Trusts, tax and industry recognition

//Trusts, tax and industry recognition

Trusts, tax and industry recognition

 Chartered achieves Approved FPI Professional Practice™ status
In December last year, we fulfilled the requirements and became one of eight Approved FPI Professional Practices in the country.  The Financial Planning Institute (FPI) of South Africa, with its client-first ethos, aims to raise the professional standard in our industry.
As an FPI Approved Professional Practice, we have been identified as offering the highest standard of financial planning services in South Africa.  The criteria include adhering to strict regulatory requirements, upholding educational standards, and developing policies and procedures which are in line with the FPI Code of Ethics and Responsibility.  This not only makes us an employer of choice and a centre for mentorship for young financial planning professionals, but also means that we set the bar in the industry in terms of integrity, professionalism and competence.
Trust update: proposed changes to the conduit principle
Earlier this year the Treasury proposed changes to the conduit principle in relation to trusts.  Currently, the conduit principle allows for taxable income and capital in the trust to flow through to the trust beneficiaries who then pay tax on the amounts they receive.  If the conduit principle no longer applies, any taxable income will first be taxed within the trust at the higher trust tax rate, and not at the rate of the individual beneficiary.
These proposed changes to tax legislation, according to the National Treasury, will not take place immediately.  Further discussions have been planned before any changes are initiated.
We will keep you posted as things unfold around this issue.
A reminder of the provisional tax deadline
For those of you who are provisional taxpayers, please remember that you need to have filed and paid your provisional tax by Friday, 30 August 2013 (the last working day of the month). 
Spring is upon us!
Happy Spring day for Sunday!  I’m sure we are all more than ready for the refreshing Highveld thunderstorms and warm summer evenings that we are eagerly anticipating.

By |2017-07-11T12:21:24+00:00Jul 29, 2013|News|0 Comments

About the Author:

John is currently Chief Executive Officer at Chartered Wealth Solutions, where his main responsibilities are overseeing the day-to-day running of the business, financial planning and strategy implementation.

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