We can assist with your trust accounting services & taxation requirements
Structuring Your Best Interests for Absolute Peace of Mind
Our Trust department was incorporated in 2008 after our Trust client base increased dramatically because of a demand from the public for specialised trust accounting services and assistance in the taxation of local Trusts. Reliable and up-to-date trust accounting is one of the most vital functions of managing a trust. To ensure the integrity and transparency of your trust, it is advisable to rely on experts in trust services, as this will ensure that your trust is compliant with tax regulations as stipulated by authorities.
At MMS Trust Services (Pty) Ltd we pride ourselves in keeping up to date with the latest legislative changes to Trusts and in providing pro-active and personalised services for each client as part of their long term financial and tax planning requirements. By entrusting your trust management and accounting requirements to our skilled and experienced team, you can be rest assured that your personal wealth is built on compliant structures and your life’s assets are in trustworthy hands.
We provide the following services:
- Acting as the Independent Accounting Officers for all types of local Trusts
- Accounting up to Trial Balance
- Preparation of Annual Financial Statements of Trusts
- Completion and Submission of all types of Tax Returns for Trusts and Individuals
- Process and procedure reviews
- Attending Trustee Meetings
- Specialised Taxation advice on local Trusts and related parties to a Trust
We have been one of the preferred suppliers to the following organisations:
- One of the major banks of South Africa (12 Years)
- A leading investment group in South Africa (6 Years)
- Various other fiduciary and investment specialists (9 Years)
Our directors are registered with institutions such as the South African Institute of Chartered Accountants (SAICA), the Independent Regulatory Board for Auditors (IRBA) as well as the Fiduciary Institute of South Africa (FISA).
More about trusts in South Africa:
There are several different types of trusts in South Africa. Trusts are defined in alignment with the purpose they serve. For example, a Family (or Private) Trust’s main objective to protect and maintain property within a trust to the benefit of trustees, whereas a Business Trust’s aim is to let the business continue successfully.
Establishing a trust offers the following advantages:
- A trust ensures continuity – a trust can continue for multiple generations as it is able to survive the life of a donor, trustee or beneficiary
- By establishing a trust, you can protect your assets against creditors and/or disputes with spouses etc
- With a trust, you can utilise the collective knowledge, abilities and services of your trustees
- Through a trust, you can manage custody of your assets, thereby preventing them from being wasted or misused
- With a trust in place, assets are easier to manage and control. This is especially useful when there is more than one owner of an asset, and they cannot agree on how it should be managed. The trust owner/founder has the final say
- A trust allows for simpler administration concerning assets for charitable purposes
- If managed correctly, and correctly distributing income and capital gains, trusts offer several tax benefits
- Property taxes can be capped as the growth of an asset is not connected directly to a mortal person
To benefit from the advantages offered by the establishment of a trust, it is crucial that your trust is set up correctly and in compliance with tax and trust legislation. MMS’ Trust Services team offers to assist with your unique Trust requirements to ensure that your long-term wealth planning is on track. No matter the purpose of your Trust, and the limitations you want to set with regards to beneficiaries etc., our skilled and experienced team will be able to assist.
For trustworthy advice and professional guidance on a range of trust services, including taxation and trust accounting services, feel free to contact us to talk to an MMS consultant.
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