbande oor die woonhuis in Wellington en die strandhuis in Stilbaai nie. Daar is wel ‘n verband van R400 000-00 oor die woonstel in Stellenbosch.

Wyle Mnr Kramer vererf die strandhuis en woonstel in gelyke dele aan sy seun en dogter. Sy gade, Mev Kramer, erf die Wellington eiendom asook die restant van die boedel.

Vir hierdie voorbeeld aanvaar ons dat die boedel nie enige ander skuld gehad het nie.

Daar is ook geen KWB op die Primêre eiendom betaalbaar nie.

Die KWB betaalbaar op die strandhuis en woonstel word soos volg bereken:

Wins, Strandhuis (R1 200 000-00 – R800 000-00) R 400 000-00
Wins, Woonstel (R1 400 000-00 – R700 000-00) R 700 000-00
Totale wins R1 100 000-00
Min: KWB Korting in jaar van afsterwe R 300 000-00
R 800 000-00

Die Kapitale wins beloop dus R800 000-00 en teen die insluitingskoers van 40%, sal R320 000-00 by die oorledene se belasbare inkomste ingesluit word.

Kom ons veronderstel Wyle Mnr Kramer betaal belasting teen die marginale koers van 45%.

Die inkomstebelasting betaalbaar, wat natuurlik ook as boedeluitgawe gelys word, sal dan R144 000-00 beloop. (R320 000-00 X 45% = R144 000-00).

Indien die verband oor die woonstel hierby ingesluit word, sal dit beteken dat die totale laste in die boedel R544 000-00 sal beloop. (R144 000-00 + R400 000-00).

Hierdie uitgawes sal uit die restant van die boedel verhaal word en dit beteken dus dat die
R2 000 000-00 wat Mev Kramer as restanterfgenaam erf met R544 000-00 sal verminder.

Die verdeling lyk dan soos volg:

Kramer kinders (Strandhuis en Woonstel) R 400 000-00
Mev Kramer (Wellington eiendom) R 700 000-00
Mev Kramer (Restant) R1 456 000-00

Uit die voorbeeld is dit dus duidelik dat Mev Kramer, of dan die restant van die boedel verantwoordelik is vir die totale kostes en dat die kinders dan die eiendomme wat hulle as spesiale bemakings ontvang, onbelas erf.

Die Testateur behoort deeglik ingelig te word en bewus te wees van wat die uitwerking van sodanige bemakings sal wees.

Indien dit nie die Testateur se bedoeling is dat die restant of restanterfgename, die kostes moet dra t.o.v. eiendomme wat as spesiale bemakings vererf nie, behoort die Testament duidelik te bepaal dat die bemakings onderhewig is aan die voorwaarde dat die persoon of persone wat sodanige eiendomme as spesiale bemakings ontvang, persoonlik verantwoordelik sal wees vir die oordragkostes, kapitaalwinsbelasting, verbandskuld, eksekuteursvergoeding of selfs boedelbelasting t.o.v. die betrokke eiendom(me) wat aan hulle vererf word.

Hierdie artikel is ʼn algemene inligtingsblad en moet nie as professionele advies beskou word nie. Geen verantwoordelikheid word aanvaar vir enige foute, verlies of skade wat ondervind word as gevolg  van die gebruik van enige inligting vervat in hierdie artikel nie. Kontak altyd ʼn finansiële raadgewer vir spesifieke en gedetailleerde advies. (E&OE)

Verwysing:

April 6, 2017

By FHBC In All Categories, Estates and Trusts

ONROERENDE EIENDOM IN OORLEDENE SE BOEDEL

 

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THE VAT COMPLIANCE LANDSCAPE

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VAT use to be a simple tax for taxpayers to comply with. Returns would go in regularly with very little hassle and SARS’ audits or verifications seldom resulted in an assessment. Not anymore.  With VAT fraud being more prevalent now than ever before (at least that is what we are told), all taxpayers are seemingly treated on the assumption that there might be a snake in the grass.

This has resulted in an increase in the number of VAT returns being verified or audited by SARS and which in turn has resulted in an increase in the number of VAT assessments being raised. The famous IT14SD too is being used to check VAT compliance and is known for resulting in assessments, mostly either on VAT or income tax. To make the tax knock even worse, SARS have started raising understatement penalties or USP on these assessments from anything between 10% to 125%.

