2019 Mazars Seminar: Trust and Beneficiaries

Date: May 6, 2019 - May 15, 2019

CPD hours: 5.5 Hours

Time: 08:00 - 13:30

Event Type: Seminar

Presenter: TBA

2019 Mazars Seminar: Trust and Beneficiaries

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Trusts and Beneficiaries

Overview

The 2018 Taxation Amendments have created an entirely new set of limitations when using local and offshore trusts for tax planning. In this seminar we will focus on these far reaching changes and their impact.

A further amendment to section 7C, which causes an annual donation to arise from low or interest free loans to trusts and companies, has made the section more onerous for companies held by trusts. New rules in respect of debt waivers will ensure the tax free annual reduction of loans to trusts by R100 000 is no longer possible. Detailed disclosure in the Trust (ITR12T) and Individual (ITR12) tax returns is allowing SARS to accurately assess the deduction, allocation and disclosure of expenses in the hands of the trust and beneficiaries of the trust.

The tax consequences of foreign dividends flowing into offshore trusts and back to South African tax residents have fundamentally changed and the impact of these changes on specific offshore tax structures must be understood.

In this seminar we will not revisit the basic taxation rules for trusts in great detail, but will look specifically at the application of those rules and amendments to them.

Course Content

Please join us as we take an in-depth look into the following issues:

Section 7C New amendment to section 7C and loans to companies held by trusts
- New debt waiver rules and effect on R100 000 annual debt reduction
- Brief reminder of sections 7 and 7C and potential double tax
- Application of section 7C to beneficiary loan accounts and how to avoid this
- Disclosure of loans in AFS’s and effect on 7C
- Estate planning in respect of 7C loans
Offshore Trusts A
- Amendments to section 25B(2A) and effect on taxation of foreign dividends.
ITR12T Trust return
- Allocation and deduction of Trust expenses
- New disclosure required in Trust AFS’s
- Disclosure linked directly to section 7C
ITR12 Individual return of trust beneficiaries
- Disclosure in respect of trust distributions
- Deduction and disclosure of expenses incurred by the trust in respect of distributed amounts
- Effect of beneficiary loan accounts
Trustee Resolutions
- Wording of resolution and effect on application of section 7C to beneficiary loan accounts

Who should attend

Persons involved in financial advisory services, estate planning and real estate
Tax specialists
Tax practitioners involved in submission of trust returns
Practicing accountants and lawyers
In-house tax managers and advisors
Financial directors and managers and business owners
Trustees and Trust beneficiaries

Please see workshop program below:

08h00 – 08h30 Arrival and registration
08h30 – 10h30 Presentation first half
10h30 – 11h00 Tea break
11h00 – 13h30 Presentation second half

Presenter

Di Seccombe

National Head of Taxation: Mazars Academy

Di Seccombe is an admitted attorney with a Masters degree in taxation and has been involved in tax for over 15 years. Diane is currently the National Head of Taxation for the Mazars Academy and in this capacity provides tax training to Professional Institutes, Banks, Financial Service Providers, Mazars partners, staff and clients. Diane also consults on income tax matters including, corporate, individual and international tax as well as VAT.

CPD

Workshop Participation & Completion of the Online Assessment will secure 5.5 hours Verifiable Output CPD.

Event Investment

Member and Non-member: R1315.60

This event does not form part of the subscription packages

Payments & Cancellations

All payments must be made by EFT or by credit card, at least 3 working days before commencement of an event.
Kindly note that should payment not be received 2 days after the event, legal action will be taken
Proof of payment will be requested at registration, if payment does not reflect on SAIT`s bank account.
Only written notice of cancellation will be recognized.
Conditions:
- If the cancellation occurs more than 4 working days prior to the event no cancellation fee will be charged.
- If the cancellation occurs less than 4 working days prior to the event a 100% cancellation fee will apply.
Delegates who book and fail to attend will be liable for the full event fee.
SAIT`s liability in the case of an event being cancelled will be limited to a refund or credit of the event fee.
Please click here for the full terms and conditions.