Mazars - ITR12T: THE NEW TRUST TAX RETURN:Di Seccombe
Mazars - ITR12T: THE NEW TRUST TAX RETURN:Di Seccombe



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Mazars - ITR12T: THE NEW TRUST TAX RETURN

2015-04-29

Taxpayers dealing with Trusts in any capacity, including those involved as advisors, trustees, beneficiaries or as tax practitioners cannot afford to miss this seminar. 

The ITR12T was introduced by SARS on 6 October 2014. To give taxpayers time to acquaint themselves with the new return, the completion of many fields was not mandatory for 2014. From the 2015 year of assessment onwards however, the completion of all relevant ITR12T fields will be compulsory.

The substantial increase in information disclosed in the ITR12T, will now give SARS an unprecedented ability to assess the use of trusts by taxpayers for tax planning and to determine whether the taxable income of the trust and all parties related to the trust is being and has been correctly disclosed. 

In order to complete the ITR12T correctly, taxpayers require a detailed understanding of the legal and Income Tax Act specific references used in the return. Taxpayers must also understand all the tax consequences of the increased disclosure in order to ensure the correct tax treatment of transactions between the trust, trust beneficiaries and any donors to the trust.

In this seminar we will focus on the specific questions raised in the return to assist taxpayers in: understanding the relevant terminology, gathering the information required to complete the return, and understanding the impact of the increased disclosure from a tax perspective.

THE ISSUES TO BE ADDRESSED, IN AS FAR AS THEY RELATE TO THE ITR12T WILL INCLUDE: 

Type of Trust
  • Ownership vs bewind
  • Testamentary vs Inter vivos
  • Vesting vs discretionary
  • Personal service provider

Trustees
  • Particulars required in the return
  • Timeous and valid Trustee resolutions
  • Personal liability for tax debts of the Trust

Beneficiaries
  • Particulars required in the return
  • Right to income, capital and capital gains
  • Use of loan accounts
  • Effect of changing beneficiaries

Trust income
  • Donors and deemed accruals (section 7)
  • Effect of interest free loans
  • Waiver of loans to a trust, donations tax and effect of the debt waiver
   provisions
  • Apportionment and deduction of expenses incurred by the Trust

CGT
  • Taxation of capital gains (attribution rules para’s 68-72).
  • Clogged losses

Offshore Trusts
  • Place of effective management
  • Taxation of Trust founder and resident beneficiaries
  • Taxation of non-resident trust income and capital


WHO SHOULD ATTEND
  • Persons involved in financial advisory services, estate planning and real estate
  • Tax specialists
  • Practicing accountants and lawyers,
  • In-house tax managers and advisors
  • Financial directors and managers and business owners
  • Trustees and Trust beneficiaries
  • Property developers
COST
R950 per delegate (incl. of VAT)

Payments by EFT

Banking details:
Bank: Nedbank
Name: Mazars Academy
Branch: Business Southern Peninsula
Branch code: 123 209
Account No.1017 707 006

Please make use of your personal reference nr. which you will receive on your RSVP confirmation when making payment. 
Please note that fees are non-refundable and not transferable to other seminars. 

Confirmation of payment to be sent to the following to secure your seat.

Johannesburg: Elethea Mac Simlah (JNBseminars@mazarsacademy.co.za) 
George: Marcy Januarie (GRGseminars@mazarsacademy.co.za)
Port Elizabeth: Elethea Mac Simlah (PLZseminars@mazarsacademy.co.za)
Durban: Zahieda Laws (DURseminars@mazarsacademy.co.za)

THIS SEMINAR WILL RUN IN THE FOLLOWING REGIONS: 

Johannesburg â€" Wednesday, 13 May 2015 
The Venue, 17 The High Street, Melrose Arch, Johannesburg, 2076

RSVP
Please RSVP by Wednesday, 6 May 2015 
I WILL attend or I WILL NOT attend 

For further information contact Elethea Mac Simlah atJNBseminars@mazarsacademy.co.za 
or on 0861 989 897
 

Book early as seats are limited. 
Should you wish to unsubscribe from ALL future Mazars events/seminars, please click unsubscribe.


George â€" Wednesday, 20 May 2015 
Fancourt Hotel, Montagu Street, Blanco, 6530

RSVP
Please RSVP by Wednesday, 13 May 2015 
I WILL attend or I WILL NOT attend 

For further information contact Marcy Januarie atGRGseminars@mazarsacademy.co.za 
or on 0861 989 897
 

Book early as seats are limited. 
Should you wish to unsubscribe from ALL future Mazars George events/seminars, please click unsubscribe.

Port Elizabeth â€" Thursday, 21 May 2015 
Elizabeth Place, 20 Pickering Street, 
Port Elizabeth, 6045


RSVP
Please RSVP by Thursday, 14 May 2015 
I WILL attend or I WILL NOT attend 

For further information contact Elethea Mac Simlah atPLZseminars@mazarsacademy.co.za 
or on 0861 989 897
 

Book early as seats are limited. 
Should you wish to unsubscribe from ALL future Mazars Port Elizabeth events/seminars, please click unsubscribe.


Durban â€" Tuesday, 26 May 2015 
Sahara Stadium Kingsmead, The Conference & Banqueting Venue, 2 Kingsmead Way, Off Masabalala Yengwa Ave, Durban, 4001

RSVP
Please RSVP by Tuesday, 19 May 2015 
I WILL attend or I WILL NOT attend 

For further information contact Zahieda Laws atDURseminars@mazarsacademy.co.za 
or on 0861 989 897
 

Book early as seats are limited. 
Should you wish to unsubscribe from ALL future Mazars Durban events/seminars, please click unsubscribe.


PROGRAM 
08h00 â€" 08h30 Arrival and registration
08h30 â€" 10h30 Presentation 1st half
10h30 â€" 11h00 Tea break
11h00 â€" 13h00 Presentation 2nd half


MAZARS ACADEMY

This training is brought to you in conjunction with Mazars Academy.

Mazars Academy, a campus of Mazars University, is a professional education, training and development institution established by Mazars South Africa to support capacity development in the financial management profession. The education, training and development programmes aim to support private and public sector development priorities through the development of broader access to quality learning opportunities that enhance employability and performance impact. 

Leveraging Mazars’ extensive global and local technical and business leadership expertise, the academy is well placed to design tailored training programmes, delivered in association with subject matter experts, tuition partners and supported by innovative learning methodologies and technology. 


PRESENTER

Di Seccombe

Di Seccombe (B Com, LLB, LLM(Taxation)) is an admitted attorney with a Masters degree in taxation and, has been involved in tax for over 10 years. Di is currently the National Head of Tax Training and Presentations with Mazars and, in this capacity provides tax training to Mazars partners, staff and clients. Di also consults on Income Tax matters including, Corporate, Individual and International tax as well as VAT. Di presents tax seminars on a national basis for amongst others, the SA Institute of Tax Practitioners, the SA Institute of Professional Accountants and the UCT Graduate School of Business focusing on general as well as specialised tax topics. Di still lectures part-time for the National School of Accounting to assist up and coming CA’s with passing the UNISA CTA (Hons) programme and for Varsity College in Cape Town. Di started her tax career as a full time academic with the University of KwaZulu-Natal before moving into practice. She has presented numerous tax seminars with great success to attendees ranging from JSE corporate advisers to smaller tax practitioners and is a popular lecturer amongst her students. Di’s primary focus in any presentation is that attendees find the material relevant and presented in an understandable and accessible manner.





Mazars - ITR12T: THE NEW TRUST TAX RETURN

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