Assessments are, however, sometimes raised incorrectly by SARS to the frustration of taxpayers. This appears to be caused, at least in part, by the fact that SARS have seemingly not yet been fully geared to constructively address the fiscal concerns associated with VAT fraud through skillful audit and/or verification and the poor economic climate placing increasing pressure on collection targets.

It is also, in our experience, unfortunately true that taxpayers (or their employees) sometimes inadvertently play a part in causing the resultant (incorrect) assessments. This, however, is to be expected in many cases. Very few taxpayers have geared themselves properly for effectively and constructively dealing with VAT compliance at the level that is required in the current VAT compliance landscape.

It is evident then that the VAT compliance landscape is primed for miscommunication between taxpayers and SARS, resulting in assessments compromising tax compliance status and tax disputes which eat into profit margins.

Perhaps as a first step to dealing with this situation, taxpayers should make peace with the fact that SARS has a duty to collect and prevent VAT fraud, amongst others. This is not going to change. VAT verifications and audits are here to stay.  As second step, efforts should be focused on gearing for effectively dealing with VAT verifications and audits. (The fact that SARS may also need to do some introspection may well be true but perhaps best one focuses on addressing the business risk as opposed to trying to solve SARS’ (and the country’s) problems).

Gearing for the current VAT compliance landscape means getting a strategic partner on board to assist in effectively dealing with the higher standard of VAT compliance. A strategic partner should assist with a holistic solution to save cost over the long term as opposed to providing a band aid-solution. One way of doing this is to:

  • Train employees on the substantive and procedural VAT law associated with the business being conducted by the taxpayer. It is only in this way that taxpayer and its employees can understand what they are being called upon by SARS to prove and to self-assess the accuracy of returns being filed;
  • Putting a bespoke procedure in place to deal with the requests and templates for responding appropriately and effectively to SARS in a manner that has the best chance of preventing an assessment from being raised; and
  • Provide support for when assessments are nevertheless raised by SARS to ensure disputes are dealt with in a strategic, effective and constructive manner that keeps SARS to the prescribed timelines and issues in dispute.

Taxpayers who find themselves constantly at odds with SARS over VAT would do well to find a strategic partner to deal with the conflict so that VAT does not become or continue to be a hindrance to business.

This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted (E&OE)

Reference:

September 21, 2017 Nico Theron

Nico Theron – Unicus Tax Specialists SA

http://unicustax.co.za/2017/09/21/the-vat-compliance-landscape/

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SAFETY TIPS FOR THE FESTIVE SEASON

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The holiday season is filled with happiness and celebration, but it can also be a time of danger for road users.

It seems everyone is in a hurry trying to wrap up their shopping and enjoy festive celebrations. But as you’re dashing around town, it’s important to keep road safety top of mind, as the streets are busier and drivers are distracted by their holiday to do lists.

People are urged to be more careful on the roads. Here are a few friendly tips to ensure your Festive season is a safe one:

Don’t drink and drive

  • Drunk driving is a major contributory factor to road crashes and road deaths in South Africa. If you going to a Christmas party and plan to indulge in a drink or two and get merry, don’t drive. Stay the night or plan a safe alternative to get home such as a cab or designated driver.

Slow down

  • In the rush to get to a Christmas party or do your Christmas shopping before the malls close, you may be tempted to speed. But police presence is greater on the roads both day and night throughout the season, and a speeding ticket and possible accidents are not likely on your holiday wish list.

Wear your seat belt

  • Always buckle up. Wearing your seat belt can reduce your risk of dying in a crash by bout half.  Also, make sure young passengers are buckled into appropriate safety seats.

Watch for emergency vehicles

  • In an emergency, every second counts. When you hear a siren, be sure to pull off to the side of the road to allow the ambulance, police car or fire truck to pass.

Obey road rules

  • Always obey the rules of the road. They are there for a reason. Stay within the speed limits at all times.

Carry an Emergency Kit

  • Always be prepared, the kit should include items that would come in handy if you are stranded on the side of the road or involved in a vehicle accident.

