1.1.4 "the Trust" means the Trust created in terms of this deed; 1.1.5.1 the settlement referred to in clause 2 below; 1.1.5.2 any other monies, property or assets which the Trustees, in their capacity as such, may acquire by donation, inheritance, purchase, investment, re-investment, loan, exchange or otherwise, and. If any trust earns an income, including a family trust, the IRD expects you to prepare financial statements and file tax returns. loans, that the trust has. Even if your trust's only asset is the family home, we still recommend that the trustees meet . October 2020 March 2017 3. the trust is receiving dividend franking credits. December 2018 20.3 Further and subject to clauses 20.1 and 20.2 above, the Trustees shall in their sole, absolute and unfettered discretion determine whether any distribution which represents the payment or distribution of any capital profit or gain arising out of the disposal of Trust property, asset or capital of the Trust, constitutes the vesting of an interest in the capital profit or gain in respect of that disposal for purposes of para 80(2) of the Eighth Schedule to the Income Tax Act 58 of 1962 irrespective of whether the amount actually distributed is lower or higher than the amount of the capital gain determined in respect of that disposal in terms of the Eighth Schedule to the Act. DISAGREEMENTS BETWEEN TRUSTEES. 11.1 The Trustees may meet together for the dispatch of business, adjourn and otherwise regulate their meetings as they think fit. 21.1 Any benefits payable or distributed to a beneficiary, whether before or after such benefit or distribution vests in a beneficiary, may be wholly or partly paid to such beneficiary personally, applied for the benefit of such beneficiary or invested on behalf of such beneficiary in any one or more investments, or held under the control of the Trustees as the Trustees consider appropriate. If during the currency of the Trust a person so assured should die while the assurance policy on his life is still in operation, the proceeds of such policy shall form part of the Trust property; 9.1.32 to contract on behalf of the Trust and to ratify, adopt or reject contracts made on behalf or for the benefit of the Trust, either before or after its creation; 9.1.33 to employ and pay out of the Trust any other person or other persons to do any act or acts, although the Trustees or any of them could have done any such act or acts; 9.1.34 to conduct or carry on any business or to provide any type of services on behalf of and for the benefit of the Trust, and to employ the Trust property and income or any capital profit or gain, in the conduct of any such business; 9.1.35 to hold the whole or any part of the Trust property in the name of the Trust, or in their names, or in the names of any other persons nominated by them for that purpose; 9.1.36 in the event of the Trustees obtaining the necessary authority, to incorporate any company, or establish a Trust in any place in the world at the expense of the Trust with limited or unlimited liability for the purpose of inter alia, acquiring the whole or any part of the assets of the Trust. The annual report and financial statements document for each year is made available to members prior to the AGM. August 2022 This requirement is compulsory even if the trust is "dormant". 4. Being a Friendly Society means that we can focus on what's important to our members, such as providing quality products, services and member benefits rather than . 2. You may notice a change to your customer . Usually, it has two sections: a balance sheet section and an income flow section. To continue any such policy and/or to surrender, redeem, dispose of, encumber and borrow against any such policy, with the right generally to deal with any such policy as they in their discretion deem fit. Annual Statements. 6.3 Subject to 6.2 above and 6.4 below, any vacancy in the office of Trustee shall be filled from time to time by such person as shall be nominated by the Trustees remaining in office. This statement is split into two main components: assets and liabilities. It is usually composed of two sections - a balance sheet section and an income flow section. A beneficiary shall be deemed to be beneficially interested: 24.4.1 in a Trust (which shall mean and include any Trust created by any Deed of Trust, Settlement, Declaration of Trust, Will, Codicil or other Instrument in any part of the world) if any capital, capital profit or gain or income comprised in that Trust is or may become liable to be transferred, paid, applied or appointed to him or for his benefit either pursuant to the terms of the Trust or in consequence of the exercise of any power or discretion thereby conferred upon any person; or. As Trustee for the _____ Trust . November 2016 11.7 The Trustees shall keep minutes of all meetings of Trustees concerning the affairs of the Trust. The decision of the referee shall be final and binding on the Trustees and no Trustee or beneficiary shall make such decision the subject of any legal proceedings. It is not sufficient to