Home » About Hugo van Zyl » “PROJECT DO IT” MAY BE YOUR COME OUT OF JAIL CARD FOR SA EXPATS IN AUSTRALIA

“PROJECT DO IT” MAY BE YOUR COME OUT OF JAIL CARD FOR SA EXPATS IN AUSTRALIA

hugovz@iafrica.com

hugovz@iafrica.com

DO IT BEFORE 19/12/2014 = FORMALLY EMIGRATE NOW AND WRAP UP YOUR SA TRUST SOONEST

IT’S A MATTER OF TIME SA TRUST BENEFICIARIES LIVING IN AUSTRALIA WILL BE HARSHLY TREATED AS TAX CHEATS WARNS THE ATO.

The ATO (the Australian Taxation Office) recently announced and published significant PROJECT DO IT information on the tax amnesty for foreign assets held in own or trust / entity name.

As of 1 March 2014, South Africans can now emigrate or exit their SA private company to be owned directly below an Australian trust or even better below an Australian Hold Co, either owned by an Australian trust or in certain cases as a subsidiary of a self managed Super.

More detail can be found on the more recent blog – just follow the link

Hugo may not advise on the Australian structure yet can ensure the trust is properly dissolved (where advisable and legal). I am Hugo van Zylquite willing to run this past the various families and what is important to IRM’s is that most South Africans in Australia incorrectly reported in SA and Australia i.e. they may need to do a VDP (voluntary disclosure or amnesty like) application in South Africa before or simultaneously with the ATO’s project DO IT.

Where there is a tax refund in SA, VDP will not be applicable as VDP is only where there is a tax due on revision or update.

Feel free to contact me should have questions.

See Me On TaxConnections


2 Comments

  1. Reblogged this on Exchange Control for South African Residents and commented:

    Many clients may find that dissolving the SA trust is not only tax efficient in Australia, it also eases their formal emigration process. Have any questions? Feel free to contact Hugi

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  2. […] ATO Amnesty for offshore trusts – that is your SA Trust’s come out of jail card […]

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