Neem jou onderneming na die volgende vlak

A2Jou onderneming sal stagneer as jy die status quo wil handhaaf. Jy kan nie maar net doen wat jy altyd gedoen het nie. Neem as voorbeeld die voormalige fliek-uitlenersreus Blockbusters. Selfs sy bekendheid en markdominering was nie genoeg om dit te red toe ander maatskappye op kritieke veranderings in die mark gereageer het en Blockbusters nie.

Bestudeer die volgende stappe om te verseker dat jou besigheidstrategie gedurig ontwikkel om groei te stimuleer. 

Stap Een: Kultiveer kreatiwiteit

Elke besigheid moet iets nuuts skep om in die wedloop te bly. Kultiveer kreatiwiteit in jou maatskappy. Bring diverse werknemers met diverse idees bymekaar en moedig hulle aan om ‘n dinkskrum te hou oor huidige tendense en ontwikkelinge, met inagneming van die behoeftes van die verbruikers. Daag hulle uit met nuwe projekte wat hul denke sal stimuleer tot briljante, innoverende nuwe idees.   

Stap Twee: Optimaliseer samewerking

Spanwerk laat jou maatskappy funksioneer. ‘n Goeie span is meer as die som van al die individue; dit is meer kreatief, meer effektief en meer produktief. Elke lid se swak en sterk punte bring die beste in die ander uit, sodat elkeen ‘n uiteenlopende en spesiale bydrae kan lewer.

Stap Drie: Neem risiko’s

Sodra jy stappe geneem het om jou maatskappy meer kreatief en innoverend te maak, moet jy uit jou gemaksone tree en hierdie nuwe idees beproef. Moenie dat besware en negatiewe opmerkings jou van stryk bring nie – ‘n dapper hart is van kritieke belang as jy jou besigheid wil laat groei. Weet wat die aanvaarbare vlak van verlies sal wees as dit misluk, rol jou moue op en doen dit eenvoudig. 

Stap Vier: Aanvaar mislukking

Nie alles wat jy probeer, gaan suksesvol wees nie. Moet dit nooit van jouself, jou werknemers of jou maatskappy verwag nie. Hanteer die mislukkings as leerervarings en dissekteer dit om vas te stel waar jy kan verbeter. Om risiko’s te neem, is om soms te misluk, maar jy wil tog nie net oorleef nie – jy wil floreer! Verwag van jouself en jou werknemers om na ‘n mislukking op te staan, weer te probeer en vorentoe te kyk. Verbeter wat jy kan, probeer iets nuuts en hou aan – jou volgende inisiatief mag dalk jou groot deurbraak wees! 

Stap Vyf: Prioretiseer vir sukses

Tyd is kosbaar, so moenie tyd mors op onbeduidende projekte wat jou vordering met belangrike sake vertraag nie. Kies die projekte wat die sukses van jou maatskappy gaan bepaal en spandeer dan jou tyd daaraan. Jy kan nie vir alles “ja” sê nie, so prioretiseer. Die wêreld verander so vinnig dat jy moet seker maak jy fokus al jou pogings op die belangrike dinge. Dit is hoe jou besigheid op die voorpunt gaan beland – en daar gaan bly.

Hierdie artikel is ‘n algemene inligtingstuk en moet nie gebruik of staatgemaak word op as professionele advies nie. Geen aanspreeklikheid kan aanvaar word vir enige foute of weglatings of vir enige verlies of skade wat voortspruit uit vertroue op enige inligting hierin nie. Kontak altyd jou finansiële adviseur vir spesifieke en gedetailleerde advies.

Implications of estate duty

A3Estate duty is charged on the dutiable value of the estate in terms of the Estate Duty Act. The general rule is that if the taxpayer is ordinarily resident in South Africa at the time of death, all of his/her assets (including deemed property), wherever they are situated, will be included in the gross value of his/her estate for the determination of duty payable thereon.

The current estate duty rate is 20% of the dutiable value of the estate. Foreigners/non-residents also pay estate duty on their South African property.

To minimise the effects of estate duty you need to understand the calculation thereof. The following provisions apply in determining your liability:

  1. Which property is to be included.
  2. Which property constitutes “deemed property”.
  3. Allowable deductions: the possible deductions that are allowed when calculating estate duty. 

Property includes all property, or any right to property, including immovable or movable, corporeal or incorporeal – registered in the deceased’s name at the time of his/her death. It also includes certain types of annuities, and options to purchase land or shares, goodwill, and intellectual property. 

Deemed property

A.  Insurance policies

  • Includes proceeds of domestic insurance policies (payable in South Africa in South African currency [ZAR]), taken out on the life of the deceased, irrespective of who the owner (beneficiary) is.
  • The proceeds of such a policy are subject to estate duty, however this can be reduced by the amount of the premiums, plus interest at 6% per annum, to the extent that the premiums were paid by a third person (the beneficiary) entitled to the proceeds of the policy. Premiums paid by the deceased himself/herself are not deductible from the proceeds for estate duty purposes.
  • If the proceeds of a policy are payable to the surviving spouse or a child of the deceased in terms of a properly registered antenuptial contract (i.e. registered with the Deeds Office) the policy will be totally exempt from estate duty.
  • Where a policy is taken out on each other’s lives by business partners, and certain criteria are met, the proceeds are exempt from estate duty.