simply include the words 'family trust' in your trust's name. 24.4.2 in a Corporation (which shall mean and include any corporation, company, establishment, partnership, firm or other entity established or incorporated or registered or carrying on business anywhere in the world) if the capital, capital profits or gains or income of the Corporation is or may become transferred, paid, applied or appointed to him or for his benefit either directly or indirectly and whether by reasons of his shareholding or the terms of any Trust which is the shareholder or in consequence of the exercise of any power or discretion conferred upon any person under any Trust which is a shareholder or otherwise howsoever. This includes the trust minute book, trust deed, gifting certificates, copies of all trust correspondence, trust bank account statements, records of any distributions (if any), and the memorandum . 26.1.2.2 precluded or restricted in any way under such laws from borrowing money or receiving credit in the Republic. The following are suggested as basic requirements. associations, foundations, funds, companies, partnerships, the state or any organ of the state and close corporations; 1.1.8 "welfare", besides the ordinary meaning of the word, also means the benefit, comfort, maintenance, education (including tertiary education), advancement in life and pleasures of the person concerned and shall include but not be limited to the cost of living, travelling, vacations, medical, dental and similar services, entertainment, tax, general care and provision, insurance, accommodation, motor vehicles, establishment in a business or a profession of the person concerned and all matters and purposes which the Trustees, in their discretion, consider to be in the interest or for the advantage of such person; 1.1.9 the words "capital", "capital gain", "capital profit", "capital losses", "losses", "operating loss", "assessed loss", "nett loss", "profits", and "income" shall be given their widest meaning and shall include assets of any kind and the word "distribute" and/or "pay" and its derivatives shall mean and include the words pay, deliver, use, benefit, make-over, give, possess or transfer and their respective derivatives; 1.1.10 the word "descendants" shall be given its widest meanings and shall include descendants (born or to be born) and adopted children; (the intent and purpose being that for all purposes under this Trust an adopted child shall be deemed to be the lawful issue of the person or persons who adopted him/her). The Trustees shall be entitled in respect of any obligations or liabilities so assumed by them to pledge, mortgage, cede in security or otherwise encumber all or any of the Trust property in such manner and subject to such terms and conditions as they shall deem fit as collateral for such obligations. This Review should be conducted annually, once the financial statements for the Trust are to hand. A trustee only makes a valid FTE where they have satisfied the relevant tests, and made an election in writing in the approved form. Find The BestTemplates at champion. February 2022 In exercising any powers of sale, whether conferred in this sub-clause or otherwise, they shall be entitled to cause such sale to be effected by public auction or by private treaty and in such manner and on such terms and conditions as they in their sole and absolute discretion may deem fit and in exercising any powers of lease they shall be entitled to cause any property to be let at such rental, for such period and on such terms and conditions as they, in their sole and absolute discretion may deem fit; 9.1.3 to invest in shares, stocks, debentures, debenture stock, unit trusts, warrants, options, bonds, gilts, securities, promissory notes, bills of exchange and other negotiable instruments, in the event of a company or a unit trust scheme prohibiting, in terms of its articles or regulations, the transfer of shares or units into the name of the Trust as such, the shares or units shall be registered in their personal names or in the names of their representatives and shall be held as nominees on behalf of the Trust; 9.1.4 to retain and allow the Trust property or any part or parts thereof to remain in the present state of investment thereof for so long as they think fit; 9.1.5 to lend money on such terms and at such interest, and to such persons (including beneficiaries and any Trustee of the Trust, or any director or shareholder of any company in which the Trust, any Trustee or beneficiary is interested, directly or indirectly or to companies in which the Trustees in their representative capacities or any beneficiary, holds shares, directly or indirectly) as the Trustees may determine, and with or without security as the Trustees may determine; 9.1.6 to dispose of and otherwise vary any Trust investment; 9.1.7 in their sole and absolute discretion, to borrow money for the purposes of discharging any liability of the Trust and/or for the purpose of paying income tax and/or for the purpose of making payment of capital and/or income, and or capital profits or gains to any beneficiary and/or for the purpose of making a loan to any beneficiary and/or for the purpose of making an investment and/or for the purposes of preserving any asset or investment of the Trust and/or for the purposes of conducting any type of business or in order to provide any type of services on behalf of the Trust and/or any other purpose deemed necessary or desirable by the Trustees, at such time or times, at such rate of interest or other consideration for any such loan and upon such terms and conditions as they may deem desirable. I think a great aid in avoiding a successful sham Trust allegation is the performing of a Financial Statement Review. 