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1. Tax loophole about to close

National Treasury targeted an anti-avoidance measure to curb the transfer of assets to trusts through the use of low or interest-free loans. 

Kemp Munnik, head of structured solutions at investment bank Bravura, explains: “Historically, say you and I create a trust and I want to put my property into a trust – the only way you 'sell' it to a trusts is on loan account so if I for example sell my R10m property to a trust, the trust then owes me the money. If the value of the property grows to R25m the increase in value is outside of my estate. So the only asset in my estate will be the R10m 'loan' that the trust is owing me."

In this instance there was no income tax consequences because of an interest free loan.

2. White House proposes cutting tax rates

Donald Trump proposed sharp reductions in individual and business income tax rates and a radical reordering of the tax code that benefit the wealthy.

The new proposed tax brackets would be, from a minimum of 10 ,25 and up to a maximum of 35 percent. This is a significant drop from the previous tax ceiling of 39.6%.

Mr. Trump also wants to double the standard deduction for individuals, eliminating taxes at around $24,000 of a couple's earnings. The proposal would scrap most itemized deductions. The president would take care to leave in place a number of breaks for mortgage interest charitable contributions and retirement savings.