SARS recently issued Binding Private Ruling 116 that deals with certain income tax consequences for a resident beneficiary in respect of an amount to be received as a distribution from a discretionary trust that is not a resident and the subsequent donation of that amount by the beneficiary to another trust that is also not a resident.
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.