Pull Off the Road if You Feel Tired

  • Please don’t try to drive when your eyes are shutting; you could kill yourself or others if you fall asleep. Have turns driving if there is another licensed person in the vehicle.  Stop regularly to take breaks.

Emergency Numbers to always have with you:

Police Flying Squad: 10111
Ambulance: 10177
Crime Stop: 08600 10111
Cellphone Emergency: 112 (MTN, Vodacom and Cell C)
ER24: 084 124
Netcare: 082 911

This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted (E&OE)

Reference:

Wednesday, 14 December, 2016 – 10:02

http://www.ngopulse.org/article/2016/12/14/safety-tips-festive-season

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U TESTAMENT – NUTTIGE WENKE

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Na ons mening behoort ‘n Testament deur ‘n kundige persoon met die nodige kennis en praktiese ervaring opgestel te word.

Verskeie kenners reken dat ‘n persoon eers ‘n paar jaar blootgestel behoort te word aan die werklike en fisiese administrasie van boedels alvorens hy/sy oor genoegsame en toepaslike ervaring sal beskik om ‘n deeglike deurdenke en uitvoerbare Testament te kan opstel.

Ons gee egter ‘n paar nuttige riglyne wat by die opstel van ‘n testament in ag geneem behoort te word:

  • U testament moet gereeld nagegaan word, om te verseker dat die inhoud van die dokument tred hou met veranderinge in u persoonlike omstandighede bv. egskeiding of die geboorte van ‘n kind. Ons beveel aan dat ‘n Testament ten minste elke 2 jaar vir hersiening oorweeg moet word.
  • Maak seker dat die Testament geldig en uitvoerbaar is. Die Wet op Testamente stel baie spesifieke vereistes waaraan ‘n testament moet voldoen en ons sien gereeld hoe Testamente in die geval van ‘n sterfte nie as ‘n geldige dokument geliasseer kan word nie, bloot weens ‘n klein tegniese puntjie wat nie aan die Wet-voorskrifte voldoen nie.
  • Probeer om nie die Testament onnodig te kompliseer nie, daar is uiteraard omstandighede wat tot komplekse situasies en oplossings lei, maar probeer sover moontlik om die Testament so eenvoudig as moontlik te hou.
  • Dit is werklik nie wenslik om u eie testament te probeer opstel nie – tensy u natuurlik weens u beroep of blootstelling oor die toepaslike ervaring beskik.
  • Maak seker dat u die inhoud van u testament verstaan, as u nie die inhoud van die dokument korrek kan interpreteer nie, is die kanse goed dat u bedoelings en wense vir enige ander derde partye ook nie duidelik of verstaanbaar sal wees nie.
  • Erfgename behoort duidelik geïdentifiseer te word deur hulle volle name en verwantskap tot die Testateur. Familielede/erfgename met dieselfde voorname of noemname en van, kan groot probleme veroorsaak en in so geval sou dit raadsaam wees om ook die erfgename se identiteitsnommers te meld.
  • Die verdeling van bates behoort regverdig en billik te wees, sodat daar nie onnodige konflik en wrywing tussen erfgename ontstaan nie, maar uiteindelik is dit u testament en dit is dus u keuse hoe u bates verdeel moet word of hoe daar met u bates gehandel moet word.
  • Maak egter seker dat die verdeling van u bates nie onprakties is nie.  Dit is byvoorbeeld nie altyd raadsaam om u bates gelykop tussen u gade en kinders te verdeel nie, tensy u boedel natuurlik net uit kontantfondse bestaan.
  • Bevelende opdragte moet sover moontlik vermy word. ‘n Opdrag dat al u bates verkoop moet word, kan beteken dat aandele en/of onroerende eiendomme in ongunstige markomstandighede verkoop moet word en dit mag groot verliese tot gevolg hê.

