Trustees are now required to capture “Beneficial Owner” details on the Master’s Portal
An important update regarding the amended Trust Property Control Act, Act 57 of 1998 (TPCA) was gazetted on Friday, the 31st of March 2023, with an effective date of 1 April 2023.
Trustees and trust service providers are now required to capture “Beneficial Owner” details on the Master’s portal. Failure to do so could expose the Trust to fines of up to R10 million or 5-years imprisonment, or both.
The amended Regulations provide details on what is required from trustees in terms of the amended TPCA. This includes the following information that is required to be kept up to date with relevant supporting documentation:
Most of the provisions of the TPCA now being made effective, deal with the capability of the Master to maintain electronic registers.
Only a trustee or person with a power of attorney to act on behalf of the trustee(s) is allowed to capture the information on the master’s portal. Trustees are also reminded to keep clear certified copies of ID documents of all “beneficial owners.”
We urge you to take immediate action to ensure compliance with these new requirements to avoid any penalties.
Nwanda can assist our clients in digitally submitting all the required information on the master’s portal. The South Africa Revenue Service (SARS) is also enhancing its Trust requirements and similar information will have to be reported on the new trust income tax return soon. Our Secretarial Department will work closely with the Tax Department to facilitate all requirements for both SARS and the Master’s Office.
Should you require our assistance to proceed, kindly sign the attached Power of Attorney and we will revert with the required documentation for verification and signature.