Generic selectors
Exact matches only
Search in title
Search in content
Search Posts
Search in pages
Search Products
Filter by Categories
B-BBEE
Blog
Company Secretarial
Featured
General Business
General Interest
Investing in Property
Marketing
Personal Growth
Personal Wealth
Tax
Trusts and Estate Planning

It was a while back when I wrote a post called “Does a trust need a bank account?” and now the game has changed!

My argument then was founded on the Trust Properties Control Act that requires a trust to open a bank account as soon as it receives money. My easy way around that was to make the initial donation something other than money, such as a stamp or coin collection valued at R100.

But now along comes SARS! All trusts have to register for tax (despite this contradicting the definition of a taxpayer in the Income Tax Act) and now SARS requires that it proves that it has a bank account. Otherwise they will not register it. Solution? Open a bank account, prove it to SARS, register for tax, make the trust dormant for tax purposes, close the bank account. What a totally ridiculous sequence of events!

Should you wish to make an appointment, please feel free to visit Derek’s diary and book a time that suits you.

 

Need help with your Investments?

Contact us today or set up a free meeting with our CEO, Derek Springett, to discuss your options. We have been offering expert financial advice and business services since 1971. You can also visit our online store to see our list of financial services.