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2019 Trust Workshop - Pretoria
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2019/08/21
When: 21 August 2019
From 08:00 am until 13:30 pm
Where: Diep in die Berg
929 Disselboom Ave
Wapadrand
Pretoria, Gauteng  0050
South Africa
Contact: Thabelo Raivhogo
0129437002


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Trusts and Beneficiaries Loan accounts, foreign dividends and deductible expenses

Overview

The 2018 Taxation Amendments have created an entirely new set of limitations when using local and offshore trusts for tax planning. In this seminar we will focus on these far-reaching changes and their impact.

A further amendment to section 7C, which causes an annual donation to arise from low- or interest-free loans to trusts and companies, has made the section more onerous for companies held by trusts. New rules in respect of debt waivers will ensure the tax-free annual reduction of loans to trusts by R100 000 is no longer possible. Detailed disclosure in the Income Tax Return for a Trust (ITR12T) and Income Tax Return for Individuals (ITR12) allows SARS to accurately assess the deduction, allocation and disclosure of expenses in the hands of the trust and beneficiaries of the trust.

The tax consequences of foreign dividends flowing into offshore trusts and back to South African tax residents have fundamentally changed and the impact of these changes on specific offshore tax structures must be understood.

In this seminar we will not revisit the basic taxation rules for trusts in great detail, but will look specifically at the application of those rules and amendments to them.


Course Content

Please join us as we take an in-depth look into the following issues:

  • Section 7C
    • New amendment to section 7C and loans to companies held by trusts
    • New debt waiver rules and effect on R100 000 annual debt reduction
    • Brief reminder of sections 7 and 7C and potential double tax
    • Application of section 7C to beneficiary loan accounts and how to avoid this
    • Disclosure of loans in AFSs and effect on 7C
    • Estate planning in respect of 7C loans
  • Offshore trusts
    • Amendments to section 25B(2A) and effect on taxation of foreign dividends
  • ITR12T Trust return
    • Allocation and deduction of trust expenses
    • New disclosure required in trust AFSs
    • Disclosure linked directly to section 7C
  • ITR12 Individual return of trust beneficiaries
    • Disclosure in respect of trust distributions
    • Deduction and disclosure of expenses incurred by the trust in respect of distributed amounts
    • Effect of beneficiary loan accounts
  • Trustee resolutions
    • Wording of resolution and effect on application of section 7C to beneficiary loan accounts

Who should attend?

  • Persons involved in financial advisory services, estate planning and real estate
  • Tax specialists
  • Tax practitioners involved in the submission of trust returns
  • Practicing accountants and lawyers
  • In-house tax managers and advisors
  • Financial directors, managers and business owners
  • Trustees and trust beneficiaries

Presenter

Di Seccombe

National Head of Taxation: Mazars Academy


CPD

Practical Workshop:

This event and successful completion of the online assessment will secure 5.5 hours verifiable output Tax CPD points.

Webinar:

This event and successful completion of the online assessment will secure 2.5 hours verifiable output Tax CPD points.


Event Investment

50% Discount for 2019 CPD subscribers on General Tax Practitioner and Tax Accountant subscription packages to attend the Workshop. (Not yet a subscriber? Please click here for more information).

Option 1 - Workshop

Member: R1295.00

Non-member: R1595.00

Printed notes: R50.00

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 workshop kindly select the printed workshop notes when registering for the event.

Option 2 - Dedicated Webinar Broadcast

This webinar free to CPD subscribers on General Tax Practitioner and Tax Accountant subscription packages. (Not yet a subscriber? Please click here for more information).

This dedicated CPD webinar will be presented on 25 September 2019 from 2:30pm – 5.00pm

Member: R480.00

Non-member: R575.00

Company Price: R950.00


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.

 

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.

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