087 460 0162 admin@crha.co.za

The Financial Intelligence Centre (“FIC”) has identified Trusts as vehicles fairly easily used for money laundering and other illicit activities.

SARS as a result are stepping up there resolve on Trusts who believe that only 60% of the 950 000 are registered for tax and only 20% are potentially compliant!

A key concern is the link (or lack thereof) of Trust distributions to beneficiaries and beneficiaries not including these receipts in their tax filings.

Trust administrators, it is believed are themselves not always fully appraised of the content of the Trust Property Control Act and equally the SARS requirements for Trusts.

There is a significant change on the horizon likely to require Trusts to :

  • Prepare annual financial statements;
  • File all SARS tax filings;
  • Proper and effective maintenance of Trust records including Trust Deeds, Letters of Authority and minutes and resolutions of Trustees.

However, if you are one of the 20%, then you have little to worry about. However, in simple terms that represents only 1 out of every 5!!

As a firm of Chartered Accountants and registered as a Tax Practitioner, we provide a full suite of financial services to maximise your future wealth including:

  • Establishing the Trust including preparation of Trust Deed;
  • Maintenance of financial records;
  • Preparation of Annual Financial Statements;
  • Tax planning including maintenance of Trust tax records; and
  • Interface with the Master of the High Court.

Contact Craig on 083 282 1535, Sarah on 082 460 8517 or our office on 087 460 0162.