Is your Trust ready for the new Section 7C?

President Jacob Zuma has signed The Taxations Laws Amendment Bill (TLAB) into law on 11 January 2017. The TLAB will be implemented effectively from 1 March 2017. A new section, Section 7C, has also been introduced. This section specifically deals with Interest Free or Low Interest Loans to Trusts. SUMMARY OF SECTION 7C: The section applies to any loan, advance […]

The importance of the independent trustee

A well-known court case, Land Bank of South Africa vs JL Parker and Two Others (the Parker case) irrevocably changed the requirements for independent trustees to be appointed and placed renewed focus on the duties and responsibilities of all trustees. As a result of the Parker case, most Masters of the High Court now require an independent trustee to be […]

So when am I authorised to act as trustee?

The Trust Property Control Act 57 of 1988 defines a trustee as meaning “any person (including the founder of the trust) who acts as a trustee by virtue of an authorisation under Section 6.”  In the matter of Lupacchini vs Minister of Safety and Security (16/2010) [2010], ZASCA 108   (17 September 2010), the position of a trustee acting without the […]