Question
On 31 January 2021, SA Attorneys made a trust investment from trust money not immediately required for any particular purpose in terms of the Legal
On 31 January 2021, SA Attorneys made a trust investment from trust money not immediately required for any particular purpose in terms of the Legal Practice Act 28 of 2014.
Which one of the following statements is incorrect for the above type of investment?
A. The investment should be made with banks with which the Legal Practitioners Fidelity Fund has entered into an arrangement.
B. 100% of trust interest earned will be paid on an annual basis to the Legal Practitioners Fidelity Fund as provided for by Rule 54.14.16.3 made under the authority of Section 95(1) of the Legal Practice Act 28 of 2014.
C. In the case of money deposited in terms of the subsection applicable to the above scenario, interest accrued must be paid over to the Legal Practitioners Fidelity Fund and vests in the Legal Practitioners Fidelity Fund.
D. The investment does not enjoy protection from the Legal Practitioners Fidelity Fund.
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