Hierdie artikel is ʼn algemene inligtingsblad en moet nie as professionele advies beskou word nie. Geen verantwoordelikheid word aanvaar vir enige foute, verlies of skade wat ondervind word as gevolg  van die gebruik van enige inligting vervat in hierdie artikel nie. Kontak altyd ʼn finansiële raadgewer vir spesifieke en gedetailleerde advies. (E&OE)

Verwysing:

July 3, 2017

By Marius Vorster In All Categories, Estates and Trusts

http://www.fhbc.co.za/2017/07/03/u-testament-nuttige-wenke-2/

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COMPUTER BACK UPS AND RANSOMWARE

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Lately the amount of computer hacking and ransomware has increased and more often we are informed that our clients fell into this trap.  The most common at the moment is where these cyber thieves send you a seemingly stand-up email and once you click on it, they hack your servers and request money from you to lift the encryption they enabled on your system.  To help prevent this we will try to give you a few pointers on what we recommend you should have in place and look out for:

1. Make sure you have an Antivirus installed

An up to date licenced antivirus is extremely important on any computer and system.  It helps to protect you from viruses which comes in all forms, like plugging a USB flash drive into your computer from a client or friend, not knowing where it has been.  It also secures your online transactions.

A few points to remember:

  • It is good practise to scan any device that is plugged into your computer
  • Make sure the antivirus is always up to date
  • Make a note of your renewal and make sure you comply
2. Backup your data

Backing up your data should be as important to any business or person as their bank balance.  In this day and age everything we do for our business is mostly computer based.  Think of your client information and emails, what would the result be if your computer was stolen today or your system was held for ransom?  Are you willing to lose all your information and data?

To back up your data every day or even once a week is imperative for any business.  It is however important not to back up your data on your server or computer.  If you are held for ransom, they will have that back up under encryption as well, so an external solution needs to be considered.  It can be as rudimentary as an external hard drive or as advanced as a cloud storage solution.  Talk to your IT specialist or provider for options.

3. Password protection
By locking your computer with a password can help prevent prying eyes on personal information.  The more important function is to prevent hacking and theft.  To do this you need a strong password for your computer and server.  A strong password contains letters, numbers and symbols and should be at least six characters long.
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4. Do not open unsolicited emails and attachments

We receive hundreds of emails every day, but be aware of emails that you do not know the origin from and most importantly – DO NOT OPEN THE ATTACHMENTS.  By clicking on the attachment, you open yourself up to possible ransom as this is the route the Cyber thieves take to enter your system.  Once these thieves have encrypted your server or computer, contact your IT professional immediately for further assistance.  If you are unsure of the origin of the email and you wish to know the contents, rather go to the website directly to determine the origin or google the name to see if it is a scam.

We trust these few pointers will encourage you to ensure that your in-house IT policy regarding the safekeeping of data is up to date.

This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted (E&OE)

Reference:

December 5, 2016
By FHBCIn All Categories, Office and Personnel

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SARS TO INTENSIFY ACTION AGAINST TAX OFFENDERS

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Despite the fact that SARS has upheld their philosophy of education, service, and thereafter enforcement, they have noticed an increase in taxpayers not submitting their tax returns by the stipulated deadlines, and not settling their outstanding debt with SARS. This is not limited to the current tax year but includes substantial non-compliance across previous tax years.

It is for this reason that from October 2017 SARS will intensify criminal proceedings against tax offenders. Failure to submit the return(s) within the said period could result in:

  • Administrative penalties being imposed on a monthly basis per outstanding return.
  • Criminal prosecution resulting in imprisonment or a fine for each day that such default continues.

Types of tax

SARS has reminded all taxpayers that, according to the Tax Administration Act No. 28 of 2011, it is a criminal offence not to submit a tax return for any of the tax types they are registered. These tax types are:

  • Personal Income Tax (PIT)
  • Corporate Income Tax (CIT)
  • Pay as You Earn (PAYE)
  • Value Added Tax (VAT)

It is also important to note that should any return result in a tax debt it must be paid before the relevant due date to avoid any interest for late payment and legal action. To avoid any penalties, interest, prosecutions as well as imprisonment, taxpayers are urged to rectify their compliance by submitting any outstanding returns as soon as possible. Please contact your tax advisor for assistance.

This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted (E&OE)

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ACCOUNTING: BEST PRACTICES FOR SMALL BUSINESSES

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When it comes to looking after the welfare of a business, accounting tops the list as being the most important. Without proper accounting, a business runs the risk of losing everything. The following are a few best practices that are essential for businesses to take note of.

