Emigration Estate 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 R  South African estate less than R  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