B.  Benefits payable by pension and other funds by or as a result of the death of the deceased

Payments by such funds (pension, retirement annuity, provident funds) usually consist of two components – a lump sum payment on death and an annuity afterwards. The lump sum component used to be subject to estate duty. However as from 1 January 2009, no amount received from such a fund is included in the estate of the deceased for estate duty purposes.

C.  Donations at date of death

Donations where the donee will not benefit until the death of the donor and where the donation only materialises if the donor dies, are not subject to donations tax. These have to be included as an asset in the deceased estate and are subject to estate duty.

D.  Claims in terms of the Matrimonial Property Act (accrual claim)

An accrual claim that the estate of a deceased has against the surviving spouse is property deemed to be property in the deceased estate.

E.  Property that the deceased was competent to dispose of immediately prior to his/her death (Section 3(3)(d) of the Estate Duty Act),  like donating an asset to a trust, may be included as deemed property. 

Deductions

Some of the most important allowable deductions are:

    1. The cost of funeral, tombstone and deathbed expenses.
    2. Debts due at date of death to persons who have their ordinary residence in South Africa.
    3. The extent to which these debts are to be settled from property included in the estate. This includes the deceased’s income tax liability (which includes capital gains tax) for the period up to the date of death.
    4. Foreign assets and rights:
      • The general rule is that foreign assets and rights of a South African resident, wherever situated, are included in his/her estate as assets.
      • However, the value thereof can be deducted for estate duty purposes where such foreign property was acquired before the deceased became ordinarily resident in South Africa for the first time, or was acquired by way of donation or inheritance from a non-resident, after the donee became ordinarily resident in South Africa for the first time (provided that the donor or testator was not ordinarily resident in South Africa at the time of the donation or death). The amount of any profits or proceeds of any such property is also deductible.
    5. Debts and liabilities due to non-residents:
      • Debts and liabilities due to non-residents are deductible but only to the extent that such debts exceed the value of the deceased’s assets situated outside South Africa which have not been included in the dutiable estate.
    6. Bequests to certain public benefit organisations:
      • Where property is bequeathed to a public benefit organisation or public welfare organisation which is exempt from income tax, or to the State or any local authority within South Africa, the value of such property will be able to be deducted for estate duty purposes.
    7. Property accruing to a surviving spouse [Section 4(q)]:
      • This includes that much of the value of any property included in the estate that has not already been allowed as a deduction and accrues to a surviving spouse.
      • Note that proceeds of a policy payable to the surviving spouse are required to be included in the estate for estate duty purposes (as deemed property), but that this is deductible in terms of Section 4(q).
      • Section 4(q) deductions will not be granted where the property inherited is subject to a bequest price.
      • Section 4(q) deductions will not be granted where the bequest is to a trust established by the deceased for the benefit of the surviving spouse, if the trustee(s) has/have discretion to allocate such property or any income out of it to any person other than the surviving spouse (a discretionary trust). Where the trustee(s) has/have no discretion as regards both the income and capital of the trust, the Section 4(q) deduction may be granted (a vested trust). 

Portable R3.5 million deduction between spouses

The Act allows for the R3.5 million deduction from estate duty to roll over from the deceased to a surviving spouse so that the surviving spouse can use a R7 million deduction amount on his/her death. The portability of the deduction will only apply when the entire value of the estate of the first dying spouse is left to the surviving spouse. 

Life assurance for estate duty

Estate duty will also normally be leviable on these assurance proceeds.

Source: Moore Stephens’ Estate Planning Guide.

This article is a general information sheet and should not be used or relied on 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.

Performance measurement

A1Measuring and managing the performance of your company entails you pulling away from your daily routine, standing back and assessing the bigger picture. When you stand back and think about what your company does and how it does it, you can more easily determine how your company is operating, which allows you to address the shortfalls and any other problems that you identify in the process.

Performance measurement involves looking at both financial and non-financial factors that affect your company. If you keep track of performance – within your teams, divisions and individual employees – you gain valuable feedback which will assist you with improvements, planning and forecasting, competition, rewards/incentives and compliance.

How do I measure performance?

Companies measure their performance using different methods and criteria.  The most common way is to identify key business activities and measure them using specific performance metrics (measures), and then analyse the results.

For each kind of business activity there are numerous possible performance metrics, for example:

1.      Key Activity Performance Metrics

  • Sales percentage of customer visits
  • Phone calls that generate sales
  • Percentage increase in sales over previous period or year
  • Percentage of customers retained for the period

2.      Balance as the key to a strong performance measurement system

By striking a balance in its performance measurement system, a company is able to compile a more comprehensive picture of how it’s doing. Obtaining a selection of information from many sources enables a manager, employee or executive to gain a holistic picture of the company and to learn from previous mistakes, which facilitates constant improvement. This is known as the “dashboard” approach – likened to looking at and gauging the many instruments on an aeroplane’s dashboard, such as the fuel gauge and altitude indicator.

A comprehensive picture for a company would include looking at a range of factors such as financial (revenue) and non-financial performance (employee knowledge), backward-looking (sales figures) and forward-looking indicators (customer satisfaction ratings).

