北京赛车pk10高手心得:How to register a?DECEASED ESTATE
Changes?in legislation from 1 March 2016
- Deaths prior to 1 March 2016:
- Post death income is taxable in the hands of the beneficiary.
- There is a deemed capital gain tax (CGT) event on date of death of the deceased.
- During the liquidation process, accounting for CGT on the disposal of assets is by way of a?Special Trust registered at SARS.
- A Special Trust still applies for deaths prior to 1 March 2016 which are still currently being administered.
- Deaths on or after 1 March 2016:
- Post death income is taxable in a new entity referred to as a Deceased Estate (DE).
- A DE is regarded as an entity for tax purposes and has its own number.
- A DE is not a legal entity.
- A DE is treated as a natural person.
- Not every DE needs to be registered for tax.
- There is still deemed CGT on date of death.
- Use of Special Trusts do not apply.?
北京赛车pk10技巧 www.zzff8.com Note: In terms of Section 25, read with Section 9HA of the Income Tax Act, 1962.
How to register/code a deceased person?
- An Executor must notify SARS of the death by:
- visiting the nearest SARS branch or?
- sending an email to the Contact Centre closest to the Master of the High Court where the estate is being administered:
|?Gauteng North (including Centurion and Pretoria), North West, Mpumalanga and Limpopo??
|?Gauteng South (including?Midrand, the Greater Johannesburg area, Kempton Park, Boksburg, Vereeniging and Springs), the Free State and Northern Cape
|?KwaZulu-Natal and the Northern parts of the Eastern Cape (up to and including East London)
||?[email protected] |
|?Eastern Cape (south of East London) and the Western Cape
Which documents are required for SARS for the deceased person?
- Death certificate or death notice
- Identity document of deceased person
- Letters of Executorship (J238) (if applicable) and Letter of Authority (J170) )(in cases where the estate is less than R250 000)
- Certified copy of the executor’s identity document
- Special Power of attorney (if applicable)
- Proof of physical address and contact details of executor or agent
- Last 'Will' and 'Testament' of the deceased person
- An inventory of the deceased person’s assets
- The liquidation and distribution accounts (if available)?
Steps to register a Deceased Estate?
Note: Applicable only to deaths on or after 1 March 2016 where the deceased estate requires registration at SARS. The assessment of income applies only to the new number that is issued by SARS.
For information on Estate Duty, click here
Call the SARS Contact Centre on 0800 00 7277.