Current Tax & Compliance Issues Affecting Trusts
Duration: 2 hours
Price: R195.00
Current Tax & Compliance Issues Affecting Trusts
Presenters : Phia van der Spuy CA(SA)
Overview
The South African Revenue Service has signaled increased scrutiny of trust structures. As a result, modifications have been made to the ITR12T. Given that trusts serve as the taxpayer of last resort, it's imperative to understand the distinct and intricate nature of this unique "animal".
In this video, we will consider the following important issues:
1. What are the practical implications of the principle of the taxpayer of last resort?
2. What are the different tax types and risks associated with trust structures?
3. How do the recent amendments to the Trust Property Control Act affect trusts?
4. What are the risks and potential liabilities when tax practitioners get it wrong?
5. What are the changes to the new ITR12T?
Video content
- Practical implications and tax risks flowing from the concept of "a taxpayer of last resort
- How to navigate the new trust tax return.
- Critical considerations for tax practitioners.
- Provisional tax and trusts.
- Who pays what and when?
Competencies developed in this video
- Understand why trusts are taxpayers of last resort and the practical implications.
- Understand the latest legislative and other changes affecting trusts.
- Understand the different tax types affecting trusts, their funders / donors, trusts and their beneficiaries.
- Understand the different tax types affecting trusts, their funders or donors trusts and their beneficiaries.
- Understanding the requirements of the new trust tax return and the required documents to be submitted with it (a game changer).
- Understand the consequences of getting it wrong - for you and your clients.