Breaking down the new beneficial ownership reporting requirements for trusts
The Amendment Act has introduced new trustee obligations into the existing South African trust law. The changes pertain to the recording and reporting of beneficial ownership of trusts. The aim of this recording is to improve transparency regarding the ownership of trust assets to assist in the combatting of a money laundering and terrorist financing.
Acting without authority: What you need to know before acting as a trustee.
It is vital that a trustee is authorised by the Master before they exercise or undertake any trustee powers or duties. If this is not adhered to, these unauthorised acts are void and of no legal effect. This can place the trust, its beneficiaries and even the trustees themselves, depending on the circumstances, in a precarious position which could have financial or other adverse consequences.
Dismissals for Poor Work Performance – an Employer’s Guide.
Employers should ensure that probationary and non-probationary employees are, amongst other things, aware of the required performance standards applicable to their position, give employees necessary guidance, counselling, mentoring and training to ensure satisfactory service, and to allow reasonable time for employees to improve the standard of their work performance. It is imperative that employers ensure that any dismissals relating to poor work performance are fully compliant with the Act and the Code of Good Practice: Dismissal (and any other applicable labour legislation).
Kim Kardashian’s Krypto Trouble Should Be A Warning To You
Reality star and businesswoman Kim Kardashian recently found herself in legal trouble in the United States after endorsing the high-risk cryptocurrency EthereumMax (“Emax”) to her millions of followers on Instagram. more...
Attention Entrepreneur : Venture Capitalism
You’re a starry-eyed entrepreneur or business owner with big dreams, intriguing ideas and promising growth prospects. You’ve got the potential, but you need the funding. In that case, it’s time more...
A boon for privacy and a blow for justice: What you need to know about the new Vodacom judgment
In April 2023, the Supreme Court of Appeal (“SCA”) handed down judgment in the case of Giftwrap Trading (Pty) Ltd v Vodacom (Pty) Ltd and Others[1] (“Vodacom”). The case set more...
2023 Amendments to the CCMA rules
The Commission for Conciliation, Mediation and Arbitration (“CCMA”) is the first port of call for the majority of disputes concerning the employment relationship and serves not only as a forum more...
Predatory lending and safeguards in the National Credit Act
Our director Matthew Thomson recently spoke with business and finance journalist Fiona Zerbst of JustMoney on the subject of predatory lending and the safeguards of the National Credit Act. JustMoney’s more...
Greylisting or Grey Hairs : new company disclosure requirements deadline 1 October 2023
Analysing the new disclosure requirements in the General Laws Amendment Act, 2022 In response to the greylisting by the Financial Action Task Force, the President has signed into law the more...
The Ban of TikTok: The US is worried, should you be?
From 2020, TikTok has become a global social media sensation. TikTok is an app where users share short form videos of them dancing, singing, vlogging, and participating in challenges etc. more...
Social Media Policy – Do we really need one?
Social media is essentially the online community where your customers, partners, suppliers, and stakeholders camp out to share information, promote products and services, and exchange opinions and experiences (possibly about more...
Tax Judgments: What are they? What do I need to know?
A debt is legally enforceable when it is made an order of court. Chapter 11 of the Tax Administration Act 28 of 2011 regulates the recovery of tax by SARS. more...