K-Vdm Posted August 5, 2018 Report Share Posted August 5, 2018 Hi all Haven't posted in ages. We've been in Aus for just over 7 years - came over with PR and subsequently got Citizenship. We have also renounced our SA citizenship. We haven't lodged SA tax returns in 6 years (did the final 1 that was due shortly after we moved and never again as there was no income, or bank accounts left). We never formally emigrated as we did not have any assets nor RA's etc left in SA. My father passed away 2 weeks ago :( We will be getting money from the estate (not sure what amount yet) and I am wondering if we need to financially emigrate to have easy access to it? We can renounce our share of the estate and my mom will just give us money in her own capacity or it can be part of the estate and be paid in that manner. My concern is that we will have issues getting the inheritance if we have not formally emigrated. Anyone with experience in this area? Quote Link to comment Share on other sites More sharing options...
Hugo2 Posted August 5, 2018 Report Share Posted August 5, 2018 Morning if you mother inherits there may be a saving in estate duty which could off set the donations tax she will pay on donating to you. Once she has donated to you the money can't flow to you and she will end up paying tax in SA on your Oz income - section 7(8). Not a good idea If below R2m you and your spouse can each take R1m out, not tax clearance Formal emigration is an option and if you have been ouut 5plus years one can consider the quick route no tax clearance Quote Link to comment Share on other sites More sharing options...
K-Vdm Posted August 5, 2018 Author Report Share Posted August 5, 2018 49 minutes ago, Hugo2 said: Morning if you mother inherits there may be a saving in estate duty which could off set the donations tax she will pay on donating to you. Once she has donated to you the money can't flow to you and she will end up paying tax in SA on your Oz income - section 7(8). Not a good idea If below R2m you and your spouse can each take R1m out, not tax clearance Formal emigration is an option and if you have been ouut 5plus years one can consider the quick route no tax clearance Thanks for the advice. I will have to do it formally at some stage but hoped to skip it now. Guess it all depends on the amount we will get - can't imagine it will be over thet 2milj mark. Will advise my mom about the donation tax as we were not aware of that but knew about the R1mil each without clearance.. Quote Link to comment Share on other sites More sharing options...
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