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.
Hugo may not advise on the Australian structure yet can ensure the trust is properly dissolved (where advisable and legal). I am quite 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.