Trust Structuring and Administration
There are two kinds of trusts – Testamentary Trusts (flowing from a wish in a last will and testament) and Inter Vivos Trusts (which are “in life” trusts set up for a specific purpose).
Your legacy can be enjoyed by your beneficiaries even when you are gone – consider using a TRUST. Every Trust is established with a clear purpose in mind by its founder to benefit his nominated beneficiaries.
Once the Trust is approved by the Master, Bullivant will assist the founder by making the transfer of assets to the Trust or initiating other changes necessary to bring the Trust into full operation.
Bullivant can act as the appointed accountant to the Trust ensuring that all the required formalities are respected.
Bullivant is able to:
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Assist you to determine which structure and Trust is best suited to your need
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Provide insight as to why a Trust could be beneficial to you and your family
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Have new Trusts set up that are compliant with recent South African Tax Law
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Have existing Trust Deeds reviewed and updated them if necessary
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Register with SARS for Income Tax and any other tax type if it is a trading Trust
Bullivant is happy to manage the following processes with your Trustee’s approval
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Administration of amendments with the Master
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Bookkeeping
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Business Advisory
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Compilation of Annual Financial Statements
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Provisional and Annual tax return submission
AND importantly Bullivant has a legal team at its disposal for all legal matters.
Administration of Deceased Estates
For many families, the passing of a loved one is a frightening and immensely sad event. Each family needs its own time and its own arrangements to process the major change which has taken place in their lives.
For these reasons Bullivant staff engaged in the handling of deceased estates operate with a sensitive level of understanding and compassion as they interact with family members whilst carrying out their tasks.
Bullivant will manage the administration of deceased estate process:
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Collect all assets
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Settle all debts
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Submit all tax returns
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Obtain Deceased Estate Compliance Letter (DEC) - tax clearance for the deceased estate income tax
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Obtain Estate Duty Clearance Letter (ED) for the deceased estate duty
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Work with the Master of the Supreme Court
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Arrange to have the Testamentary Trust set up if necessary
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Distribute the assets or money to the cash legatees and heirs
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Accounting and Business Advisory
Battling with the bothersome task of unravelling your business finance?
Bullivant's will help get the basics right
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By selecting the correct approach to operate your business, for example as an accrual system (Invoice driven) or payment basis. (There are pros and cons for both.)
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By setting up the correct chart of accounts that suit your industry and specific business model
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Initiate and establish the best systems and processes for your business
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Introduce new controls in the bookkeeping system, to avoid any future messes!
We will teach you how to:
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Implement the accounting policies that will be disclosed in your financial statements
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Extract the essential reports from your bookkeeping system, and Interpret the reports so they make sense to you!
Bullivant's will provide a regular overview of your financial position and performance, so you can make those important financial decisions. (Temporary or long term).
Compilation of Financial Statements
Much time and effort on your part can be saved by Bullivant setting up the correct procedures for you and then completing the cycle by producing the legally required end result.
Bullivant can sign off the compiled financial statements and management financial statements when:
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Your business has a Public Interest Score of less than 100 as per the Companies Act, and
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If it is for a sole proprietor and/or partnership, and
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If it is an Incorporated Company, Close Corporation or Trust that does not require an Audit or an Independent Reviewer’s report
Bullivant can compile your business Annual Financial Statements and Management Financial Statements from your financial data:
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If your business does not have somebody qualified within your business structure to prepare them
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If your Public Interest Score is between 0 to 350 for a Close Corporation / Company
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Even if your Trust Deed requires the financial statements to be audited.
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Bullivant ensures that you are compliant with:
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The Companies Act reporting obligation,
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The Business accounting policies and procedures and
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Correct reporting framework
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Ready for the bank overdraft review and/or
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Have a starting point before preparing the annual tax return to SARS
Bookkeeping Bureau
The Bullivant Bookkeeping Bureau provides both bookkeeping services and support to your in-house bookkeeping department. This includes the essential need to comply with current legislation. You don't have an in-house bookkeeping department? Bullivant will do it for you.
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If you don't use an Accounting Programme, Bullivant is a reseller of both QuickBooks Online (QBO) and SMARTEDGE, we can set your online bookkeeping up for you or use your existing system (in most cases). We encourage online bookkeeping but can also handle slips in a shoebox!
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We encourage you to take control of the customer invoices and collections through simple and effective bookkeeping practices
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We ensure that all expense supporting documents are processed and attached to your transactions
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Bank reconciliations are performed regularly for all bank accounts including credit cards and fleet cards. (If necessary more than once a month)
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Bullivant can manage the following monthly bookkeeping functions:
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Reconciling the customer, supplier and control accounts
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Fixed assets register
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Process all depreciation journals
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Ensure the disposal of assets are processed timeously
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Process all other transactions such as payroll journals etc
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Loans advanced to /from staff, management, directors and shareholders (report to management on non-repayments, non-compliance with NCA and contravention of the Income Tax Act)
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We manage the VAT process, which includes the following:
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Check for correct application of the VAT Act to taxable supplies
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Ramdomly check that your suppliers are registered and use the correct VAT number allocated to them
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Check that the supporting documents comply with the VAT Act requirements
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Submit the VAT201 return via e-filing
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Set up the payment instruction from e-filing for your release from your internet banking platform
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Assist with your approval, SARS verification, audit, Notice of Objection and Appeal process.
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Payroll Bureau
Bullivant can manage your payroll process through their Payroll Bureau.
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We utilise an online payroll system that allows you to access reports
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We run monthly payrolls only
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You can expect :
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Payslips per employee
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Payslips to agree with the employment contract benefits
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Monthly submissions
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Declaration of UI-19 to the Unemployment Insurance Fund (UIF)
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The EMP201 to SARS
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Half-yearly submissions
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EMP501 Employer reconciliation to SARS
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Annual Submission
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EMP501 Employer reconciliation to SARS
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Generate and issue employee tax certificates
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Return of earnings to the Compensation Commissioner
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All submissions are only submitted after your approval is received
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If it is a SARS return, set the payment instruction from e-filing for your release from your internet banking platform.
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Assist with approval, Compensation Fund, SARS and COmpensation fund - verification, audit and notice of objection and the appeal process.
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Bullivant in association with specialised Labour consultants who can:
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Review and draft your employment contracts
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Assist with disciplinary procedures
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General Human Relations
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None of us want to fall foul of tax laws - or pay unnecessary tax. Bullivant is able to provide tax solutions within the tax laws which could see you paying the minimum legal tax. This service includes the submission of the required tax returns to relieve a Business, Individual or Trust of this sometimes onerous task.
We do the following types of returns:
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Income Tax for Companies, Deceased Estates, Individuals and Trusts
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Provisional tax returns
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Annual tax returns
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EMP201 and EMP501 for any type of entity that employs people to perform a job, this includes owner-managed business, CC members and company directors
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VAT201 for anyone in business that has a turnover in excess of R1 million for any 12 month period.
We assist with your approval, SARS verification, audit, Notice of Objection and Appeal process
TO DATE BULLIVANT HAS OBTAINED A 99% SUCCESS RATE ON SARS VERIFICATION, AUDIT, NOTICE OF OBJECTION AND APPEAL PROCESSES.
Crypto Asset Tax Preparation
The Crypto tax landscape is always developing. Bullivant Accounting and Tax Services can work with you to determine the best tax treatment for your Crypto Assets.