  1. Check it off your list first

Proper accounting should be a priority from the start. Not only is keeping accurate books crucial to your company’s financial health and success, but it will only get more complicated down the road if you keep putting off until later.

  1. Focus your time and energy where it’s needed

Though there may be a period when you’re responsible for a wide variety of roles, take time to evaluate where your skills are most needed and best used. The chances are this isn’t the accounting department… identify what you need to do to make sure your time is spent effectively and efficiently.

  1. Get the right software

Without the right software, it will be difficult to keep track of what’s going on in your business. There are plenty of services out there to help you keep your finances, including payments, invoices, payroll and taxes, organised and in check. Identify which tools you need for your business activities and look into different options by taking into consideration your company size, growth rate and location.

  1. Never overspend

Just because a software package is the most sophisticated and expensive, doesn’t necessarily mean it’s the right software for your company as many small businesses won’t need enterprise-level services. Furthermore, more complicated software doesn’t do you any good if you don’t know how to fully utilise it.

  1. Hire a professional

If you are not familiar with accounting processes and are sure you don’t know what you’re doing, then it is the best option to hire a professional to get the job done for you. This is one area where you cannot afford to learn by trial and error.

This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted (E&OE)

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DO YOUR LOVED ONES KNOW WHERE YOUR WILL IS?

This is such an important question to ask, as most people that have drafted a will believe that having drawn up a will is enough.

Unfortunately, this is not the case and it is critical that you and your loved ones know exactly where your most recent will is. The reason for this is that there is presumption in law that states that if the testator/testatrix has a valid will that cannot be located after death, that the testator/testatrix has destroyed his will with the intention that his estate should be wound up in terms of the Law of Intestate Succession.

This simply means that some people may end up as beneficiaries in your estate that may not have been your intention and this may be against your ‘will’.

Why is it so important to have a well drafted Will?

A large part of your life has been spent working and accumulating assets and this has probably taken place over a long time. Most people have very specific ideas as to what should happen to their assets in the event of their death. It is important that your intentions are complied with after your death and that the appointed executor correctly interprets your intentions and all assets are dealt with. What if someone you have nominated as a beneficiary dies before you do and your will does not make provision for substitute heirs?

In the instances listed above, the executor will either have to approach the High Court for guidance (these costs will be paid for from your estate) or the particular assets will be dealt with in terms of the Law of Intestate Succession.

This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted (E&OE)

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TRUSTS EN ARTIKEL 7C VAN DIE INKOMSTEBELASTINGWET, WET 58 VAN 1962

Van ons kliënte wat inter vivos trusts opgerig het, oorweeg dit om die trusts te ontbind vanweë die belasting- en administratiewe las wat veral die laaste tyd op trusts afgedwing word. Dit is egter nie ‘n besluit wat ligtelik geneem behoort te word nie.

Waar ‘n trust vir spesiale en/of spesifieke redes opgerig is en dit korrek aangewend word, behoort daar geen rede te wees om die trust te ontbind nie. ‘n Goed gestruktureerde trust is buigsaam en kan by veranderde omstandighede aanpas, hetsy met betrekking tot persoonlike omstandighede of met betrekking tot wysiging van wetgewing.

Kortliks: in ‘n diskresionêre trust vorm die bates nie deel van die persoonlike boedel van die oprigter, begunstigde of trustee nie en bied die trust dus beskerming teen byvoorbeeld insolvensie, besigheids- en ander skuldeisers, huwelike en egskeidings. Finansiële bestuur kan deur die trustees toegepas word as deel van die versorging van ‘n begunstigde, wie se boedel andersins onder kuratele geplaas moes word.

Vir persoonlike beplanningsdoeleindes, kan daar behoorlik na gades, kinders en kleinkinders omgesien word; daar is kontinuïteit na afsterwe van die betrokkenes en boedeladministrasiekoste is minder. Benewens dit, word erfporsies nie deur die onmiddellike, direkte betaling van boedel- en kapitaalwinsbelasting verminder nie. Groei van die bates vind in die trust plaas en die trust kan onbeperk, ter beskerming van begunstigdes en bates, voortduur.

