Page 38 - Nexia SAB&T Trust Guide 2025

■ 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.

REGISTRATION AND DEREGISTRATION OF A TRUST

Registration of a trust
An inter vivos trust must be registered at the office of the Master of the High Court
in whose area of jurisdiction the greatest portion of the trust assets is situated. If
more than one Master has jurisdiction over the trust assets, final jurisdiction will
rest with the Master of the office where the trust was first registered.
In respect of a testamentary trust, jurisdiction will lie with the Master of the High
Court whose office the testamentary writing (Last Will and Testament) or copy
thereof is registered and accepted.
The following documents must be lodged in order to enable the Master to register
an inter vivos or testamentary trust, and to issue Letters of Authority to the
nominated trustees:
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