Writing in IOL Personal Finance, Phia van der Spuy says SARS’s recent decision to reverse more than R70 million in trust penalties was legally necessary because final demand letters were issued before the enabling legislation took effect. However, she warns trustees should not mistake the write-off for a softening of SARS’s stance, as new, legally compliant demand letters will be issued.
Phia urges trustees to submit all outstanding returns, stressing that SARS is intensifying its focus on trust compliance and can hold trustees personally liable in certain circumstances.
Read here.
Phia van der Spuy is a FISA member, FPSA® and Founder of Trusteeze