Section 16 of the Trust Property Control Act, 1988 (Act No. 57 of 1988), states the following:
“A trustee shall, at the written request of the Master, account to the Master to his satisfaction and in accordance with the Master's requirements for his administration and disposal of trust property and shall, at the written request of the Master, deliver to the Master any book, record, account or document relating to his administration or disposal of the trust property and shall to the best of his ability answer honestly and truthfully any question put to him by the Master in connection with the administration and disposal of the trust property.”
As part of our service offering we act as accounting officers to trusts and thereby assist trustees to meet the above requirement of the Trust Property Control Act.
Our function as accounting officers under the Trust Property Control Act is to examine and report on the accounting records of the trust. The maintenance of the accounting records and the safeguarding of the assets are the responsibility of the trustees.
As the taxation of trusts is a complex and difficult area to master. We also act as tax consultants and ensure that the trust, and trust beneficiaries, are taxed in the most efficient manner while still complying with the relevant statutory and legislative requirements as set out in the various Tax Acts.
Our proposed service offering is therefore as set out below:
Preparation of financial statements for approval by trustees
Preparation and submission of the trust’s tax returns IT12TR and IRP6’s
Acting as your taxation advisers on all matters which you specifically refer to us