Taxation of Trusts Trusts have become a sought after vehicle to raise funds for various purposes, protect assets and provide financial security for dependents. Unfortunately, they are also separate persons for tax purposes, and one needs to think carefully about the tax implications for trusts before simply creating one. We offer a dedicated session to discuss the tax workings of trusts. Deferred Tax – Back to Basics Many accountants and auditors cringe at the thought of calculating tax. “It’s not my specialty” or “I haven’t studied tax since varsity” is often the sentiment, leaving accountants, auditors and their clients feeling uneasy. We aim to get you back up to date with Income Tax and explore the typical transactions we see in business from a current Income Tax perspective. Current Tax computation To be a complete professional accountant, auditor, tax practitioner and finance professional, one should be able to recognise and appreciate the tax effect of every transaction / balance. Understanding the resulting deferred tax effect of transactions is just as important.