NEW Guide: Taxation of Trusts and the Parties to a Trust
18 November 2024
Tax
South African Accounting Academy
Summary:
SAICA has issued a new Tax Guide on the Taxation of Trusts and Parties to a Trust.
Article:
This guide explains when tax will be payable by the donor, the beneficiaries, or the trust.
It also shows how tax must be declared in returns of income that must be submitted as required by the Income Tax Act, No, 58 of 1962 and the Tax Administration Act, No. 28 of 2011.
It also explains what a trust is.
Contents:
Introduction
The nature of a trust
Beneficiary
The taxation of trusts and the parties to a trust (normal tax)
Relevance to Auditors, Independent Reviewers & Accountants:
Practitioners should adhere to the tax consequences when individuals cease to be resident in SA.
Tax practitioners, Auditors, Independent Reviewers and Accountants should always be aware of the latest publications issued by regulators, professional bodies and standard-setting boards, such as SAICA, as well as the contents of any practical considerations contained within this guide.
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