Page 37 - Nexia SAB&T Trust Guide 2022

4. Further processing limitation
5. Information quality
6. Openess
7. Security Safeguards
8. Data Subject participation
In addition, when processing the personal information of a minor child (a
person below the age of 18 years old), perhaps in the child’s capacity as a
beneficiary of a trust, a trustee should be cognisant of Section 35 of POPIA,
which states that the processing of information about children is only allowed
if: (i) it is carried out with the prior consent of a competent person (such
as a parent or guardian) (ii) it is necessary for the establishment, exercise
or defence of a right or obligation in law (iii) it is necessary to comply with
an obligation of international public law (iv) it is for historical, statistical or
research purposes or (v) it is of personal information which has deliberately
been made public by the child with the consent of a competent person.
■ Value-Added Tax Act (no.89 of 1991) – a trust must register for VAT if it, as
an enterprise, has taxable supplies, goods or services of more that R1 million
that are made in any 12-month consecutive period. A trust making taxable
supplies of less than R1 million may register voluntarily.
■ The Financial Intelligence Centre Act (no.38 of 2001) (“FICA”), as
amended – some of the FICA documents required for trusts are as follows:
◆ Verification of all authorised trustees and beneficiaries (income tax,
identity numbers and proof of residential addresses not older than
3 months).
◆ Letters of Authority to act as trustees and copy of the trust deed.
◆ Resolution authorising trustee to act on the trust’s behalf in a property
transaction (where applicable).
◆ Income tax number of the trust.
◆ VAT number of the trust (where applicable).
◆ For bond registrations, the financial institution may require financial
statements and/or personal suretyship from the trustees.

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