The Administration and Accounting for a Trust

Overview

Trusts are dynamic and evolving entities that are constantly changing. As such we need to keep our fingers on the pulse and continually review the position of trusts. Trust have traditionally been used because they offer flexibility and minimal compliance requirements. The master had minimal oversight of the operations of the trust and trustees could pretty much dictate terms. These days are gone, for a number of reasons. Firstly, beneficiaries are far more aware of their rights than they used to be. Secondly, the introduction of Section 7C has put a spotlight on beneficiary distributions and highlighted multiple different interpretations. The aim of this session is to provide you with an overview of the compliance requirements when dealing with trusts.

This Trusts: Governance, Accounting and Tax Issues Series consists of three parts (each webinar can be attended independently.

Webinar 2: The Administration and Accounting for a Trust

• The Trust Property Control Act
• Administration of a trust.
• Distributions – what did the beneficiaries receive?
• Loans vs capital.

Click here to book for the full series and receive 25% discount.

Competencies developed in this CPD

After attending these webinars, you will be:

• Updated on the compliance requirements when dealing with trusts.
• Competent to apply the fundamental concepts of a trust as well as the components that need to be managed.
• Able to advise clients on the key case law that sets the precedence of how trusts function and need to be administered.
• Informed about the role of the Trust Property Control Act.
• Updated on the responsibilities of auditors and accountants with regard to trusts.
• Able to advise clients on the framework and tax laws that affect trusts.

Presenters

Caryn Maitland

Caryn is a qualified CA (SA and RA), who has lectured extensively at the University of KwaZulu-Natal (and other institutes) where she lectured Advanced Financial Accounting. Since then, Caryn has specialised in facilitating ethics conversations, keeping assurance practitioners up to date and unpacking legislation for the financial sector.

She has conducted independent workshops and seminars for professional accountants since 2006 on various topics and has consulted on several technical issues. Since January 2011, she has focused on her own business as technical freelance consultant and trainer to those working within the accounting profession. Caryn is a technical advisor to various SAICA Eastern Region Districts as well as serving on various SAICA committees, such as the SAICA Eastern Region Council.

Since 2018, Caryn has worked extensively with commerce and industry, assisting analysts, directors, and other users of financials to interpret, prepare, analyse and forecast based on the results of financial statements.

Carmen Westermeyer
BCom (Honours Accounting) [UND] CA(SA)

Carmen Westermeyer graduated in 2001 from the University of Natal, Durban (now UKZN), with a BCom Honours degree in Accounting and completed her articles with PwC in 2004. She has been a member of SAICA since then.

Carmen stayed with PwC for a year as Assistant Manager, venturing into the world of commerce in 2006. In 2008, she was appointed as a lecturer at UKZN and coordinated the Taxation 300 course until December 2010. From 1 January 2010, Carmen took over the role of Academic Leader for the Taxation Department, as well as the coordination of the Postgraduate Taxation Programme. During her time as Academic Leader she had numerous opportunities to liaise with SAICA on issues relating to the ITC, as well as being a member of the Tax Committee.

In December 2012 she started running ad hoc training courses for members of the profession. From December 2013, she moved into commercial training and consulting on a full-time basis. She has been involved in various training activities, such as the SAICA SMP training in 2014 and the FASSET Budget and Tax Update in 2015 and 2016.

CPD

This event and successful completion of the online assessment will secure 2 hours verifiable output tax CPD points per session.

Event investment

Free for Tax Practitioner and Tax Accountant CPD subscribers. Not a CPD subscriber yet? Click here to register now.

Regular price:  R495.00

SAIT price:  R395.00

Group price 1 (5 people max): R950.00

Group price 2 (10 people max): R1 800.00

Group price 3 (15 people max): R2 500.00 

Payments and cancellations

• All payments must be made by EFT or by credit card, at least three working days before commencement of an event.
• Kindly note that should payment not be received two days after the event, legal action will be taken.
• Proof of payment will be requested upon registration if payment does not reflect on The Tax Faculty’s bank account.
• Only written notice of cancellation will be recognised.
• Conditions:
  • If the cancellation occurs more than four working days prior to the event, no cancellation fee will be charged.
  • If the cancellation occurs less than four 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.
• The Tax Faculty’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.