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...
by VDT Attorneys | Dec 3, 2024 | Inter Vivos Trust, Testamentary Trust, Trust, Trustee Resignation
Section 21 of the Trust Property Control Act 57 of 1988 (“the Act”) allows trustees to resign at any time provided that written notice is given to the Master of the High Court as well as to ascertained beneficiaries with legal capacity. It is important to note that a...
by VDT Attorneys | Dec 3, 2024 | Capital Gains Tax, Conduit Principle, Trust
Trusts have a firm foundation in South African law. They are created where property or assets are transferred by a person (the founder) in favour of others (the beneficiaries). The property and assets are placed under the control of trustees who manage and administer...
