SAFEGUARD YOUR LEGACY: SEVEN REASONS YOU NEED A WILL
A key instrument in the management of your affairs post-death, a carefully drafted will provides direction and clarity to your loved ones and gives you peace of mind that your instructions and wishes will be implemented. Accordingly, it is essential to consult an experienced attorney specialising in estate planning to draft a will that accurately reflects your wishes.
12 YEARS OF ACRIMONY: A CAUTIONARY TALE FOR COUPLES IN THE PROCESS OF DIVORCING
Earlier this month, the Johannesburg High Court ruled on an opposed Rule 43(6) application brought by the applicant to reduce his maintenance obligations in an ongoing divorce matter. The respondent counter-claimed, seeking an increase in maintenance and the payment of legal costs. While such applications are frequent, one aspect of the case stands out: the parties have been embroiled in bitter divorce proceedings for 12 years. Although protracted litigation has predictably depleted their finances, the biggest victim of the divorce is undoubtedly the parties’ minor daughter. The case provides a timely reminder that divorces are best settled as expeditiously as possible.
THE FIC PROVIDES GUIDANCE ON ‘BENEFICIAL OWNERSHIP’
The Financial Intelligence Centre (‘the FIC’) recently published Public Compliance Communication 59 (‘PCC 59’) to guide accountable institutions in determining the beneficial ownership of companies, trusts, partnerships, and close corporations under section 21B of the Financial Intelligence Centre Act. With an emphasis on identifying money laundering, terrorist financing, and proliferation financing risks, PCC 59 outlines the conceptual contours of ‘beneficial ownership’ and provides a three-step enquiry to establish beneficial ownership in accordance with the requirements of section 21B. Additionally, it offers guidance in distinguishing between different classes of beneficial ownership of specific juristic entities.
THE CONSTITUTIONAL COURT CLARIFIES FBE EXEMPTIONS AS SARS LOSES OUT ON R800 MILLION TAX BILL
Recently, the Constitutional Court delivered a landmark ruling in Coronation Investment Management SA (Pty) Limited v Commissioner for the South African Revenue Service, bringing an end to a protracted legal battle between SARS and a holding company having its tax residence in South Africa. Clarifying the parameters of the foreign business establishment (‘FBE’) exemption, the Court overturned the decision of the Supreme Court of Appeal (‘SCA’), exempting the company’s subsidiary from paying tax on its net income.
THE UIF TO CRACK DOWN ON NON-COMPLIANT COMPANIES
Against the backdrop of record levels of unemployment, the Unemployment Insurance Fund (‘the UIF’) is clamping down on companies who deceitfully deduct contributions from employees but do not pay these funds to the UIF. Earlier this month, the UIF revealed that it has already managed to recover more than R100 million from exploitative employers. Currently, 2.4 million employers are registered with the UIF, accounting for approximately 4.6 million employees nationwide.
For expert legal advice, contact our employment law specialists at labour@stbb.co.za.
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IT’S NOT TOO LATE TO REGISTER FOR TOMORROW’S WEBINAR!
Careful estate planning is imperative. Join Director and estate planning specialist, Refqah Ho-Yee, in this informative webinar as she cogently explains how to effectively provide for your loved ones in your will.
