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2016 Mazars: Trust and New Tax return - Port Elizaberth
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2016/05/11
When: 11 May 2016
From 08:30 until 13:30 (08h00 – 08h30 Arrival and registration )
Where: Summerstrand Hotel
Marine Drive
Summerstrand
Port Elizaberth, Eastern Cape  6000
South Africa
Contact: Silvia Motaung


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Overview

The relevance of trusts for tax planning has been brought into question after the 2016 Budget Speech and draft recommendations of the Davis Tax Committee.

A new trust return, the ITR12T, was introduced by SARS on the 6 October 2014, and amended on 12 October 2015. From the 2015 year of assessment onwards the completion of all relevant ITR12T fields is compulsory.

The substantial increase in information disclosed in the ITR12T, will now give SARS an unprecedented ability to assess the use of trusts by taxpayers for tax planning and to determine whether the taxable incomes of the trust and all parties transacting with the trust are being and have been correctly disclosed.

In order to be tax compliant when completing the ITR12T, taxpayers require a detailed understanding of the legal and Income Tax Act specific references used in the return. Taxpayers must also understand all the tax consequences of the increased disclosure in order to ensure the correct tax treatment of transactions between the trust and persons transacting with the trust.

In this seminar we will address the continued relevance of trusts for tax planning and focus on some of the specific questions raised in the return to assist taxpayers with: understanding the relevant terminology, gathering the information required to complete the return, and understanding the impact of the increased disclosure from a tax perspective.

Course Content
The issues to be addressed include:

General
  • Effect of the 2016 Budget Speech and Davis Tax Committee on Trusts.

ITR12T

Type of Trust

  • Ownership vs bewind.
  • Testamentary vs Inter vivos.
  • Vesting vs discretionary.

Specific detail required for transactions listed in the ITR12T

  • 50 or less 'related persons'.
  • More than 50 related persons.

Trustees

  • Particulars required in the return.
  • Timeous and valid Trustee resolutions.
  • Personal liability for tax debts of the Trust.

Beneficiaries

  • Particulars required in the return.
  • Right to income, capital and capital gains.
  • Use of loan accounts.

Trust income

  • Effect of interest free loans: will these become donations?
  • Waiver of loans to a trust, donations tax and effect of the debt waiver provisions.
  • Apportionment and deduction of expenses incurred by the Trust.

Capital Gains Tax (CGT)

  • Taxation of capital gains (attribution rules para's 68 - 72).
  • Clogged losses.
Presenter
Di Seccombe (B Com, LLB, LLM(Taxation))

Di Seccombe (B Com, LLB, LLM(Taxation)) is an admitted attorney with a Masters degree in taxation and, has been involved in tax for over 10 years. Di is currently the National Head of Tax Training and Presentations with Mazars and, in this capacity provides tax training to Mazars partners, staff and clients. Di also consults on Income Tax matters including, Corporate, Individual and International tax as well as VAT. Di presents tax seminars on a national basis for amongst others, the SA Institute of Tax Practitioners, the SA Institute of Professional Accountants and the UCT Graduate School of Business focusing on general as well as specialised tax topics. Di still lectures part-time for the National School of Accounting to assist up and coming CA's with passing the UNISA CTA (Hons) programme and for Varsity College in Cape Town. Di started her tax career as a full time academic with the University of KwaZulu-Natal before moving into practice. She has presented numerous tax seminars with great success to attendees ranging from JSE corporate advisers to smaller tax practitioners and is a popular lecturer amongst her students. Di's primary focus in any presentation is that attendees find the material relevant and presented in an understandable and accessible manner.
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
CPD

This event and successful completion of the online assessment will secure 4 hours verifiable output CPD points/units.

Including the following professional bodies. (SAICA, CIMA, SAIPA, SAIBA, ACCA, FPI, CSSA, LSSA, FISA, ICBA, IAC, AAT)

Event Investment

Cost: R1 254.00 per delegate (incl. of VAT)

Click here to register

 

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 been received 2 days after the event, legal action will be taken
  • Proof of payment will be requested at registration, if payment at that point in time has not been reflected on SAIT's bank account.
  • Only written notice of cancellation will be recognised.
  • 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.

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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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