Trusts – Jongste verwikkelinge in verband met voorgestelde wetswysigings - ASL
Ons is seker dat meeste kliente alreeds gehoor het van die radikale voorgestelde wetswysigings in verband met die belastinghantering van trusts asook lenings aan trusts wat deur die Nasionale Tesourie (Tesourie) en die Suid-Afrikaanse Inkomstediens (SAID) aangekondig is. (Verwys gerus na die artikel in ons Nuusbrief van Augustus 2016 deur hier te klik ).
Soos verwag, het die Tesourie en SAID heelwat kommentaar en navrae rakende die voorgestelde wetswysigings en die onbedoelde nagevolge daarvan, ontvang. Dit het gelei tot ‘n tweede stel voorgestelde wetswysigings wat op 21 September 2016 uitgereik is.
Die volgende is die beduidende veranderinge aan die eerste konsepwetgewing soos gepubliseer op 8 Julie 2016:
Die geagte bedrag rente bereken op ‘n laerente- of rentevrye lening aan ‘n trust sal nie meer geagte inkomste in die hande van die lener wees nie, maar eerder ‘n geagte skenking waarop skenkingsbelasting betaal moet word.
Die jaarlikse skenkingsbelastingvrystelling van R100 000 sal egter wel benut kan word ten opsigte van so ‘n geagte skenking. Dus kan daar tot R1 250 000 rentevry geleen word aan ‘n trust voordat skenkingsbelasting betaalbaar sal wees, mits die lener geen ander skenkings gedurende die betrokke jaar gemaak het nie (R1 250 000 x 8% = R100 000).
Die volgende transaksies / lenings sal vrygestel wees van die nuwe wetgewing (lys nie volledig):
Lenings aan openbare weldaadorganisasies;
Lenings onderhewig aan Artikel 64E(4) van die Inkomstebelastingwet (lening tussen ‘n maatskappy en ‘n trust waar geagte dividende ter sprake is).
Dit wil voorkom of Tesourie / SAID van voorneme is om die wetgewing op bestaande lenings asook nuwe lenings toe te pas wat prakties beteken dat die wetgewing terugwerkend geïmplementeer gaan word. Indien die wetgewing uitgevaardig word, sal die skenkingsbelasting vanaf die 2017/2018 belastingjaar gehef word.
Ons sal u op die hoogte hou van vordering met die implementering van die voorgestelde artikel 7(C). Indien u intussen die bogenoemde risiko’s vir bestaande strukture so belastingeffektief moontlik wil bestuur met die oog op 1 Maart 2017, is u welkom om u verhoudingsdirekteur te kontak of vir Pieter Aucamp by pieter@asl.co.za.
Trusts – Update on proposed law amendments
We are sure that by now most clients have heard about the radical proposed amendments to the tax treatment of trusts and loans to trusts, as made by National Treasury (Treasury) and the South African Revenue Service (SARS). (Refer to the article published in our August 2016 newsletter by clicking here ).
As expected, Treasury and SARS received a number of comments and questions regarding the unintended consequences of these proposals, which led to another draft document of proposed legislation, issued on 21 September 2016.
The following are the most significant changes made to the first draft legislation as published on 8 July 2016:
The notional amount of interest calculated on a low interest or interest-free loan to a trust will no longer be deemed income in the hands of the lender, but rather a deemed donation on which donation tax will be payable.
The annual donation tax exemption of R100 000 will apply to the deemed donation above. Therefore, a loan amounting to R1 250 000 will attract no donation tax, provided that the lender made no other donations during that year (R1 250 000 x 8% = R100 000).
The following transactions / loans will be exempt from the new legislation (list not exhaustive):
Loans to public benefit organisations;
Loans to trusts to acquire vested rights in that trust;
Loans to special trusts;
Loans to trusts to finance primary residences;
Loans subject to Section 64E(4) (loan between a company and trust where deemed dividends are applicable).
It appears that Treasury / SARS intend to apply the legislation to existing loans as well as new loans, effectively meaning that the legislation is applied retrospectively and will, if enacted, be applicable from the 2017/2018 tax year.