Overview
South African trusts are entering a new era. The Regulation of Trusts Bill, 2026 will repeal the Trust Property Control Act, 1988, replacing almost four decades of light-touch oversight with a demanding regulatory regime. Trusts are not disappearing, but they are about to become far more heavily regulated.
Under the The Regulation of Trusts Bill, every trust would file an annual return and pay a prescribed fee, most trusts would prepare annual financial statements, and changes in beneficial ownership would have to be lodged with the Master within 10 days. Trustees who fall short would face administrative fines that they must pay personally, not from trust property. The most serious failures would carry criminal penalties of up to R10 million or five years’ imprisonment.
This webinar offers trustees, fiduciary and tax practitioners, accountants, attorneys, founders and beneficiaries a practical analysis of the Bill and a clear roadmap to compliance. It covers reviewing trust deeds and trustee appointments, verifying beneficial ownership information, strengthening governance and record-keeping, and deciding the future of dormant trusts. Informal trust administration is drawing to a close, and trustees whose affairs are not in order will be exposed.
Webinar Content
Changes Affecting Trustees
- Authorisation by the Master, security, and the new offence of acting without authority
- The Master’s power to appoint an independent trustee, and when it applies
- Expanded disqualification grounds and the public register of disqualified persons
- Resignation, which takes effect only once the Master acknowledges it in writing
- The statutory standard of care, diligence and skill, and the new prudent-investor duty
- Amendments to trust deeds, which have no effect until lodged and acknowledged
- Statutory requirements for creating a valid trust, including the rule that a sole trustee may not be the sole beneficiary
Beneficial Ownership and Transparency
- The beneficial ownership regime in force since 2023, and what the Bill changes
- The wider definition of beneficial owner, which now includes identifiable beneficiaries not named in the trust deed
- The 10-day update and lodgement requirements
- Who may access beneficial ownership information, and how PAIA and POPIA apply
- The Chief Master’s risk assessment and exemptions for low-risk trusts
- Alignment with FICA obligations and with beneficial ownership disclosures to CIPC and SARS
Annual Compliance and Reporting Requirements
- The annual return and the first-return deadline for existing trusts
- Annual financial statements and the threshold-based exemption
- Prescribed fees
- Record-keeping obligations and the five-year retention period
- Separate trust accounts and identification of trust property
- Practical considerations for dormant and family trusts
Expanded Powers of the Master
- Accounting, investigation, and who bears the costs of an investigation
- Compliance notices
- Administrative fines
- Appeal to the Director-General
- Appointment and removal of trustees, including the new removal grounds
- Termination of trusts by removal from the register
- Recourse against decisions of the Master
Penalties and Trustee Exposure
- Administrative fines that trustees must pay personally
- Criminal offences, with penalties of up to R10 million or five years’ imprisonment
- Personal liability of trustees, including liability that continues after resignation or removal
- Invalidity of clauses that exempt or indemnify trustees
- Practical risk mitigation strategies
Tax and Estate Planning Implications
- Interaction between trust law and tax compliance
- SARS reporting considerations, including how annual financial statements align with the trust income tax return (ITR12T)
- Beneficial ownership disclosures and tax administration
- Impact on existing trust structures
- Trust reviews before the Bill takes effect
Trust Compliance Roadmap:Preparing for implementation
- Practical steps trustees should take now
- Updating trust records and trust deeds before commencement
- Verifying, and where necessary reconstructing, beneficial ownership information
- Developing a trust compliance roadmap
Competencies Developed
Upon completion of this webinar, participants will be able to:
Technical Competencies
- Understand the key provisions of the proposed Regulation of Trusts Bill, 2026.
- Identify the new compliance obligations applicable to trusts and trustees.
- Interpret beneficial ownership reporting requirements and their practical application.
- Evaluate the impact of the Bill on existing trust structures and estate planning arrangements.
- Understand the interaction between trust regulation, tax administration and anti-money laundering legislation.
Professional Competencies
- Assess trust governance risks arising from the proposed legislative changes.
- Advise trustees, founders and beneficiaries on legislative readiness.
- Develop practical compliance strategies for trust administration.
- Apply sound professional judgement when evaluating trust governance and reporting obligations.
- Communicate legislative developments and compliance requirements to clients effectively.
Ethical and Regulatory Competencies
- Promote transparency and accountability in trust administration.
- Understand trustees' fiduciary duties within an increasingly regulated environment.
- Recognise regulatory risks associated with beneficial ownership reporting and trustee non-compliance.
- Apply governance principles consistent with evolving regulatory and anti-money laundering standards.
Presenter
Michelle Hawkins
With over a decade of dedicated service at the South African Revenue Service (SARS), as a Senior Specialist in Tax Court Litigation, Michelle's expertise's in tax law, honed through a Master of Laws degree and practical application, has become the backbone of her career.
Michelle joined PKF Octagon in March 2025, and has leveraged her analytical skills to navigate complex tax litigation, drafting technical tax opinions and advise clients on the intricacies of tax.
Qualifications:
- Masters of Laws – LLM, Tax Law/Taxation – University of Pretoria
- Bachelor of Laws – LLB – University of South Africa
- B.Proc. Law – University of South Africa
CPD
Attending this webinar and the successful completion of the online assessment will secure a certificate of completion for 2 hours of Tax CPD.
Event Investment
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