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 […]
Bitcoin and the law – Is it legal, what about Tax, and can you leave it to your heirs?
Have you joined, or been tempted to join in, the “Bitcoin frenzy”? If so, read on. Bitcoin and Ethereum are probably the best known of the cryptocurrencies, but (as at 10 April 2018) there were over 1,565 of them, and that number is growing. Whether Bitcoin and its cousins are good investments is a matter […]
TAX PENALTIES: WHAT MUST SARS PROVE?
SARS has the power to impose severe penalties on any taxpayer failing to declare or pay taxes in accordance with law. For example, in a case recently before the Tax Court, a corporate taxpayer was audited by SARS and found to have overstated input VAT. It was assessed (after partial allowance of an objection) for: […]