An effective tool to assess performance is the Key Performance Indicator (KPI). A Key Performance Indicator is a measure reflecting how a company is doing in a specific aspect of its performance.  A KPI is one representation of a critical success factor (CSF) – a key activity needed to achieve a given strategic objective.  A KPI is therefore a quantifiable measure of how well you are performing an activity that is critical to the success of your business. For example, a strategic objective for the company could be to increase customer satisfaction, and one CSF relating thereto would be to “reduce staff turnover” (customers prefer to deal with the same salesperson).  A KPI would measure how well you are performing the task of reducing staff turnover. 

What to do?

Step 1:  Decide what to measure and define your objectives.  A comprehensive business plan would assist you to identify your strategies and overall objectives.  You are then in a more favourable position to define your Critical Success Factors (CSFs) and the performance metrics.

Step 2:  Set targets, gather data and measure reliability of the data.

Step 3:  Interpret the performance data:  Compare actual results versus targets set, generate reports and analyse the data.

A strong performance management system offers many benefits. It enables managers to define and track performance on metrics for every strategic objective set by their division or company. In addition, it highlights how performance in one part of the company affects performance in another. Using our customer satisfaction example – an improvement in order delivery time would result in an improvement in customer service.  The logistics staff (delivery of the order) and the customer service staff would then both be working towards achieving the same overall goal of the company, namely improved customer satisfaction.

By grasping these inter-relationships, companies can make more informed decisions such as increasing a budget, adding new staff, or introducing more efficient processes to improve performance instead of guessing which factors need to be addressed.

This article is a general information sheet and should not be used or relied on 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.

What is the cost of my estate duty?

A2In terms of the stipulations of Article 4 of the Act on Estate Duty No 45 of 1955 certain deductions (known as rebates) from the net value of an estate are allowed in order to determine the final value of the estate which will be subject to estate duty.

The following two rebates are the most well-known:

  • Article 4(q) – This is the total value of all the benefits bequeathed to the surviving spouse. The value of a usufruct also qualifies as an Article 4(q) rebate; and
  • Article 4A – This is the value of the rebate applied to all estates, which is currently R3.5 million.

Given the value of the Article 4A rebate you can rest assured that your estate will not be accountable for estate duty if the net value (assets minus liabilities) is less than R3.5 million. The amount with which your estate exceeds R3.5 million will, however, be taxable for estate duty at 20%.

The Taxation Laws Amendment Act amended the Article 4A rebate by allowing the part of the R3.5 million rebate not used by the estate of the first deceased to be carried over to the estate of the surviving spouse. This amendment applies to the estates of everyone passing away after 1 January 2010.

The carried over rebate between spouses can be illustrated with the following example:

  • Mr A, who is married to Mrs A, passes away. The net value of his estate is R800 000 after the rebate according to Article 4(q) has been calculated.
  • This amount is bequeathed to his children and therefore not deductible for estate duty.
  • There is no accountability for estate duty as Mr A’s estate only used R800 000 of the Article 4A rebate of R3.5 million.
  • At Mrs A’s passing the net value of her estate is R8 million. The following rebate is applicable to her estate: Article 4A rebate to the value of R7 million minus the R800 000 deduction already utilised in the estate of Mr A.
  • Mrs A’s estate will therefore pay estate duty on R1.8 million (R8 million minus R6.2 million).
  • R1.8 million @ 20% = R360 000.

We have to put the utmost stress on the importance of estate planning and a will which gives you the best benefits regarding the composition of your assets and liabilities should the net value of your estate exceed R3.5 million. This does not mean that the use of trusts becomes obsolete in estate planning due to the larger rebate in the surviving spouse’s estate. There are still valid reasons why the bequeathment of a trust by the first deceased is an excellent option, even though it does not initially effect a saving in estate duty. In case of such a trust the assets can be managed by the trustees to the benefit of the surviving spouse and children. A small effort today for much peace of mind tomorrow!

This article is a general information sheet and should not be used or relied on 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.

U testament en buitelandse bates

A1Elke land het sy eie wetgewing met betrekking tot die vererwing en ondertekening van testamente. Dit is dus moontlik dat u Suid-Afrikaanse testament nie aan al die vereistes voldoen van die land waar die buitelandse bates geleë is nie. Dit mag die gevolg hê dat u buitelandse bates nie in terme van u laaste testament vererf sal kan word nie.

Dit is dus uiters belangrik dat as u buitelandse bates het, u meer as een testament behoort te hê; een vir u Suid-Afrikaanse bates, asook ‘n testament(e) wat u buitelandse bates aanspreek volgens die wette van die land waar die bates geleë is. Dit is daarom absoluut noodsaaklik om tyd te bestee aan deeglike boedelbeplanning, veral as u bates in Suid-Afrika sowel as in die buiteland het.

Die uiteindelike doel is om u boedel so te beplan dat u u doelwitte sal kan bereik in die hantering en verdeling van u bates en laste. Hierdie doelwitte behoort voorsiening te maak vir die bestuur van u boedel gedurende u leeftyd, maar ook daarna.

‘n Verdere gevolg van die toenemende blootstelling aan internasionale beleggings is dat Suid-Afrikaners ook outomaties blootgestel word aan buitelandse fidusiêre dienste, insluitend testamente vir hulle buitelandse bates.

Of dit werklik nodig is om ‘n afsonderlike buitelandse testament op te stel of een wêreldwye testament, hang hoofsaaklik van die volgende af:

  • waar u buitelandse bates geleë is;
  • die aard van die bates en in watter produkte die buitelandse bates belê is; en
  • wie die administrasie van u buitelandse bates/beleggings behartig.

