Die Las van Nakoming / The Burden of Compliance
Die wêreld van finansiële regulasie verander vinnig, en as u rekeningkundige praktyk beskou ons dit as ons plig om u op hoogte te hou — nie net van belasting en jaarstate nie, maar ook van die toenemende nakomingsvereistes wat direk op ú en op ons van toepassing is.
The Financial Intelligence Centre Act (FICA) has been significantly expanded. Accounting firms, including BVSA where we render services that fall within Schedule 1 of FICA, are treated as accountable institutions. This is not a minor administrative update; it materially affects the obligations we carry as your advisors and the information we are legally required to obtain and verify.
As ‘n aanspreeklike instelling moet ons nou formele kliënte-omsigtigheid ten opsigte van alle kliënte uitvoer. Ons is verplig om u identiteit te bevestig, die uiteindelike eienaar van enige entiteit te identifiseer, en u risikoprofiel op ‘n deurlopende basis te hersien. Dit is ‘n wetlike vereiste met ernstige administratiewe sanksies en finansiële boetes vir nie-nakoming.
We understand that being asked for copies of your ID, proof of address, company registration documents, trust deeds, and beneficial ownership declarations — when we have known you for years — may feel unnecessary. However, the law does not make exceptions for long-standing relationships.
Om te verseker dat u nie elke keer deur lang vraelyste moet werk nie, is BVSA tans besig om alle bestaande kliëntinligting sistematies in te samel. Ons doel is om ons FICA-vraelyste vooraf vir u in te vul gebaseer op inligting wat ons reeds in u lêer het — sodat u slegs die leemtes hoef te bevestig.
In addition to the above FICA compliance, tax compliance is being highlighted as a priority by SARS as well. We have identified three very important tax compliance areas you need to take note of:
- Artikel 7C — Lenings aan Trusts / Loans to Trusts
As u ’n lening aan ’n trust het waarin u ’n begunstigde of trustee is — direk of via ’n ander entiteit — moet u kennis dra van Artikel 7C van die Inkomstebelastingwet. Indien die lening teen ’n rentekoers laer as die amptelike SARS-koers (tans 7.75% per jaar) toegestaan word, kan die tekort as ’n geagte skenking beskou word en skenkingsbelasting tot gevolg hê, gewoonlik teen 20%, wat tot 25% verhoog bo die toepaslike drempel.
This rule is meant to stop people from using interest-free or low-interest loans to move assets into a trust without tax consequences. When assets are placed in a trust, the future growth on those assets can stay outside your estate, which may reduce estate duty and capital gains tax when you die. Section 7C deals with this by taxing the interest shortfall. If you are not sure whether your loan is affected or exempt, please contact your trusted advisor at BVSA.
- Trustuitkerings voor Jaareinde / Trust Distributions before Year-End
‘n Aspek wat dikwels misgekyk word, is die tydsberekening van uitkerings (“distributions”) deur die trust. Vir die uitkering om belasbaar in die hande van die begunstigde te wees — eerder as in dié van die trust self teen moontlik hoër koerse — moet die uitkering ten minste goedgekeur word vóór die trust se finansiële jaareinde.
For a discretionary trust, the distribution should be validly vested in the beneficiary before the trust’s financial year-end, supported by a trustee resolution passed in accordance with the trust deed. SARS has successfully argued in several cases that a distribution did not accrue to a beneficiary before year-end because no formal resolution was made and minuted in time. A mere intention to distribute — without a trustee resolution validly passed in accordance with the trust deed before year-end — is insufficient. Without it, the distribution is taxed in the trust’s hands at up to 45% rather than in the beneficiary’s hands, which may be at a significantly lower rate. Every distribution should therefore be supported by a formal written trustee resolution passed in accordance with the trust deed before the trust’s financial yearend.
- IT3(t)-opgawes — Verpligte Jaarlikse Indiening / IT3(t) Returns — Compulsory Annual Submission
Trustees moet seker maak dat alle nodige IT3(t)-inligting betyds by SARS ingedien word. Dit moet die bedrae wys wat in die vorige belastingjaar aan begunstigdes toegeken of uitbetaal is. Hierdie verantwoordelikheid geld vir alle trustees, ook die onafhanklike trustee.
Being an independent or external trustee does not reduce the responsibility to ensure timely and accurate IT3(t) submissions. Failure to submit — or late submission — may result in administrative penalties and even a SARS audit of the trust’s affairs.
Opsomming — vereistes vir geldige uitkerings:
- Formele skriftelike trusteebesluit, goedgekeur ingevolge die trustakte
- Decision taken and signed before the trust’s financial year-end
- Uitkering (“distribution”) duidelik aan spesifieke begunstigdes toegewys
- IT3(t) return submitted to SARS within the applicable filing period
- IT3(t) verklarings stem ooreen met trusteebesluit geneem voor jaareinde
Deur Vincent Berends | vincentb@bvsa.co.za
BVSA Bredasdorp Direkteur
