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Trusts remain a valuable estate planning and asset protection tool, but they also carry ongoing compliance obligations. Many trustees assume that a dormant trust with no income, assets, or activity can simply be left alone.
SARS has made it clear that inactivity does not remove a trust’s compliance obligations. With penalties now being imposed for outstanding trust returns, dormant trusts may be attracting more attention than their trustees realise.
“I can’t afford to die; I’d lose too much money.” (George Burns, comedian) At the heart of any estate plan
Phew! No major tax increases are planned, and taxpayers will benefit from zero “bracket creep” across a range of taxes. While property sellers and buyers will be disappointed that transfer duty thresholds have not increased, there’s reason to get very excited about the 50% increase in the primary residence CGT exclusion from R2m to R3m.
Read on for an illustrative calculation of CGT savings, some of the more important tax tables, and a calculator to show you how much more or less you will be paying in taxes.
“Good in parts” (Like the curate’s egg) Transfer duty threshold increased by 10% You pay no transfer duty if the
How much will you be paying in income tax, petrol and sin taxes? Use Fin 24’s four-step Budget Calculator here to find
How much will you be paying in income tax, petrol and sin taxes? Use Fin 24’s four-step Budget Calculator here to find
“Finally, we pay tribute to the millions of South Africans, whose resilience and courage during these times of pandemic and
“Owning one’s own business is an adventure – enjoy it every step of the way.” (From the SME Toolkit article
“Administrative penalties and criminal proceedings do not serve the same purpose. The [one] is aimed at strengthening internal controls of
December and January have always been prime months for selling residential property in South Africa, and if you are a