Who Inherits If You Have No Will and No Spouse?
Dying without a valid will doesn’t mean your estate goes to the state. In South Africa, it means the Intestate Succession Act 81 of 1987 takes over and distributes your estate for you, according to a fixed order of priority. That order does not ask what you would have wanted, but it simply works down […]
Should You Step Up? The Reality of Becoming a Trustee
For many property owners in South African sectional title schemes, the Annual General Meeting (AGM) is a routine formality. But when the call for nominations goes out, you might find yourself wondering: Should I become a trustee? It is an act of service that keeps a co-existing community functioning, yet it is far from a […]
Navigating the Amendments to the Trust Property Control Act: Beneficial Ownerships in South Africa
The Trust Property Control Act, a key piece of legislation governing South Africa’s trusts, recently underwent a substantial transformation with the passage of the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act. This regulatory overhaul was aimed at strengthening the country’s trust governance, a direct response to its greylisting status, and has significant […]
Influence on estate planning
The purpose of this communication is to inform clients of certain tax increases and proposals that will have an effect on Estate and Financial Planning. Only those changes and proposals directly affecting Estate Planning will be dealt with. 1. DIVIDEND WITHHOLDING TAX Dividend income paid to shareholders was taxed at a rate of 15 per […]
Interest Free or Low Interest Loans to Trusts – Draft Taxation Laws Amendment Bill – 8 July 2016
The Draft Taxations Laws Amendment Bill, 2016 has been made available for comments. As far as trusts are concerned a new section 7C is proposed. The provisions of said section can be summarised as follows: The provisions apply to a loan, advance or credit made by a natural person,or by any company in relation to […]