News & Articles
Important notice for trustees: Enhanced requirements for filing tax returns with SARS
It is important for all trustees to take note that a Trust is regarded as a person in terms of the Income Tax Act and that it is the trustee’s responsibility to ensure that the Trust, whether active or passive, is registered for income tax purposes. The annual returns will not be as burdensome for a passive Trust as opposed to an active Trust.
Tax Incentive for rooftop solar panels
In the 2023 national budget speech, Finance Minister Enoch Gondongwana unveiled a series of draft tax relief initiatives aimed at promoting renewable energy adoption among households and alleviating the burden on the struggling national power grid. These proposed tax relief incentives were published in the 2023 Draft Taxation Laws Amendment Bill (Draft Amendment Bill) which we briefly unpack herein.
Factors courts must consider when reviewing state tenders
With so much attention the last few years on corruption, tender fraud and unauthorised government procurement, a question that is frequently asked is to what extent our courts are allowed to become involved with government tenders and set them aside?
Can a body corporate reveal the criminal record of an employee to owners?
Can the body corporate of a section title reveal to owners that an employee has a criminal record for a serious crime? This is a question we receive more often than would be expected from body corporates. So, what is the answer, can they, or can’t they reveal this information?
How big is the Financial Intelligence Centre bite?
More and more accountable institutions are being targeted by the Financial Intelligence Centre (“FIC”) for failing to comply with their duties under the Financial Intelligence Centre Act 38 of 2001 (“FIC Act”). But what can happen if you don’t comply?
New registration requirements for non-profit organisations
How does the recently passed General Laws (Anti-money Laundering and Combating Terrorism Financing) Amendment Act 22 of 2022 (“Amendment Act”) affect the proposed Nonprofit Organisation Amendment Bill of 2021 (“NPO Bill”) and what does it mean for non-profit organisations (“NPOs”)?
Why informed consent must be present for medical procedures
People generally rely on their doctor’s knowledge and expertise when it comes to making an informed decision about treatment or undergoing a procedure or not. This is a relationship of good faith and trust. Unfortunately, sometimes doctors get it wrong and fail to properly inform their patients of the inherent risks to a treatment or procedure. When does such failure amount to a lack of informed consent?
Estate agents and their obligations under the new Anti-money Laundering Amendment Act
Closely related to the recent greylisting of South Africa is the passing late in 2022 of the new General Laws Anti-Money Laundering and Combating Terrorism Financing Amendment Act, 22 of 2022 (“Amendment Act”). The Amendment Act introduces several key changes to areas of law affecting trusts, companies and non-profit organisations in an attempt to tighter regulate these entities seen as prevalent to abuse for illicit criminal activities. Importantly for estate agents, changes have also been introduced to the Financial Intelligence Centre Act 38 of 2001 (“FIC Act”) which affects all estate agents as Accountable Institutions. In this article we take a quick look at some of the main Amendment Act changes estate agents must take note of.
Water rights can now be transferred
For many owners of water rights, the confusion over the last few years about whether you can or can’t transfer these rights to another, has been quite frustrating. At last, the Constitutional Court has provided much-needed clarity and hopefully laid the issue finally to rest. In this article, we briefly review the position as it now stands.
Spousal Consent: unveiling the challenges in community of property marriages
When spouses are married in community of property, our law dictates that a spouse requires the consent of the other spouse when entering into a transaction that affects the joint estate. But what happens when one spouse refuses to provide consent?
Why can deceased estates take so long to be finalised?
The family of a deceased are often confronted with the harsh reality of having to wind up a deceased’s estate after his or her passing. Usually, there is the expectation that this should go quickly, but unfortunately, the reality is that the process is hardly ever a quick one. So how long then does it take to wind up a deceased estate?
Competition Act new draft rules for company divestiture recommendations
The Minister of Trade, Industry and Competition has recently published new draft rules for comment relating to divestiture recommendations made by the Competition Commission. In this article, we take a look at these new rules.
The ‘what’ and ‘when’ of the new beneficial ownership reporting for companies
Surprisingly, many companies remain blissfully unaware of the new company reporting requirements introduced by the General Laws (Anti-Money Laundering and Combatting Terrorism Financing) Amendment Act 22 of 2022 (“Amendment Act”). The Amendment Act introduces changes to the company environment (effective 1 April 2023) which will have an administrative impact on South African companies. In this article we delve into the ‘what’ and ‘when’ of these new reporting requirements.
Why trustees must now also record the accountable institutions they engage with
With the passing of the General Laws (Anti-Money Laundering and Combatting Terrorism Financing) Amendment Act 22 of 2022 (“Amendment Act”) late in December 2022, a number of critical amendments were introduced to the Trust Property Control Act 57 of 1988 (“Trust Act”), including amongst others the responsibility by trustees to record details about the Accountable Institutions they engage with in their capacity as trustee. In this article, we look a little deeper at this requirement and what it will mean in practice for trustees.
Important increases to the national minimum wage
The media has been reporting on a new minimum earnings threshold for employees. This article briefly summarises the new earnings threshold’s main impact on employees and employers.