Deadline for Trust Beneficial Ownership returns
The Department of Justice recently announced that the deadline for submission of Beneficial Ownership returns for trusts is 15 November 2024.
The penalty for non-submission applies to all trustees and is a R10m fine or 5 years in prison or both.
If you are a trustee of any trust and you have not yet complied, then you need to act fast as there is huge international pressure on SA to enforce compliance.
I have had to resign as the Independent Professional Trustee of those trusts that have not complied.
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Good morning,
Do I, as a natural person, have to file beneficial ownership of a company if I’m the director of the company but NOT the owner of it? The company is owned by a trust (100% shares) but no money/dividends are being paid to the Trust because the company is not making much profit yet. I am the founder and trustee of the Trust though.
Hi Rene,
It is actually the director who is responsible for submitting the return, so, yes you must.
You need to submit for the trust and for the company. They both have the same beneficial owners.
Does this beneficial ownership apply to dormant trusts?
Hi Thienadayalin
Evidently not, but you have to go onto the Master’s portal and complete some questions. I have not done this so can give you no further guidance.
Good morning.
How do we do beneficial ownership of the trust
Hi Lethabo,
We offer this service. You will need to complete and submit this questionnaire https://www.harbourassociates.co.za/beneficial-ownership-questionnaire-trusts/ in order for us to quote and subsequently do the job.
After submitting the questionnaire, please request a quote from derek@harbourassociates.co.za