Indien u Suid-Afrikaanse testament in Afrikaans opgestel is, sal dit moontlik nodig wees om dit te vertaal en te seël voordat u dit na die oorsese eksekuteur/agent stuur. Dit kan ‘n tydrowende proses wees wat ook kostes tot gevolg sal hê.

‘n Afsonderlike buitelandse testament het ook verskeie ander voordele:  die buitelandse boedel word in lyn en gelyktydig met u Suid-Afrikaanse bates geadministreer; ‘n eksekuteur/agent wat bekend is met die vereiste prosedures in die betrokke land waar die bates geleë is, kan u tyd en geld bespaar; en ‘n professionele testament-opsteller binne die jurisdiksie van die betrokke land kan u raad gee met betrekking tot die moontlike gevare rakende belastingaanspreeklikheid en erfopvolging ten opsigte van bates buite Suid-Afrika.

Alhoewel dit dus raadsaam is om ‘n verdere testament ten opsigte van buitelandse bates op te stel, sou ons voorstel dat indien daar enige sprake van buitelandse bates is, u Suid-Afrikaanse testament in Engels opgestel behoort te word en dat die testament nie pertinent verwys na die feit dat die dokument slegs van toepassing is op u Suid-Afrikaanse bates nie.

Hierdie artikel is ‘n algemene inligtingstuk en moet nie gebruik of staatgemaak word op as professionele advies nie. Geen aanspreeklikheid kan aanvaar word vir enige foute of weglatings of vir enige verlies of skade wat voortspruit uit vertroue op enige inligting hierin nie. Kontak altyd jou finansiële adviseur vir spesifieke en gedetailleerde advies.

Implikasies van boedelbelasting

A1Boedelbelasting word, kragtens die Wet op Boedelbelasting, gehef op die belasbare waarde van die boedel.

Die algemene reël is dat indien die belastingbetaler gewoonlik in Suid-Afrika woonagtig is ten tye van sy/haar dood, al die bates (insluitend eiendom geag eiendom te wees), waar ook al geleë, ingesluit sal word in die bruto waarde van die boedel vir die bepaling van die boedelbelasting daarop betaalbaar.

Tans bedra boedelbelasting 20% van die belasbare waarde van die boedel. Buitelanders/nie-inwoners betaal ook boedelbelasting op hulle eiendom in Suid-Afrika.

Om die gevolge van boedelbelasting te minimaliseer moet mens die berekening daarvan verstaan. Die volgende is van toepassing in die bepaling van jou aanspreeklikheid:

  1. Watter eiendom ingesluit moet word.
  2. Watter eiendom “geagte eiendom” is.
  3. Toelaatbare aftrekkings: die moontlike aftrekkings wat toegelaat word by die bereddering van die boedel.

Eiendom sluit in alle eiendom of enige reg op eiendom, inbegrepe roerende of onroerende, liggaamlike of onliggaamlike eiendom wat geregistreer is in die oorledene se naam tydens sy/haar dood. Dit sluit ook sekere tipes annuïteite, opsies om grond of aandele te koop, welwillendheid en intellektuele eiendom in.

Geagte eiendom

A.        Versekeringspolisse

i)    Sluit opbrengste in van binnelandse versekeringspolisse [betaalbaar in Suid-Afrika in die Suid-Afrikaanse geldeenheid (ZAR)], uitgeneem op die lewe van die oorledene, ongeag wie die eienaar (begunstigde) is.

ii)   Die opbrengs van so ‘n polis is onderhewig aan boedelbelasting. Dit kan egter verminder word met die bedrag van die premies, plus rente teen 6% per jaar, in die mate wat die premies deur ‘n derde persoon (die begunstigde) wat geregtig is op die opbrengs van die polis, betaal is. Premies betaal deur die oorledene is nie vir boedelbelastingdoeleindes aftrekbaar van die opbrengs nie.

iii) As die opbrengs van ‘n polis betaalbaar is aan die langslewende eggenoot of aan ‘n kind van die     oorledene kragtens ‘n behoorlik geregistreerde huweliksvoorwaardekontrak (d.w.s. geregistreer by die Aktekantoor) sal die polis geheel en al vrygestel wees van boedelbelasting.

iv) Waar ‘n polis deur besigheidsvennote uitgeneem word op mekaar se lewens en daar aan sekere kriteria voldoen word, word die opbrengs van boedelbelasting vrygestel.

B.      Voordele betaalbaar deur pensioen- en ander fondse deur of as gevolg van die dood van die oorledene

Betalings deur sodanige fondse (pensioen-, aftree-annuïteit-, voorsorgfondse) bestaan ​​gewoonlik uit twee komponente – ‘n enkelbedrag by die dood en ‘n annuïteit daarna. Die enkelbedragkomponent was vroeër onderhewig aan boedelbelasting maar vanaf 1 Januarie 2009 word geen bedrag wat ontvang is van so ‘n fonds, ingesluit by die boedel van die oorledene vir boedelbelastingdoeleindes nie.

