The answer to this query is based on legislation
Q: When a
person want to make a Trust (family) and put a lump sum of money in the trust
will this be taxable?
A: If the
amount is donated to the trust, then donations tax will apply (20%) in terms
of s 54 of the Income Tax Act on the amount which the donation exceeds the
annual exclusion for natural persons (R 100,000).
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.