by VDT Attorneys | Sep 2, 2024 | Art, Deceased Estate, Estate duty, Estate Planning
Following an individual’s passing, their estate may be subject to various taxes including Income Tax, Capital Gains Tax, Donations Tax, Estate Duty, and potentially VAT. The specific tax liabilities will vary based on the types of assets in the estate and the...
by VDT Attorneys | Apr 22, 2024 | Corporate, Corporate structuring, Estate Planning, Tax, Trust
A trust is a unique legal entity created to hold assets for the benefit of its beneficiaries. Trustees are entrusted to manage the trust’s affairs in favour of the beneficiaries according to the provisions of the trust deed. As a separate legal entity distinct...
by VDT Attorneys | Apr 22, 2024 | Budget, Budget Speech, Estate Planning, Reporting, SARS, Wealth management
Over the past decade, there has been much speculation surrounding the potential introduction of formal wealth taxes in South Africa. Drawing parallels from international models, such a tax would be a percentage-based tax calculated on the market value of an...
by VDT Attorneys | Apr 22, 2024 | Abatements, Budget, Budget Speech, Estate Planning, Reporting, SARS
In the ever-evolving landscape of offshore structuring, the interplay between exchange control regulations and global tax policies can have significant implications for South African individuals and businesses having offshore structures, as governments worldwide...
by VDT Attorneys | Apr 15, 2024 | Abatements, Budget, Budget Speech, Estate Planning, Reporting, SARS
In the aftermath of the 2024 National Budget speech which took place in February 2024, many taxpayers might have breathed a sigh of relief at the absence of tax hikes or significant tax amendments. The most noteworthy observation from the budget is the absence of...
by VDT Attorneys | Mar 26, 2024 | Estate Planning, Family, Inheritance, Trust
Understanding legal considerations for minor beneficiariesIn South Africa, children under the age of 18 are considered minors and do not have the legal capacity to enter into agreements or contracts without the assistance of a legal guardian. This also impacts their...