Where To Register A Trust In South Africa 2024-2025
A trust is a legal arrangement whereby control over property is transferred to a person or organization (the trustee) for the benefit of someone else (the beneficiary).
You can register two types of trusts, namely the inter-vivos trust and the testamentary trust.
Where To Register A Trust In South Africa?
An inter vivos trust must be registered at the office of the Master of the High Court in whose area of jurisdiction the greatest portion of the trust assets are situated.
Registering as a Trust
A trust must register with SARS for the taxes that it may be liable for.
How to register for the following taxes
Income Tax – Registration for Trusts must be completed at a Branch with the relevant supporting documents. Once a trust is registered for Income Tax, the trustee will be required to annually submit an Income Tax Return for the Trust.
Provisional Tax – The trust must apply for registration within 21 business days of becoming liable for Provisional Tax.
Payroll Taxes –
Employees’ Tax [Pay-As-You-Earn (PAYE)] –The trust must apply for registration as an employer within 21 business days of becoming an employer.
Skills Development Levy (SDL) – Payable at 1% of the total amount paid in salaries to employees (including overtime payments, leave pay, bonuses, commissions and lump sum payments).
Unemployment Insurance Fund (UIF) – Payable at 1% of remuneration paid or payable during the month.
Value-Added Tax (VAT) – The trust must register if an enterprise has taxable supplies, goods or services subject to VAT – in excess of R1 million in any consecutive 12 month period. A trust making taxable supplies of less than R1 million may voluntarily apply to register for VAT.
A trust may also be liable for the following taxes:
Donations Tax – Donations tax is levied at a flat rate of 20% on the cumulative value of property donated not exceeding R30 million, and at a rate of 25% on the cumulative value exceeding R30 million (sections 54 to 64 of the Income Tax Act, 1962).
Transfer Duty – Payable on a sliding scale based on the value of the property transferred.
Securities Transfer Tax (STT) – Levied on the transfer of a security at 0,25% of the taxable amount of the security.
Top Tip: A trust may be eligible to register as a Tax Exempt Organisation if certain requirements are met. Refer to Section 10(1)(nC) and Section 30 of the ITA.
Do trusts register with CIPC?
A Testamentary Trust (trust mortis causa) � this is where a person creates a trust in there Last Will or Testament. An Inter Vivos Trust – This is where a trust is created will the founder is still alive.
Complete Trust Registration online.
| NAME OF TRUST: | ? |
|---|---|
| Address of Trust: | ? |
Where should I register my trust?
Generally, the Trust is registered at the Registrar office of the state/ area under whose jurisdiction the official address of the Trust comes.
However, please note that the office address of the Trust is not counted among the Trust’s property.
How do I set up a trust in South Africa?
A living trust is created by the drafting of a trust deed and registering the trust (along with various prescribed forms) with the Master of the High Court. The trust becomes effective as soon as it is registered.
What documents are required to register a trust?
Checklist for Trust registration: Documents Required
The most important document required for Trust registration is ‘Trust Deed.
Identity proof such as Voter ID, Driving License, Aadhaar Card, Passport etc.
Passport size photographs of all the parties of the Trust Deed.
Aadhaar Card of each party of the Trust.
How do I register a trust for tax in South Africa?
How to register for the following taxes. Income Tax – Registration for Trusts must be completed at a Branch with the relevant supporting documents.
Once a trust is registered for Income Tax, the trustee will be required to annually submit an Income Tax Return for the Trust.
How many trustees are required to form a trust?
two trustees
Decide the Settlers or Authors and Trustees of the Trust
Further, there is no limit on the maximum number of trustees. But a minimum of two trustees are necessary to form a Trust.
How do you change trustees of a trust in South Africa?
Naturally, a trustee could be removed as outlined in the Trust Deed. Also or in the alternative, by application to the Master of the High Court.
Or by way of a court order. The court has inherent power to remove a trustee from office at common law.
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