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Accounting Services in Alberton

Specialists in:Accounting | Tax For Companies | Tax For Individuals |IndependentReviews | Preparing Financial Statements| Payroll | BIC Template Creation|  Preparing Monthly Management Accounts | Consulting & Error Correction.

Our Clients only receive good advice, exceptional service with a focus on assisting your business to grow financially to the next level. Working with such a dynamic group is really a pleasure. Business restructurings and best way forward business structures. We understand the importance of reliable and comprehensive advice when making business decisions. We offer the best Corporate and Individual Taxation Services to our clients across Alberton, Johannesburg and South Africa. We offer the full accounting and financial function or only management accounts on a monthly basis, the choice is yours. Privately owned entities and subsidiaries of foreign entities. We are Accountants in Alberton offering best services for Financial Auditing, Bookkeeping and Payroll services across Alberton, Gauteng, Johannesburg and South Africa. Bear in mind that volumes can be written about trusts because this institution can be linked to many aspects of the law, accounting and taxation. A trust is a contract between the founder (settler) and other trustees thereto (akin to being managers/caretakers) for the benefit of the beneficiaries nominated in the trust document. A vesting trust yields specific predetermined funds or advantages to a beneficiary, whilst a discretionary trust yields income or capital income to a beneficiary according to the discretion of the Board of Trustees appointed to control the trust funds. A trust should be administered in terms of the Trust Property Control Act, 57 of 1988 as amended. It means that the Master of the respective High Courts in the country are the custodians of trusts and jurisdiction is determined as to where the main asset of the trust is situated. In order to mobilize a trust, assets need to be identified and segregated by the founder of the trust such as shares in a company, property or cash funds. The trustees take control over the assets on behalf of the trust and the assets become the property of the trust fund (the founder or donor loses control, otherwise it is not a trust ! Decisions are made by the trustees in the same way meetings are conducted in other business forms. It also create certainty amongst trustees and beneficiaries in the same way as in a partnership or company structure. In practice a distinction is made between a family trust and a business trust. Tax authorities will not, in applying tax laws, as a matter of principle, keep a blind eye to business intentions, even if a family or even a charitable trust has been created. It depends on the wording of the trust deed, the minutes of meetings, recorded business transactions, i.e. objective factors coupled with the intention of the trustees to make an ultimate decision whether a specific trust is of a business nature or not. A distinction must be made between income distributed to beneficiaries during a specific tax year and income retained in the trust at the end of a specific tax year. It means that the task is onerous and persons with knowledge should act as trustees. Continuity is guaranteed as the trustees keep on controlling the funds (hopefully for the benefit of the trust and its beneficiaries) A trust can be used to conduct take-overs, control companies, and can provide the function of a holding structure; In practice change of shares in a company go hand in hand with trusts. Rarely will experienced business persons not use trusts as shareholders.