Your Dormant Trust Is Not Invisible to SARS
“Things do not go away. They go somewhere.” (Annie Dillard) Many trustees assume that a dormant trust can be safely forgotten. No income, no assets, no transactions … No problem. SARS has made it clear that this assumption may be an expensive one. In recent months, SARS has intensified its focus on trust compliance, targeting […]
Ponzi schemes: Another MTI judgment, risks and red flags
“MTl’s business clearly amounted to an unlawful ponzi-scheme, i.e. a fraudulent investing scam promising high rates of return to investors and generating returns for earlier investors with investments taken from later investors.” (Extract from judgment below) In times of economic turmoil, the promise of “easy money” can be incredibly enticing. Unfortunately, this allure often leads […]
Creditors: How to Secure Your Claim with a Notarial Bond
You should always take as much security for your claims as you possibly can before advancing credit or lending money to a debtor. That’s because if your debtor fails and is “liquidated” (if a corporate) or “sequestrated” (if an individual), without security you will have only a concurrent claim in the estate. And with a […]
Tax freedom day 2022: The day we stopped working for government
“Taxpayer: One who doesn’t have to pass a civil service exam to work for the government” (Anonymous) “Tax Freedom Day” is the first day of the year on which we South Africans (we’re talking about the “average” taxpayer here) have finally earned enough to pay off SARS and to start working for ourselves. This year […]
What SARS Says About Crypto Assets And Tax
“The future of money is digital currency” (Bill Gates) If you are thinking of buying – or have bought – any “crypto asset” such as a cryptocurrency like Bitcoin, Ethereum, Polkadot, Solana (or any of the many other crypto currencies springing up all over the place), be aware of the tax implications. As a start, […]
Be Prepared for The Cost of Dying
No one wants to contemplate their own passing, but the reality is that sooner or later it is inevitable, and particularly in these dangerous times we need always to be prepared. The loss of a loved one is always distressing. It can however be compounded by the challenge of dealing with their assets. Few people […]