As part of our fiduciary duty the trustees of any trust must compile financial statements each year. This requirement is compulsory even if the trust is “dormant”. To prepare a proper set of financial statements the accountants will need all the proper accounting records, which may include the following:
- Title deeds and registration documents of all land and buildings
- All shares held in the trust, including memberships in close corporations
- List of all assets held, acquired and disposed of
- List of all investments made
- Bank statements for the year, including credit card statements if applicable
- Statements of all capital leases and/or loans.
- IT3(b) certificates for investments, bank accounts and similar transactions
Furthermore, the following information for all trustees AND beneficiaries:
- A clear copy of ID
- Recent proof of address (in the case of a minor, proof of address supported by the parent/guardian)
- SARS income tax number
To approve these financial statements, a trustee-meeting must be held, or alternatively, all trustees can approve electronically via e-mail.