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      ThinkSales State Of B2b Sales In South Africa 2021 Survey

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      Home BUSINESS Doing Business in SA Business Landscape

      The Future of Trusts

      Andrew Padoa by Andrew Padoa
      Mar 27, 2013
      in Business Landscape
      0
      Signing a Trust Document
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      Minister Pravin Gordhan in his 2013-14 budget speech announced that SARS is considering reforms to the taxation of trusts. The Budget Review document included a part on “Reforming the Taxation of Trusts” which states:

      “To curtail tax avoidance associated with trusts, government is proposing several legislative measures during 2013/14. Certain aspects of local and offshore trusts have long been a problem for global tax enforcement due to their flexibility and flow-through nature. Also of concern is the use of trusts to avoid estate duty, which will be reviewed.”

      The following has been proposed to address these problems:

      • Discretionary trusts will no longer act as conduit vehicles (the flow-through nature). A full calculation of taxable income must be determined at the trust level with deductions being allowed for any distributions to beneficiaries (limited to taxable income)
      • Any amount received from an offshore trust will be treated as ordinary income.

      These proposed amendments will not apply to those trusts that have been set up to tend to the needs of minor children and people with disabilities.

      This does not mean you need to immediately go out and dissolve your trust, which might trigger a lot of unnecessary taxes. Although these announcements were part of the Budget review, the Treasury department will engage in a public consultation process first before any of the proposals can become law.

      But forewarned is fore-armed, and now might be a good time to sit down with a qualified financial planner to re-assess the part your trust plays in your overall financial planning.

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      Andrew Padoa

      Andrew Padoa

      Andrew Padoa is a Portfolio Manager at Sasfin Wealth in Durban. He holds a B. Com Honours degree from the University of South Africa and an Advanced Post Graduate Diploma in Financial Planning Law from the University of the Free State. Andrew provides the East Coast Radio Market Watch at 7:30 AM on weekdays. He is part of the Sasfin Investment Committee- the team that constructs and manages local and global share portfolios for clients. Visit Sasfin Wealth for more information.

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