Page 40 - Nexia SAB&T Trust Guide 2025

Deregistration of a trust
The Trust Property Control Act makes no provision for the deregistration of a
trust. The common law, however makes provision for the termination of a trust by
operation of law in the following circumstances:
■ By statute.
■ Trust objective has been realised.
■ Failure of the beneficiary.
■ Renunciation or repudiation of rights by the beneficiary.
■ Trust assets have been destroyed without fault on the part of the trustee.
■ Operation of a resolutive condition.
If a trust can be terminated on one of the above grounds then the Master will
deregister a trust. For the termination of a trust the following documents are
required:
■ The original Letters of Authority.
■ A trustee resolution resolving to deregister the trust (where applicable).
■ A tax compliance certificate from SARS, indicating tax compliance of the trust.
■ Bank statements reflecting a nil balance on the final statement.
■ Proof that the beneficiaries have received their benefits.
■ A final set of Annual Financial Statements for the trust, reflecting a nil
balance sheet (nil assets and nil liabilities).
The first 3 documents listed above must be lodged with the Master of the High
Court with whom the trust has been registered. Upon receipt of the same the
Master will deregister the trust. Once the Master has confirmed its deregistration,
SARS is then notified to remove the trust from its taxpayer database.

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