C.      Skenkings ten tye van dood

Skenkings waar die begunstigde nie sal baat tot en met die afsterwe van die skenker nie, en waar die skenking slegs realiseer as die skenker te sterwe kom, is nie onderworpe aan skenkingsbelasting nie. Dit moet ingesluit word as ‘n bate in die oorledene se boedel en is onderhewig aan boedelbelasting.

D.      Eise kragtens die Wet op Huweliksgoedere (aanwaseise)

‘n Aanwas eis wat die boedel van ‘n oorledene teen die langslewende gade het, is eiendom geag eiendom te wees in die oorledene se boedel.

E.      Eiendom wat die oorledene by magte was om te vervreem onmiddellik voor sy dood (Artikel 3(3)(d) van die Wet op Boedelbelasting), soos byvoorbeeld om ‘n bate aan ‘n trust te skenk, kan beskou word geagte eiendom te wees.

Aftrekkings

Sommige van die belangrikste toelaatbare aftrekkings is die volgende:

1.   Die koste van die begrafnis, grafsteen en sterfbeduitgawes.

2.   Skulde wat op datum van afsterwe verskuldig is aan persone wat primêr woonagtig is in Suid-Afrika.

3.   Die mate waarin hierdie skulde vereffen moet word uit eiendom ingesluit in die boedel. Dit sluit in die oorledene se inkomstebelasting betaalbaar (ook kapitaalwinsbelasting) tot en met datum van afsterwe.

4.   Buitelandse bates en regte

  • Die algemene reël is dat buitelandse bates en regte van ‘n Suid-Afrikaanse burger, waar ook al geleë, as ‘n bate by sy boedel ingesluit is.
  • Die waarde daarvan kan egter afgetrek word vir boedelbelastingdoeleindes waar sodanige buitelandse eiendom verkry is voor die oorledene vir die eerste keer gewoonlik woonagtig in Suid-Afrika geword het, of die eiendom bekom is by wyse van skenking of erflating van ‘n nie-burger nadat die begunstigde vir die eerste keer gewoonlik woonagtig in Suid-Afrika geword het (met dien verstande dat die skenker of erflater nie gewoonlik woonagtig in Suid-Afrika was ten tye van die skenking of dood nie). Die bedrag van enige winste of opbrengs van enige sodanige eiendom is ook aftrekbaar.

5.   Skulde en laste verskuldig aan nie-inwoners

Skulde en laste verskuldig aan nie-inwoners is aftrekbaar, maar slegs in die mate wat sodanige skuld die waarde van die oorledene se bates geleë buite Suid-Afrika wat nie in die belasbare boedel ingesluit is nie, oorskry.

6.  Bemakings aan sekere openbare weldaadorganisasies

Waar eiendom bemaak is aan openbare weldaad- of welsynsorganisasies wat vrygestel is van inkomstebelasting, of aan die Staat of enige plaaslike owerheid in Suid-Afrika, sal die waarde van sulke eiendom van boedelbelasting afgetrek kan word.

7.   Eiendom bemaak aan langslewende gade [Artikel 4(q)]

  • Dit sluit in daardie deel van die waarde van die eiendom wat aan die langslewende gade bemaak is en wat nog nie as ‘n aftrekking toegelaat is nie.
  • Let daarop dat die opbrengs van ‘n polis betaalbaar aan die langslewende gade, as geagte eiendom in die boedel ingesluit word vir boedelbelastingdoeleindes, maar dat dit  aftrekbaar is kragtens Artikel 4(q).
  • Artikel 4 (q)-aftrekkings sal nie toegestaan ​​word waar die eiendom wat geërf is onderhewig is aan ‘n erflatingsprys nie.
  • Artikel 4 (q)-aftrekkings sal nie toegestaan word waar die bemaking is aan ‘n trust wat tot die voordeel van die langslewende gade geskep is, indien die trustee(s) ‘n diskresie het om sodanige eiendom of enige inkomste daaruit aan enige ander persoon buiten die langslewende gade te allokeer nie (‘n diskresionêre trust). Waar die trustee(s) geen diskresie met betrekking tot beide die inkomste en kapitaal van die trust het nie, kan die Artikel 4 (q)-aftrekking toegestaan word (‘n gevestigde trust).

Toelaatbare R 3.5 miljoen-afrekking tussen gades

Die Wet maak voorsiening dat die R3.5 miljoen-aftrekking van boedelbelasting van die oorledene verplaas kan word na die langslewende gade sodat die langslewende gade ‘n R7 miljoen-aftrekking kan gebruik by sy/haar dood. Die verplaasbaarheid van die aftrekking is slegs van toepassing as die hele waarde van die boedel van die eerssterwende gade nagelaat is aan die langslewende gade.

Lewensversekering vir boedelbelasting

Boedelbelasting sal normaalweg ook gehef word op hierdie versekeringsopbrengste.

Met erkenning aan:  Moore Stephens se “Estate Planning Guide”.

Hierdie artikel is ‘n algemene inligtingstuk en moet nie gebruik of staatgemaak word op as professionele advies nie. Geen aanspreeklikheid kan aanvaar word vir enige foute of weglatings of vir enige verlies of skade wat voortspruit uit vertroue op enige inligting hierin nie. Kontak atyd jou finansiële adviseur vir spesifieke en gedetailleerde advies.

The validity of tax invoices: It is your responsibility

A2The audits of Value-Added Tax (VAT) returns by the South African Revenue Service (SARS), have increased the focus on the validity of tax invoices for the purposes of VAT.