Dit is nie noodwendig raadsaam, óf die beste besluit, om ‘n trust, wat ‘n geruime tyd gelede reeds opgerig is, teen koste geadministreer is en oor bates beskik waar daar groot kapitaalwinsbelasting implikasies is, te ontbind nie, al was die enigste doel vir oprigting van die trust boedelbeplanning met spesifieke verwysing na belasting. Ons sou voorstel dat die koste implikasies met ontbinding van die trust, asook die betrokkenes se persoonlike lewens-omstandighede en persoonlike finansiële- en belastingsituasies, oorweeg word. ‘n Gedeeltelike verandering in die tipe trustbates wat behou word, is dalk meer haalbaar, so ook ‘n oorweging van alle (dan tersaaklike) faktore in die tipe bates wat in die toekoms deur die trust aangekoop en/of aanvaar word, byvoorbeeld groeibates.

Die Davis-belastingkomitee (hierna genoem die DBK) het in die tweede interimverslag oor boedelbelasting, voorgestel dat die deurvloei-beginsel gestaak moet word en dat inkomste en kapitaalwins in die trust belas moet word. Vir nou kan hierdie “geleibuisbeginsel” egter steeds aanwending vind, tot voordeel van die trust, afhangend natuurlik van die betrokkenes se persoonlike belastingsituasie.

Artikel 7C van die Wet op Inkomstebelasting, Wet 58 van 1962, is vanaf 1 Maart 2017 van toepassing waar ‘n natuurlike persoon of ‘n maatskappy (wat ‘n verbonde persoon aan daardie natuurlike persoon is) ‘n lening aan die trust toestaan en geen of ‘n lae rentekoers hef (d.i., minder as die amptelike rentekoers: tans 8%), aangesien die Suid-Afrikaanse Inkomstediens in so ‘n geval ‘n bedrag gelykstaande aan die verskil tussen die amptelike rentekoers en die rente wat gehef word as ‘n geagte skenking van die lener aan die trust beskou. Die leninggewer is dus voortdurend en jaarliks vir skenkingsbelasting (tans 20%) op daardie geagte skenking aanspreeklik.

Artikel 7C is van toepassing op sodanige lenings wat reeds op 1 Maart 2017 bestaan of wat daarna aangegaan word. Die rente word reeds vanaf 1 Maart 2017 bereken, maar die datum van die skenking word as 28 Februarie 2018 geag.

Die toepassing van Artikel 7C is, met ingang 19 Julie 2017, uitgebrei om lenings aan maatskappye wat aan trusts verbonde is, in te sluit. Dit sluit ook maatskappye in wat nie in ‘n trust geregistreer is nie, maar waar die aandeelhouers, as individue, trustbegunstigdes is. Laasgenoemde toepassing word tans bevraagteken.

‘n Verbonde persoon is enige persoon wat self of saam met ‘n persoon verbonde aan homself/ haarself, direk of indirek minstens 20% van die maatskappy se aandeelkapitaal of stemreg hou.

Die “Draft Taxation Laws Amendment Bill, 2017” bevat nou subartikel (1A), wat verhoed dat ‘n leninggewer ‘n ooreenkoms met ‘n ander begunstigde van die trust aangaan waarvolgens die leningsrekening aan daardie begunstigde oorgedra word.

Elke individu kan tans jaarliks, belastingvry, ‘n bedrag van R100 000 aan ‘n derde party skenk (skenkings tussen gades is egter in totaliteit vrygestel). Dit het die praktiese gevolg dat, indien die lener nie reeds die jaarlikse vrystelling elders aanwend nie, hy/sy die vrystelling kan gebruik om die 8% rente op ‘n leningsrekening tot en met R1 250 000 te betaal (R1 250 000 x 8% = R100 000).

‘n Ongelukkige gevolg hiervan is dat waar leninggewers die jaarlikse vrystelling moet gebruik om nie skenkingsbelasting te betaal nie, die vrystelling nie meer beskikbaar is om die leningsrekening te verminder ten einde hul persoonlike boedels te verklein nie.

