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Tax and Estate Law in a Nutshell
Vat increases to 15% from 1 April 2018- the first increase since 1993. Estate duty increases to 25 % for estates over R 30 million. Higher fuel levy: Increases by 52 cents per litre, allocated 30 cents for Road Accident Fund and 22 cents for general fuel levy. GOOD NEWS: offshore allocation for institutional investors...
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Trusts & Loan Accounts: The Deadline Looms In broad terms, section 7C (which applies from 1 March 2017) deems interest on certain loans made to a trust to be a donation in the hands of the lender, which is then subject to donations tax. Step 1   Identify any affected loans If you have transferred assets...
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Venns is proud to participate, once again, in National Wills Week. From the 11th to 15th September, we will provide free, basic wills to people making a will for the first time. In addition to this, our focus is on your existing will – keeping it up to date and accurate. Rule of thumb: if there’s been...
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In a discretionary trust, the trustees need to exercise their discretion and award income and/or capital gains to the beneficiaries before the end of each tax year.  This is to comply with the Income Tax Act that requires any such award to vest in the beneficiaries before the 28th February. (Practically, it may be difficult...
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January 2017 The reward of energy, enterprise and thrift is taxes. William Feather The Taxation Laws Amendment Act No. 15 of 2016 (promulgated on 19 January 2017), introduces Section 7C into the Income Tax Act, 1962. Who needs to know about this? Any person who has made a loan or advance to a trust, in...
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