Monthly Accountants Tech Talk: Discussing Trusts
Presenters : Carmen Westermeyer CA(SA) , Caryn Maitland CA(SA)
Overview
Trusts are dynamic and evolving entities that are constantly changing. They have traditionally been used because they offer flexibility and minimal compliance requirements. In the past, trustees could pretty much dictate terms as the Master had minimal oversight of the operations of the Trust.
Those days are gone – for several reasons. Firstly, beneficiaries are far more aware of their rights than they used be. Secondly, the introduction of section 7C has put a spotlight on beneficiary distributions and highlighted multiple different interpretations. As such we need to keep our fingers on the pulse and continually review the position of trusts.
Learning objectives and competencies developed
By attending this webinar you will develop the following competencies:
-
Maintain your professional competence by keeping up-to-date with recent developments regarding trusts.
-
Practically apply your knowledge of different pieces of legislation that affect trusts.
-
Have sound knowledge of the roles of trustees, beneficiaries as well as your role in the operation of a trust.
-
Be competent in giving advice to your clients regarding how to set up and run a trust.
-
Understand how to account for trusts as well as the taxation aspects as per SARS requirements.
Content
The webinar will cover the following topics:
-
Are trusts still relevant?
-
The function of a trust.
-
The Trust Property Control Act.
-
Administration of a trust.
-
Section 7C and other anti-avoidance provisions.
-
The roles of the trustees, beneficiaries, accountants and auditors.
-
Loans vs Capital.
-
Distributions - what did the beneficiaries receive?
-
Taxation of trusts and SARS requirements.
-
Do you have a trust?
Related Webinars
Back to Basics Companies Act Series Session - 6: Accounting, Assurance, Governance and Transparency
Sales Mastery for Professional Service Providers: Designing Processes and Customer Journeys that Convert