Artikel 7C sal nie op die volgende van toepassing wees nie:

  1. Lenings aan spesifieke welsynsorganisasies gemaak
  2. Lenings in “bewind” trusts, dit is, waar die eienaarskap van die bates in die begunstigde vestig
  3. Lenings aan spesiale trusts wat vir gestremde persone opgerig is
  4. Lenings aan die trust gemaak vir die doel om kapitaal te verskaf (in totaliteit of gedeeltelik) vir die aankoop van ‘n onroerende eiendom wat deur die leninggewer of sy gade as primêre woning gebruik word, mits die woning deurentyd die jaar van aanslag aldus gebruik word
  5. Lenings aan buitelandse trusts (waar Artikel 31 op die lening van toepassing is)
  6. Lenings aan trusts wat aan spesifieke Sharia-ooreenkomste onderworpe is 3
  7. Lenings deur ‘n maatskappy wat geag word as ‘n dividend van die maatskappy aan die trust dienooreenkomstig Artikel 64E (4)
  8. Lenings aan trusts wat gebruik word om werknemer-aandeelskemas tot stand te bring
  9. Lenings in diskresionêre trusts wat ontstaan weens die uitkering van inkomste aan begunstigdes onderworpe aan sekere voorwaardes (sien hierna).

Daar is tans meningsverskille oor die toepassing en aanwending van Artikel 7C op uitkerings aan begunstigdes in diskresionêre trusts.

Een mening is dat waar ‘n bedrag (d.i., ‘n inkomste-of kapitale uitkering) in ‘n begunstigde vestig wat vir die voordeel van daardie begunstigde gebruik of geadministreer word, sonder dat die bedrag aan die begunstigde uitgekeer of betaal word, daardie bedrag nie as ‘n lening waarop Artikel 7C van toepassing is, beskou word nie, mits die trustakte bepaal dat die bedrag nie aan die begunstigde mag uitkeer nie (byvoorbeeld, waar die begunstigde eers ‘n spesifieke ouderdom moet bereik) of mits die trustees, ingevolge die trustakte, die uitsluitlike diskresie aangaande die tydperk en omvang van die uitkering aan die begunstigde van sodanige gevestigde bedrag het.

Die bedrag sal egter wel aan die bepalings van Artikel 7C onderworpe wees, indien die begunstigde die keuse tot uitkering gemaak het of ‘n versoek gerig het dat die trustees nie die bedrag aan hom/haar uitkeer of betaal wanneer hy/sy daarop geregtig raak nie en die trustees daartoe instem of in gevalle waar die begunstigde ‘n ooreenkoms met die trustees aangaan in terme waarvan die bedrag in die trust bly.

‘n Ander mening is dat Artikel 7C wel van toepassing is in al die bogenoemde gevalle.

Daar word voorgestel dat leningsrekeninge waarop daar tans geen rente betaal word nie (of rente onder 8% betaal word), saam met die trust se rekenkundige beampte nagegaan word om te bepaal of Artikel 7C op die totale leningsrekening van toepassing is. Die leningsrekening behoort ontleed te word om te sien of daar enige uitsluitings, byvoorbeeld aankoop van die primêre woning en uitkerings, geld. Die grootte van die leningsrekening, asook die persoonlike belasting-verpligtinge van die leninggewer, moet oorweeg word, teenoor moontlike stappe soos ‘n (gedeeltelike) terugbetaling van die lening (waar daar byvoorbeeld kontant beskikbaar is en dit nie nodig is om bates, waarop kapitaalwinsbelasting betaal moet word, te gelde te maak nie). Die betaling van rente deur die trust aan die leninggewer (inaggenome die trust se inkomste-generende bates en die leninggewer se belasbare inkomste), asook ‘n wysiging aan die trustakte om vir veranderde wetgewing voorsiening te maak.

Weereens, bovermelde stappe moet oorweeg word met inagneming van elke betrokkene se persoonlike finansiële- en boedelbeplanning-situasie, asook beskerming van die begunstigdes en bates in die trust.

PSG Wealth

2017: Week 15 PRETORIA-OOS Weeklikse nuusbrief

Hierdie artikel is algemene inligtingsblad en moet nie as professionele advies beskou word nie. Geen verantwoordelikheid word aanvaar vir enige foute, verlies of skade wat ondervind word as gevolg van die gebruik van enige inligting vervat in hierdie artikel nie. Kontak altyd finansiële raadgewer vir spesifieke en gedetailleerde advies. (E&OE)

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