Trusts Accounting
Presenters : Jako Liebenberg CA(SA)
Overview
South African trusts are facing increased scrutiny from South African regulators. To improve tax collection, SARS introduced new tax compliance measures, along with additional ITR12T disclosures that include information about payments made to beneficiaries. In addition, amendments to the Trust Property Control Act of 1988 were introduced to regulate the disclosure of beneficial ownership to the Master of the High Court.
Join Jako Liebenberg as he breaks down the complex nature of trusts for your full understanding.
Learning objectives
Attending this webinar will equip you with the following skills:
- A comprehensive understanding of the current regulatory landscape affecting South African trusts.
- Insight into the latest amendments to the Trust Property Control Act 57 of 1988.
- Updates on the beneficial ownership reporting requirements for SARS and the Master of the High Court.
- The competence to accurately complete the ITR12T trust tax return.
- The competence to assist trustees in complying with trust administration regulations.
Content
The webinar will cover the following topics:
- Overview of New Beneficial Ownership Disclosure Requirements.
- What information must be disclosed to the Master's Office.
- Who qualifies as a beneficial owner?
- Deadline and format for disclosure.
- Penalties for non-compliance
- IT3(t) Reporting Obligations to SARS.
- Current ITR12T return disclosure.
- Practical Guidance: Q&A Discussion.
- Addressing specific issues and concerns in practice.