7.1 A Trustee shall be entitled to appoint another person (approved by the other Trustees in writing) to act as his alternate during his temporary absence or temporary unavailability to act as Trustee. It is recommended that trustees keep records organized and utilize financial planning software to better track expenses and investments. If you read ahead you will understand why this Review and Meeting are important and the role the financial statements play. Any such payment, distribution or investment may be affected wholly or partly in cash or by the delivery of assets. 9.1 The Trustees shall have the power to deal with the Trust property, capital and/or income and or capital profits or gains of the Trust for the benefit and purposes of the Trust, in their discretion, for which purposes they are granted the widest powers and authority, including and without prejudice to the generality of the aforegoing, the following specific powers and authorities: 9.1.1 to open and operate any banking account or facility and/or building society account or facility, apply for any credit or debit cards and to draw and issue cheques and to receive cheques, deposits, promissory notes and/or bills of exchange, and attend to any of the latter by electronic, telephonic or internet means; to acquire, dispose of, invest in, let or hire, exchange, and/or barter movable, immovable or incorporeal property and to sign and execute all requisite documents and to do all things necessary for the purposes of effecting and registering, if needs be, the transfer according to law of any such property. one or more of the beneficiaries referred to in this Trust. account numbers and balance deposited in banks or other financial institutions. The form and content of the financial statements will depend on whether the trust qualifies as a "simplified reporting trust". I've never had financial statements done for it; is it really necessary?". The meeting shall be deemed to be held on the day on which and at the time at which the meeting in the manner prescribed in terms of this clause was held. Click. Investment Property Therefore, the annual . 3 Roy J. Basic Distribution Statement Template; 12. Family trusts - concessions. Sometimes a Trustee will ask me if the above rule applies to a Trust which does not receive or earn income. 4.2 The Trustees are hereby empowered to exercise the powers afforded to them in, terms of this deed to utilize and apply the Trust property to any other objective. Use this template to prepare comprehensive trust financial statements in Excel based on IFRS for SME's. Our unique trust financial statement format consists of automated reports including an income statement, balance sheet, cash flow statement, statement of changes in equity and the notes to the financial . 11.2 The meetings may be held either by the quorum of Trustees being physically present as stipulated in clause 11.4 below, or by the quorum of Trustees interacting by way of any means of electronic communication or such other advanced means of communication as decided by the Trustees which shall include but not be limited to radio, telephone, closed circuit television or other electronic means of audio or audio/visual communication. Please also list any cash on hand not in bank accounts. August 2013 April 2013 A family loan agreement is made between a borrower that agrees to accept and repay money to a lender related by blood or marriage. 24.3 If a beneficiary repudiates any benefits which have or may accrue to him in terms of this Trust, the Trustees shall have the power, in their sole discretion, to substitute his descendants for him, and the Trustees are further empowered to create a further Trust or Trusts for such substituted beneficiaries in accordance with the applicable provisions of clause 24.1. Trustees are obliged by law to use the property for purposes that the settlor has specified. Fiduciary Statement Template. Upon the Founder ceasing to be a Trustee, her father, DIEDERICK JOHANNES KRIEL, shall be appointed a Trustee of the Trust. June 2020 In the event of the board of Trustees consisting of only two Trustees, then a distribution of capital to such Trustee who is a beneficiary shall be made by the Trustees unanimously. An alternate Trustee, while so acting, shall have all the duties, functions and powers of the Trustee he represents.
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