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...
by VDT Attorneys | Mar 19, 2024 | Estate duty, Estate Planning, Farmers, Farming
Upon death, an individual’s estate may be subjected to various taxes, adding an additional financial burden to the estate. Section 9HA of the Income Tax Act 58 of 1962 (“Income Tax Act”) is one of the examples that can especially burden the estate of a farmer...
by VDT Attorneys | Nov 6, 2023 | Estate Planning, Massing, Repudiation, Will
There are two types of massing, namely statutory massing and common law massing. For purposes of this article, we will focus on the more commonly recognised statutory massing, although common law massing also has its place in estate planning. Statutory estate massing...
by VDT Attorneys | Sep 8, 2023 | Estate Planning, Fiduciary Accounting, Tax Advisory, Tax Compliance, Wills and Trusts
With the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act 22 of 2022 (“Amendment Act”) having come into full effect on 1 April 2023, SARS has updated its online income tax return system to enable SARS to intensify the verification...
by VDT Attorneys | Aug 28, 2023 | Capital Gains Tax, CGT, Estate duty, Estate Planning, Tax
The death of a person is a major event resulting in various consequences, both patrimonial, inheritance and taxation. When focusing on the taxation side of the event, several taxes come into play with proper estate planning intended to forecast and plan for these...
