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2018 Trusts and Deceased Estates - Durban
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 Export to Your Calendar 2018/09/26
When: 26 September 2018
From 9:00am until 1:00pm
Where: Map this event »
Coastlands Musgrave
315-319 Peter Mokaba Rd
Musgrave
Durban, KZN 
South Africa


Online registration is available until: 2018/09/24
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Overview

In 2016, the income tax legislation was amended to address the perceived avoidance of donations tax on the sale of an asset or on advancing loan funding to a trust. In 2017, it was further extended to also include loans made to certain companies. In 2018, the rates of donations tax and estate duty were increased where the value exceeds R30 million. The seminar will, in this respect, cover the avoidance provision (section 7C of the Income Tax Act) and the donation that is deemed to arise in this regard.

Another reason for the introduction of section 7C was that estate duty could be avoided through the reduction or waiver of the asset base of the lender in respect of the loan capital. In the seminar we will explain the tax consequences of debt benefits in the context of trusts and also where section 7C applies. Debt benefits arise when the face value of the debt (the loan) exceeds the market value thereof following a concession or compromise arrangement.

In 1966, SARS, in order to close a loophole (that existed in their view), introduced section 7(5) into the Act. It was designed to prevent tax avoidance by means of a donation, settlement or other disposition of assets made so as to divest the person making the donation, settlement or other disposition of his or her right to the income from such assets and at the same time to withhold such income from the beneficiaries until the happening of some event.

The seminar will, in a simple manner, explain the tax consequences for both parties when assets are disposed of to the trust by way of loan account, donated or bequeathed. It will focus on the instances where the loan does not carry a market related interest, but also with the possible deduction of the interest incurred in respect of the loan.

With regard to income and capital gains derived by the trustees, we will explain the tax consequences in the trust and also for the beneficiaries when the income or capital gain is vested in the beneficiary. The focus will be on discretionary trusts where the trusts are tax resident of South Africa. With regard to the beneficiaries, it will be with respect to both South African tax resident and foreign beneficiaries.


Course Content:

TBC


Presenter

Piet Nel

CA(SA)

Head of School of Applied Taxation at The TaxFaculty


Event Investment

This seminar is not covered by any CPD subscription package

Option 1 - Seminar:

Member: R995.00

Non-member: R1195.00

Printed notes: R51.00

Click here to register for the seminar

Important: Printed copies of notes is optional and will cost additional R50 per set and must be ordered. Electronic notes will be emailed to all registered delegates 2 days prior to the event. Should you require a printed copy on the day of the seminar kindly select the printed seminar notes when registering for the event.

Option 2 - Dedicated Webinar Broadcast

This dedicated CPD webinar will be presented on 21 September 2018 from 09.00 – 13.00

Member: R455.00

Non-member: R556.00

Company Price: R860.00

Click here to register for the Webinar


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.
  • Please click here for the full terms and conditions.

 

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