Page 38 - Nexia SAB&T Trust Guide 2024

■ 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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