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2018 Trusts and Deceased Estates - Cape Town
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 Export to Your Calendar 2018/09/27
When: 27 September 2018
From 9:00am until 1:00pm
Where: Map this event »
Hoogeind Manor
88 Mondeor Rd
Helderberg Rural
Cape Town 7135
South Africa
Contact: Thabelo Raivhogo
0219410416


Online registration is available until: 2018/09/25
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Overview

Deceased estates

The seminar will start with the normal tax consequences, including tax on the deemed disposal of assets for persons who died on or after 1 March 2016 (section 9HA of the Income Tax Act). It will specifically deal with the non-disposals: long-term insurance policies and an interest of the deceased in any of the retirement funds. The capital gains consequences of an asset that passes to the estate or directly to an heir as well as the assets that qualify for roll-over relief – acquired by the surviving spouse – will be explained.

The income that accrues to the executor of the estate of the deceased and the disposal of assets by the executor during the winding up period will be explained (section 25 of the Income Tax Act). This will include the consequences of the estate being treated as a natural person. It will also cover the roll-over of the capital gains in respect of assets disposed of by the estate to an heir or legatee.

Trusts

The risks when trusts are used to mitigate estate duty and donations tax

In 2016, the Income Tax Act was amended to address the perceived avoidance of donations tax on the sale of an asset or on advancing loan funding to a trust. It was subsequently further extended to include loans made to certain companies and claims acquired to loans. 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. The seminar will also cover the tax consequences of debt benefits in the context of trust and also where section 7C applies.

The tax consequences of contributions to trusts, earnings in the trust and distributions by the trust

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

Another example will explain the normal tax consequences of a trust created by a court to receive compensation paid in terms of the Road Accident Fund Act. It will specifically deal with the medical expenses (including contributions) and other expenses incurred by the trustees.

The next practical example will, with regard to income and capital gains derived by the trustees of a discretionary trust, explain the tax consequences in the trust and the tax consequences 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 residents of the RSA. With regard to the beneficiaries, the focus will be on both RSA tax residents and foreign beneficiaries. The relevant law is found in section 7 and section 25B, and paragraphs 68 to 73 and 80, of the Eighth Schedule to the Income Tax Act.


Course Content:

TBC


Presenter

Piet Nel

CA(SA)

Head of School of Applied Taxation at The TaxFaculty


Daylan Straude

MCom (Taxation)

CA(SA)


Event Investment

Free for all 2018 General Tax Practitioner and Tax & Accounting Subscription Package CPD subscribers. (Not yet a subscriber? Please click here for more information).

Option 1 - Seminar:

Member: R995.00

Non-member: R1295.00

Printed notes: R51.00

Click here to register for the seminar

Important: Printed copies of notes is optional and will cost additional R51 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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