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 […]
Retirement planning – Distributing retirement fund death benefits
Allocating death benefits, and determining appropriate methods of payment Once the board of trustees has determined the beneficiaries and is satisfied that its proposed allocation is fair and equitable, the beneficiaries must elect how they would like to receive the death benefit. The final duty of the trustees is to determine the most appropriate manner […]
Belasting van trusts
In die begrotingstoespraak gedurende Februarie 2013 het die Minister van Finansies gemeld dat die belasting van trusts onder oorsig geneem sal word om enige misbruik daarvan te beheer. In die begrotingsoorsig van 2013 deur Nasionale Tesourie is die volgende gemeld: To curtail tax avoidance associated with trusts, government is proposing several legislative measures during 2013/14. […]