Another deadline for Trustees - 30 June 2025

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Many trustees and trust service providers are unaware that they have yet another deadline – to submit their Promotion of Access to Information Act 2 of 2000  (PAIA) reports to the Information Regulator. The current reporting period for PAIA annual reports covers the 2024/2025 period (1 April 2024 to 31 March 2025). 

Lessons to trustees and trust funders from massive SARS ‘fine’ - 4 June 2025

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Historically, trusts’ financials, if they were prepared, did not receive the attention they deserved from trustees. Typically, under pressure from often unforeseen deadlines, it was left to the accountant to make do with bank statements, if they existed for the trust, or to literally compile the trust’s financial statements on a one-page journal, massaging the numbers until they appeared satisfactory.

Another immediate “deadline” for trust and company service providers (TCSPs)

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More than two years ago, South Africa was found to have insufficiently addressed money laundering and terrorist financing, leading to its greylisting by the Financial Action Task Force (FATF). This greylisting has significant economic and reputational consequences for any country, prompting South Africa to set a deadline of January 2025 to fulfil all requirements for removal from the greylist.

Why have we not exited FATF’s greylist? - 4 March 2025

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Have we done enough as a country to be removed from the Financial Action Task Force (FATF’s) greylist? Not yet. So, what has hindered us from fulfilling our promise?

Are you as “trust and company service provider” registered with the FIC? - 29 January 2025

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Following South Africa’s greylisting in early 2023, the FIC has collaborated with various stakeholders to remove the country from the grey list, aiming for early 2025.

Accurate and honest trust tax returns by 20 January 2025 - 15 January 2025

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Trustees and service providers often underestimate the effort that should go into ensuring a correct trust tax return is submitted and that the necessary cross-checking has been done. The following pointers will assist trustees and trust service providers in remaining out of the claws of SARS.

Master’s urgent final call for assistance from trustees to improve compliance by 18 December 2024 - 13 December 2024

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Even though government issued various communications, they did not seem to have reached the correct audience; as to today, there are still many trust service providers who are not aware of the ‘new’ requirements, leaving their clients exposed.

Time to review your trust? - 4 December 2024

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It is that time of the year again when South Africans dust off their wills and insurance policies before they take the long road to their holiday destinations. This is also a perfect time to dust off the trust deed and your estate plan. Some people do introspection whilst on the beach, and personal affairs, including estate plans and trusts, are often high on the agenda for the start of 2025.