Income Tax Act
As a word of caution, if your will is found to be invalid, for whatever reason, no testamentary trust can be formed which can result in your beneficiaries being financially prejudiced.
An effective way to ensure that your affairs can be protected and safely managed in the event of mental incapacity is through the use of an inter vivos trust, which is a type of trust set up during your lifetime,
If you are employed but have been working from home during the tax year of assessment, you may be able to claim for certain running costs, although this area of tax can be tricky to navigate. Firstly, it is important
For income tax purposes, your worldwide income will be subject to income tax in South Africa. Remember, with effect from 2016, your executor will be required to file a pre-date of death assessment as well as a post-date of death
If you have children under the age of 18, keep in mind that in terms of our law, they are incapable of inheriting directly. This means that any assets bequeathed directly to them may either be held in the Guardian’s
n terms of the Income Tax Act, donations made to or for the benefit of a spouse married with an ante-nuptial or post-nuptial contract are exempt from donations tax. Where a spouse married in community of property donates property which
Before setting up the trust, you will need to consider whether it should take the form of a testamentary or living trust. A living, or inter vivos, trust is set up during your lifetime using a trust deed as the
It is important that you give careful thought to those you intending to nominate as trustees as you will effectively be entrusting them with an enormous responsibility – keeping in mind that you will no longer be around when their
Your tax commitments do not die with you and it is important to note that SARS has first claim to what is owing to them. In fact, a deceased estate cannot be finalised until your tax affairs have been fully
A very effective option for the administration of your spouse’s financial affairs is to set up a Special Trust Type A which is a trust created solely for the benefit of a person with mental or physical disability and which