A VAT vendor submitting VAT returns is responsible for ensuring that all invoices included in the returns comply with the relevant legislation. If valid tax invoices cannot be provided at the time of a VAT audit, the vendor may lose up to 100% of the input tax being claimed on the invoice, even if an amended valid invoice can be provided subsequent to the audit. Furthermore, serious penalties, interest and other consequences may be imposed on the VAT vendor for errors, intentional omissions and fraud.

Section 20 of the Value-Added Tax Act, No 89 of 1991, together with the VAT404 Guide for Vendors as updated in Dec 2012, sets out the requirements for a valid tax invoice.

A VAT vendor must issue a tax invoice within 21 days of the supply having been made where the consideration for the supply exceeds R50, whether the purchaser has requested this or not. If the consideration for the supply is R50 or less, a tax invoice is not required. However, a document such as a till slip or sales docket indicating the VAT charged by the supplier, will be required to verify the input tax.

The requirements for tax invoices of which the consideration or taxable supply is more than R5 000 are:

  • the words “tax invoice” in a prominent place;
  • name, physical address and VAT registration number of the supplier name, physical address and VAT registration number of the recipient;
  • original serial number of the tax invoice;
  • the date of issue of the tax invoice;
  • full and proper description of the goods sold and / or services rendered;
  • quantity or volume of goods and / or services supplied;
  • total amount of the invoice and VAT amount in South African currency (except for certain zero-rated supplies).

The requirements for tax invoices of less than R5 000 are:

  • the words “tax invoice” in a prominent place;
  • name, physical address and VAT registration number of the supplier;
  • original serial number of the tax invoice;
  • the date of issue of the tax invoice;
  • full and proper description of the goods sold and / or services rendered;
  • total amount of the invoice and VAT amount in South African currency (except for certain zero-rated supplies).

In the case of second-hand goods purchased from a non-vendor, the purchaser has to record the following information:

  • name, address and identity number of the supplier, confirmed by the person’s identity document or passport. (If the value of the supply is equal to or greater than R1 000, a copy of this document must be retained by the purchaser. If the non-vendor is a juristic person, a letterhead or similar document stating the name and registration number of the juristic person is required);
  • date of acquisition;
  • quantity or volume of goods;
  • description of the goods;
  • total consideration paid for the supply;
  • declaration by the supplier stating that the supply is not a taxable supply.

If a vendor fails to deduct an input tax in respect of a particular tax period, that input tax may be deducted in a later tax period, but limited to a period of five years from the date that the particular supply was made. However, when a vendor becomes aware of an output tax not declared in the relevant period, a corrected VAT return for that specific period should be submitted.  It is not acceptable to declare the output tax in the next period and SARS may impose penalties and interest on the output VAT omitted.

This article is a general information sheet and should not be used or relied on 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.

Sekere riglyne vir boedelbeplanning.

A3Die hoofdoel met boedelbeplanning is om toe te sien dat soveel as moontlik van jou geakkumuleerde rykdom vir jou eie voordeel aangewend word en vir die maksimum voordeel van jou afhanklikes by jou dood.

“Boedelbeplanning” word gedefinieer as die proses waarin ‘n program geskep en bestuur word om:

  1. Jou bates tydens jou leeftyd in stand te hou, te vermeerder en te beskerm;
  2. Die mees effektiewe en voordelige verdeling daarvan aan opvolgende generasie te verseker. 

Daar bestaan ‘n algemene wanindruk dat boedelbeplanning net handel met die maak van ‘n testament of om jou sake so te reël dat boedelbelasting bespaar word.

Elke persoon se boedel is uniek en dus behoort die struktuur volgens hy/sy eie unieke behoeftes en doelwitte opgestel te word.

Die tekort aan likiditeit by afsterwe kan uiteraard baie druk plaas op die oorblywende familie van ‘n oorledene, omdat die tekort aan kontant kan veroorsaak dat die eksekuteur bates sal moet verkoop om kontant te genereer.

Likiditeit beteken daar moet genoeg kontant beskikbaar wees om:

  1. Boedelbelasting te betaal;
  2. Boedeluitgawes en administrasie koste te betaal;
  3. Voorsiening te maak vir belasting verpligtinge wat met dood mag ontstaan soos kapitaal wins belasting. 

Tegnies word die boedel gevries totdat die Meester van die Hooggeregshof Eksekuteursbriewe uitgereik het.

Afsterwe sonder ‘n geldige testament, beteken dat jou boedel intestaat mee gehandel sal word, en die wetgewing oor intestate erfopvolging sal geld. Die wet op Intestate erfopvolging bepaal dat die langslewende eggenoot erf die grootste gedeelte van R125 000.00 of ‘n kindsdeel. ‘n Kindsdeel word bepaal deur die totale waarde van die boedel deur die hoeveelheid kinders en die oorlewende eggenoot te deel.

Waar partye binne gemeenskap van goed getroud is, gaan een helfte van die boedel na die langslewende eggenoot as gevolg van die huwelik , en die ander helfte vererf volgens die intestate erfopvolging. Indien daar geen oorlewende eggenoot of afhanklikes is nie , word die boedel verdeel tussen die ouers en kinders. Waar daar geen ouers of kinders is nie word dit verdeel tussen die naaste bloedverwante.

