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Trusts 2011 - Cape Town
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2011/10/21
When: Fri. 21 October
09:00 - 13:00 (Registration from 08:15)
Where: Lord Charles Hotel
Cnr Faure / Stellenbosch Str
Somerset West
Cape Town, Western Cape  7130
South Africa
Contact: Moniqua Janse van Vuuren / Dot Robinson


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Trusts 2011 - Professor Walter Geach

Professor Walter Geach CA (SA) BA LLB (Cape Town) MCOM FCIS Senior professor Graduate School of business University of KwaZulu-Natal

Overview :

A trust is used extensively in practice and has many uses and advantages, including asset protection, beneficiary protection, estate duty savings and a saving of capital gains tax that can arise on death. But very often a trust is not properly formed and many trusts are poorly administered. Trustees often neglect their statutory duties, and can incur personal liability for losses caused as a result. Beneficiaries sometimes do not understand their rights or the limitations of those rights. Use of also made of dubious practices such as a letter of wishes. Therefore care is needed in the formation, use and administration of trusts: A trust does not take effect by simply calling an entity a trust and many so-called trusts are not trusts at all.
A trustee must also be informed and astute because a trustee can be held personally liable for ignorance and carelessness.

The seminar deals with all of the following issues:

  • The nature and use of trusts
  • Latest developments in trusts
  • When a ‘trust’ is not a trust: substance vs. legal form
  • The sections of the Trust Property Control Act
  • Different types of trust (including business trusts) and the consequences resulting therefrom
  • A trust compared with companies especially in the context of the new Companies Act
  • Parties to a trust and the nature of a trust instrument
  • The trustees: appointment, powers, duties, removal
  • Trusts and good governance: practical issues relating to trust administration
  • The beneficiaries: nature of rights (discretionary, vested, bewind, other)
  • The role of the Master
  • The protector
  • The formation of a valid trust: legal principles and good business practice 
  • Contracting by and with a trust
  • The amendment of trust deeds
  • Accounting records and financial statements
  • Trusts and estate planning
  • Taxation and trusts
  • Practical issues: a trust deed discussion. Desirable and undesirable clauses
  • Trusts and loan accounts
  • Trusts as members of companies and of close corporations
  • Trusts: advantages, disadvantages and problems
CPD:
Attendance will secure 4 hours verifiable CPD points, incl. other professional bodies i.e. (SAICA, SAIPA, SAIBA, ACCA, FPI, CSSA, LSSA, FISA)

Event Investment :

SAIT members     -               R850

Affiliated members -           R900   (incl. SAICA, SAIPA, SAIBA, ACCA, IAC, ICB, FPI, CSSA, LSSA, FISA)

Non-members  -                  R955

Trainees    -                           R400   (this only qualifies for trainees working under a learnership program within an organisation)

WHY REGISTER WITH SAIT?

Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.

MINIMUM REQUIREMENTS TO REGISTER

The Act requires that a minimum academic and practical requirments be set to register with a controlling body. Click here for the minimum requirements of SAIT.

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