Trust Guide 2023 – Fact Sheet

Trust Guide 2023 – Fact Sheet

Trust Guide 2023 – Fact Sheet

This guide is designed for anyone involved with trusts: trust creators, trustees, beneficiaries and advisors.

It provides a clear and concise summary of the necessary information for the development of a basic understanding of trusts in South Africa.

The role of a trustee is not one that can be taken lightly, and recent legislation, effective 1 April 2023, aimed at improving transparency regarding the ownership of trust assets, places increased obligations and responsibilities on trustees.

Some of the key topics covered in the guide are:
  • The nature of Trusts in SA
  • Amendments to the Trust Property Control Act: 1 April 2023
  • SARS Reporting requirements for Trustees from 1 September 2023 due 30 September each year
  • Types of Trusts
  • Taxation of Trusts
  • Advantages and Disadvantages of a Trust
  • Nature of Office of a Trustee, their rights and powers, and duties
  • The risk of personal liability of Trustees
  • Removal and termination of office of Trustees
  • Trusts as a financial and estate planning tool
  • Immovable property and trusts

Access the guide here

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Kindly note this article is intended for general information purposes only and does not constitute accounting, tax, nor regulatory related advice. Should you need advice, please contact one of our practitioners.