The first change is not actually a change, but the result of my having finally come around to the fact that trusts must register as taxpayers. Here’s the effect –

• It is not a simple job any more as we also have to appoint a representative, a process that SARS has made unnecessarily difficult.
• We charge R2 800 for this registration.
• Trusts are not automatically provisional taxpayers.
• Annual tax returns must be submitted despite their being Nils.
• We charge R720 if there were no distributions.

The next change is the result of the Taxation Laws (Anti Money Laundering and Anti Terrorism Financing) Amendments Act. Here’s the effect –

• A return must be submitted to the Master of the High Court for every trust reporting details of the “Beneficial owners” of the trust. These are –
  • The founder
  • The trustees
  • All named beneficiaries
  • Anyone else who has effective control of the trust
• A new return must be submitted whenever any of the information changes.
• We charge R800 for this return.

So, the additional cost of forming a trust has increased by R3 600, and the annual maintenance cost by R720.