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How new tax proposals on trusts may affect them (and their usefulness)

(Also read "Why you should consider having a trust - and what exactly a trust is".)

The Money Show’s Bruce Whitfield interviewed BDO South Africa Tax Practitioner David Warneke.

Warneke spoke about the effect of new tax proposals on trusts.

One intention of the proposed changes is to close tax loopholes that some have exploited to reduce estate duties.

Scroll down for quotes from the audio below.

A trust is regarded as a separate entity from a tax point of view.

David Warneke

Trusts are not for the super-rich only.

David Warneke

There are many advantages to having a trust besides tax.

David Warneke

Trusts mustn’t be taxed out of existence.

David Warneke

All the implications of these proposals haven’t been thought through. Wait until at least June before you consider the unwinding of a trust.

David Warneke

Without the tax advantage people will probably think twice about setting one up.

David Warneke

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