emigration estate planning and administration. issues estate planning and wills: south african and...
TRANSCRIPT
EmigrationEstate Planning and Administration
Issues
Estate Planning and Wills:
South African and Non-South African assets
South African requirements on death
Estate Planning and Tax:
Income Tax
Capital Gains Tax
Donations Tax
Estate Duty
Martie Foster - Corporate Tax Consultant
Wills
South African and non-South African assets
One will which deals with worldwide estate?
Procedures vary significantly from country to country
Succession law:
Freedom to bequeath at will
Forced heirship
Martie Foster - Corporate Tax Consultant
Wills
South African requirements on death
Reporting of death
When?
Who must report?
Documentation
South African estate exceeds R125 000
South African estate less than R125 000
No South African will?
Martie Foster - Corporate Tax Consultant
Tax
Income Tax
Residence
Ordinary residence
Physical presence test
Double tax agreement
No double tax agreement
Non-resident
Martie Foster - Corporate Tax Consultant
Tax
Capital Gains Tax
Resident v non-resident
Paragraph 12(2)(a)
Applies to all assets except for:
Immovable property in South Africa or any right or interest in such property
Primary residence exclusion
Assets attributable to a permanent establishment
Could also apply to resident entities effectively managed and controlled by emigrant
Martie Foster - Corporate Tax Consultant
Tax
Donations Tax
Payable by residents
Opportunities?
Martie Foster - Corporate Tax Consultant
Tax
Estate Duty
Residents v non-residents
Opportunities?
Martie Foster - Corporate Tax Consultant