Ian
There is no rule that dictates what your boat ect must look like, however with the new laws you must have the following on your boat, red flag (Or Flair), anchor with 40m rope, bailing bucket, first aid kit, tool set and fire extinguisher. Life jacket SAB approved for each individual on the boat. The bass Clubs pretty much apply the law when it comes to safety. I have seen many infaltables when man made live wells, ussually made out of fibre glass with an aerator fitted, they ussually fill the live well manually and refresh the water on a regular basis.
Your VERY FIRST step should be to join a Club, once you have joined a club you will get oppertunity to fish Club comp which is ussually a good mesurement to see if you enjoy competitive fishing or not. If you move up to Divisional fishing I would recommend you have a fairly decent boat. Take your time with Club comps before moving up as Divisional fishing is very expensive and takes a big commitment. I see you are from the Cape, it will mean that you will have to travel to places like Theewaters Kloof, Clan William, Kwaggaskloof ect. You will also learn in the club what tackle to buy and if you listen you will safe yourself a lot of money by not buying garbage of which there is a lot out there.
I have copied the SABAA rules that talk about safety and live wells see below:
RULE 4 - USE OF LIVE-WELLS