by VDT Attorneys | Apr 20, 2026 | Anti-Money Laundering, Anti-money Laundering Amendment Act, Trust, Trust compliance, Trust penalties
To improve compliance, a notice was published in the Government Gazette No. 54417 on 27 March 2026. This notice confirms that SARS will no longer tolerate non-compliance with the submission of trust tax returns (ITR12T) for the 2024/2025 assessment period. This action...
by VDT Attorneys | Feb 4, 2026 | Asset protection, Estate administration, Estate Planning, Trust
Why trusts matter in Estate PlanningEstate planning is aimed at protecting and preserving assets not only during one’s lifetime, but also thereafter. Trusts are particularly effective in this regard because they allow for the separation of ownership and...
by VDT Attorneys | Apr 10, 2025 | Accountable Institutions, AML, Anti-Money Laundering, Anti-money Laundering Amendment Act, Grey listing, Trust
The new developments include QR codes on all new Letters of Authority issued by the Master’s Office. While it may seem like a minor change, it is a big step forward in ensuring the authenticity and validity of all Letters of Authority. The QR code will allow banks,...
by Tenile Timmins | Mar 31, 2025 | ITR12T, SARS, Tax return, Trust, Trustee resolution
SARS has introduced a dedicated filing season for trusts, with the 2024 tax year spanning from 16 September 2024 to 20 January 2025. As part of SARS’ additional requirements for tax returns, trustees now have to ensure that they submit three resolutions during...
by Tenile Timmins | Feb 27, 2025 | Accountable Institution, AML, Anti-money Laundering Amendment Act, Beneficial Ownership, FICA, Trust
In terms of the FIC Act, Accountable Institutions are required to implement stringent anti-money laundering controls, report suspicious activities or behaviour and make sure that they are registered with the Financial Intelligence Centre (FIC) in terms of the FIC...
by VDT Attorneys | Feb 6, 2025 | Beneficial Ownership, Trust, Wills and Trusts
Following these amendments to the Trust Property Control Act, the Master of the High Court published a directive on 17 October 2023, introducing a new platform for the submission of beneficial ownership (BO) registers by trustees. The consequence for non-compliance...
