Are you interested in enquiring about trust tax? Please speak to one of our consultants today.
A trust is a legal entity employed to house a person’s assets and can be used for many different purposes. They are often a significant part of estate planning, can be used simply for privacy or even tax planning. Whatever reason you choose to set up a trust, you still have to pay tax to the South African Revenue Service (SARS). Generally, a trust is taxed at 40%, but specific types of trusts can be taxed on a sliding scale from 18% to 40%. A trust can fall into one of the following categories: living or testamentary and can be revocable or irrevocable.
Each has different rules and regulations which can become complex and confusing. Let the experts take on the job for you. We compile annual financial statements for your trust and use this information to submit your annual income tax return as required by SARS.