‘n Eksekuteur is geregtig op die volgende vergoeding:

  1. ‘n ooreengekome vergoeding in die Testament:
  2. 3.5% van die bruto bate waarde; of
  3. 6% op die inkomste wat na dood die boedel toeval. 

Eksekuteurs vergoeding is onderhewig aan BTW waar die eksekuteur so geregistreer is.

Indien die waarde van die boedel meer as R3,5 miljoen rand beloop, is boedelbelasting  betaalbaar op die balans meer as die R3,5miljoen, met die uitsondering van eiendom wat aan ‘n langslewende eggenoot bemaak is, aangesien dit vrygestel is van boedelbelasting en/of kapitaalwins belasting.

Artikel 3 van die Wet op die Onderverdeling van Landbougrond, verhoed die onderverdeling van landbougrond,  en die registrasie van onverdeelde aandele in meer as een persoon se naam en is dit onderhewig aan die Minister se goedkeuring.

‘n Minderjarige is ‘n kind jonger as 18 jaar, en enige bemakings aan so persoon word in die Voogdy fonds gehou, wat onder die administrasie van die Meester van die Hooggeregshof val. Hierdie fondse is nie vrylik beskikbaar nie en word gewoonlik belê teen onder markverwante rente koerse. Dit is dus aan te bevele dat voorsiening vir minderjarige kinders gemaak moet word deur ‘n trust.

Die Wet op Beslote Korporasies bepaal dat onderhewig aan ‘n samewerkings ooreenkoms, waar ‘n erfgenaam ‘n ledebelang moet erf (in terme van ‘n testament), moet die toestemming van die oorblywende lede (indien enige ) verkry word. Indien toestemming nie gegee word binne 28 dae nadat die versoek is deur die eksekuteur nie, is die eksekuteur verplig om die ledebelang te verkoop.

Artikel 3(3)(d) van die Boedelbelasting wet bepaal dat waar bates aan ‘n trust oorgedra word gedurende die boedel beplanner se leeftyd, maar hy/sy as trustee die mag behou wat hom/haar sou toelaat om eensydiglik van trust bates ontslae te raak vir sy eie of sy  begunstigdes se voordeel, dan mag dit wees dat sulke bates beskou kan word as sy/haar eie en deel sal vorm van sy/haar boedel vir doeleindes van boedelbelasting.

Waar partye getroud is binne gemeenskap van goed  het die oorlewende eggenoot ‘n eis vir 50% van die gekombineerde boedel, wat die werklike waarde van die boedel met 50% verminder. Die boedel word verdeel nadat al die skuld in die oorlye boedel betaal is (uitgesluit begrafnis koste en boedelbelasting, omdat hierdie verpligtinge van die bestorwe boedel is en nie die gesamentlike boedel nie). Slegs helfte van die bates in so boedel kan dus bemaak word.

Polisse wat uitgesluit is van insluiting vir doeleindes van boedelbelasting is, koop en verkoop, sleutelman polisse, en daardie polisse gesedeer aan ‘n eggenoot of kind in terme van ʼn huwelikskontrak.

Die opbrengs van lewensversekerings polisse kan gebruik word om:

  1. Inkomste te genereer om na afhanklikes om te sien terwyl met die boedel gehandel word;
  2. Boedel uitgawes te betaal, begrafniskoste, inkomste belasting, boedel administrasie en boedelbelasting. 

Die opbrengs van alle Suid Afrikaanse “huishoudelike “ polisse uitgeneem op die beplanner se lewe, en waar daar geen begunstigde genomineer is nie, sal binne die bestorwe boedel val.

Waar ‘n begunstigde wel genomineer is op die polis, sal die opbrengs geagte bates in die boedel te wees vir boedelbelasting doeleindes, afgesien daarvan dat die opbrengs direk betaal word aan die begunstigde (onderhewig aan die gedeeltelike uitsluitings gebaseer op die polis premies).

“Policies which are exempted from inclusion for estate duty purposes are buy and sell, key man policies, and those policies ceded to a spouse or child in terms of an antenuptial contract”.

Sekere bates in ‘n bestorwe boedel is uitgesluit van kapitaalwinsbelasting.

  1. Bates vir persoonlike gebruik (met sekere uitsonderings);
  2. Bates bemaak aan die langslewende eggenoot;
  3. Bates bemaak openbare voordeel organisasie;
  4. Diem opbrengs van lewens versekerings polisse, belange in voorsorg of annuïteit fondse, belange in pensioenfondse ;
  5. Die eerste R2 miljoen ten opsigte van die primêre woning;
  6. Die eerste R750, 000 ten opsigte van klein sake bates;

Geld eenhede, uitgesluit goud en platinum munte.

Hierdie artikel is ‘n algemene inligtingstuk en moet nie gebruik of staatgemaak word op as professionele advies nie. Geen aanspreeklikheid kan aanvaar word vir enige foute of weglatings of vir enige verlies of skade wat voortspruit uit vertroue op enige inligting hierin nie. Kontak atyd jou finansiële adviseur vir spesifieke en gedetailleerde advies.

Types of marriage and estate planning

A4It is important to understand the legal implications of the marital property regime, especially when drafting a Last Will and Testament and also when entering into a marriage, as the regime chosen by the estate planner is going to affect his/her assets.

