Tax affairs on Emigration - Moveable assets

[stressmerchant]

Hi all

I wonder if anyone has some ideas on my problem, or can suggest a suitable advisor?

I am currently living in Australia, permanent resident, but still an SA citizen and have not formally emigrated as far as SARS in concerned. Amongst my remaining assets in SA is a small aeroplane, used for fun flying. I'd like to bring the aircraft out to Australia, but I'm not sure how this works from a tax perspective. There are procedures in place between the various civil aviation sides to handle the technical aspects - deregistering, reregistering, etc - but I assume that SARS is going to have something to say if I take a significant moveable asset and ship it out the country. The aircraft is worth about R600,000.

Is it possible to ship it out without formally emigrating, or do I have to go through the tax emigration process and list it as part of my household effects?

[Hugo2]

Good day to you. I can assist you with most of the issues. the civil aviation part we outsource. In short the aircraft can be take out as part of the one a life allowance of goods and not tax clearance is normally required, for the SARB process. Civil Aviation normally asks for some indication that there is no outstanding SARS issues, but that my depend on past use and registration. If it was used for charter or company trust owned, they will ask for SARS intervention as there is wear and tear.\

Your Tax (CGT if any, wear and tear recoupment if any) should have been dealt with when you become tax non-resident.

Should SARS wish to have more information a formal emigration my be the answers in anyevent

You can contact me directly or go to www.hugovanzyl.com

Greetings

HugoTaxforum