The most important forms of marriage are: marriage in community of property, marriage out of community of property (without accrual), and marriage out of community of property (with accrual).

Marriage in community of property

  1. There is no prior contractual arrangement, apart from getting married;
  2. Spouses do not have two distinct estates;
  3. There is a joint estate, with each spouse having a 50% share in each and every asset in the estate (no matter in whose name it is registered);
  4.  Applies to assets acquired before the marriage and during the marriage;
  5. Should one spouse incur debts in his own name it will automatically bind his/her spouse, who will also become liable for the debt;
  6. If a sequestration takes place (in the case of insolvency), the joint estate is sequestrated.

Marriage out of community of property without the accrual system

  1. An antenuptial contract (ANC) is drawn up by an attorney (who is registered as a notary), before the marriage;
  2. Where there is no contract, the marriage is automatically in community of property;
  3. The values of each spouse’s estate on going into the marriage are stipulated in the contract;
  4.  A marriage by ANC means that all property owned by spouses before the date of the marriage will remain the sole property of each spouse;
  5. Each spouse controls his/her own estate exclusively without interference from the other spouse, although each has a duty to contribute to the household expenses according to his/her means;
  6. To allow for assets acquired by spouses during the marriage to remain the sole property of each spouse, the accrual system must be specifically excluded in the ANC.

Marriage out of community of property with the accrual system

  1. The accrual system automatically applies unless expressly excluded in the antenuptial contract;
  2. The accrual system addresses the question of the growth of each spouse’s estate after the date of marriage. 

ESTATE PLANNING

Donations between spouses are exempt from donations tax and estate duty. 

Marriage in community of property

  1. In the event of the death of one spouse, the surviving spouse will have a claim for 50% of the value of the combined estate, thus reducing the actual value of the estate by 50%. The estate is divided after all the debts have been settled in a deceased estate (not including burial costs and estate duty, as these are the sole obligations of the deceased and not the joint estate).
  2. When drafting a Last Will and Testament, spouses married in community of property need to be aware that it is only half of any asset that he or she is able to bequeath.
  3. Upon the death of one spouse, all banking accounts are frozen (even if they are in the name of one of the spouses), which could affect liquidity.
  4. Donations or bequests to someone married in community of property can be made to exclude the community of property; in other words, if the donor stipulates that the donation must not fall into the joint estate, then the donee can build up a separate estate. However, returns on such separate assets will go back to the joint estate. 

Marriage out of community of property without the accrual system 

Each estate planner (spouse) retains possession of assets owned prior to and after the marriage. 

Marriage out of community of property with the accrual system

A donation from one spouse to the other spouse is excluded from the calculation of each spouse’s accrual; in other words, the recipient does not include it in his growth and the donor’s accrual is automatically reduced by the donation amount.

DIVORCE

In the event of divorce, the marriage will be dissolved by court decree, which will address such aspects as child maintenance, access, guardianship and custody, spousal maintenance, the division of assets, division of pension interests and so on.

COHABITATION AND DEFINITION OF ‘SPOUSE’

Cohabitation is defined as a stable, monogamous relationship where a couple who do not wish to or cannot get married, live together as spouses. The Taxation Laws Amendment Act has extended the definition of ‘spouses’ to include “a same sex or heterosexual union which the Commissioner is satisfied is intended to be permanent”.

Many pieces of legislation, including the Pension Funds Amendment Act and the Taxation Laws Amendment Act, now define spouse to include a partner in a cohabitative relationship, the effects of which are that cohabitees will benefit from the Section 4(q) estate duty deduction in the Estate Duty Act, and the donations tax exemptions of the Income Tax Act.

This article is a general information sheet and should not be used or relied on 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.

Duty to disclose even if you do not claim from your Insurer

A1Insurance to most people is a grudge purchase. We buy it and pay our monthly premiums and then forget about it until we want to claim. We get sold policies where, if we do not claim, we get a later benefit. Ever wonder about losses that you suffer and do not claim for and what effect it has on your policy?

In the recent unreported judgment of Sherwin Jerrier v Outsurance Insurance Company Limited the Pietermaritzburg High Court was faced with such a question. Mr. Jerrier claimed for damages to his car that he suffered in an accident on 8 January 2010.

The insured(Mr. Jerrier) previously took out a policy in December 2008. He did not report a loss that he suffered during April 2009, after inception of his policy, to his insurer. This claim amounted to over R200 000.00 and attracted further third party liability.

The specific policy as most, if not all policies, provided that “you need to….inform us immediately of any changes to your circumstances that may influence whether we give you cover, the conditions of cover or premium we charge….. this includes incidents for which you do not want to claim but which may result in a claim in the future”. 

As with most of our household policies, these are monthly policies, and we continuously need to make disclosure of things, such as losses, when we move to a new house etc. and inform the insurer of this. The court in this instance found that the reasonable man would have concluded that the previous losses would be indicative of a change in his circumstances, from a claims history perspective and also from a moral risk perspective. The Court found that the insurer was correct in not accepting liability for the loss suffered in January 2010.

In short, even if you do not claim, let your insurer rather know of a loss or a potential claim. Anything that may be deemed influence the risk or would indicate a change is circumstances, such as moving to a new property, need to be disclosed to the insurer. This is not unreasonable to be expected from us.

This article is a general information sheet and should not be used or relied on 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.