Finansiële Emigrasie: Testamente en intestaat vererwing met emigrasie

Wanneer jy na Australië verhuis sal jy vind dat alles is dieselfde, net heeltemal anders . . . Ons weet almal hoe verskillend Engels geinterpreteer kan word: “traffic light” in plaas van “robot”, ‘n “bakkie” word ‘n “ute” genoem, ens. Boedelbeplanning is nie ‘n uitsondering nie, en soos die ou gesegde lui :”die enigste ding waarvan jy seker kan wees is die dood en belasting”. Jou testament is die beste manier om te verseker dat jou wense uitgevoer sal word in die geval van dood. ‘n Bestaande Suid-Afrikaanse testament sal heel waarskynlik nie geldig wees in Australië vir die afhandeling van jou boedel nie.

Indien ‘n persoon bates in Australië  besit en sonder ‘n geldige testament tot sterwe kom, sal sy boedel as intestaat beskou word. Die afgestorwe persoon se bates sal dan streng volgens statutêre reëls hanteer word; in sommige gevalle, in die afwesigheid van naasbestaandes, kan dit ‘n onbeplande en onbedoelde geskenk aan die Staat tot gevolg hê.  In die lig van die intestaat opvolgings reëls, sal die Staat ‘n administrateur aanstel om die bestorwe boedel te administreer en af te handel.  Die resultaat kan natuurlik dan wees dat die persoon wat in daardie rol aangestel is, die bates verdeel sonder dat dit 
noodwendig ooreenstem met die wense van
die afgestorwene.

Intestate afsterwe se praktiese uitvoering beteken dat, indien die afgestorwe persoon ‘n gade en kinders sou nalaat, die gade geregtig is op die eerste $100 000 uit die boedel, terwyl die restant dan gelykop verdeel sal word, 50% aan die gade en 50% aan die kinders. In die geval van minderjarige kinders (jonger as 18 jaar), sal hulle gedeelte deur die Publieke Trustee gehou word totdat hulle die ouderdom van 18 jaar bereik.

‘n Eenvoudige oplossing om jou risiko te verminder om intestaat te sterf, is om jou eie testament op te stel of ‘n standaard testament te koop in die vorm van ‘n “will kit” – veral as dit eenvoudig is in terme van beide die bates sowel as die begunstigdes. Ons beveel egter ten sterkste aan dat jy gebruik sal maak van ‘n regspersoon in hierdie verband.

Dit is uiters belangrik om te verstaan dat mense se omstandighede en wense verskil en jy moet veral ekstra versigtig wees indien jy geemigreer het met minderjarige kinders.

‘n Volledige testament in Australië moet veral die volgende drie aspekte aanspreek:

• Maak jou wense duidelik met betrekking tot jou bates in die geval van jou dood,
• Die aanwysing van ‘n Voog – ‘n Persoon wat deur jou aangestel word om jou minderjarige kinders se sake te behartig. Jy kan enige spesifieke faktore wat jy graag wil hê hierdie voogde in gedagte moet hou in die opvoeding en grootmaak van jou kinders  in ‘n aparte Memorandum van Wense stipuleer.
• Jou lewende testament bemagtig ‘n persoon om namens jou te handel indien jy ongeskik daartoe verklaar sou word (gewoonlik onverwags en baie jare voor jou dood)

In die meeste gevalle sal slegs jou bates in Suid-Afrika onderworpe wees aan boedelbelasting, ongeag jou residensie status. Sodra jou belasting emigrasie geaktiveer is sal jou buitelandse bates vrygestel wees van boedelbelasting, d.i. jou bates bv in  Australië .
Alhoewel boedelbelasting in Australië nie van toepassing is nie, moet kapitaalwins belasting egter in ag geneem word in jou boedelbeplanning.

Dit is dus uiters noodsaaklik om jou belasbare Suid-Afrikaanse boedel te skei van jou nie-Suid-Afrikaanse boedel (vrygestel van boedelbelasting). ‘n Geldige Suid-Afrikaanse testament kan jou erfgename beskerm teen ‘n lang en omslagtige proses om die Meester van die Hooggeregshof (in Suid-Afrika) te oorreed om nie net ‘n gesertifiseerde afskrif van jou Australiaanse testament te aanvaar nie, maar ook jou Australiaanse eksekuteur.

Die Meester mag die Australiaans aangestelde eksekuteur aanvaar sonder om die normale prosedures te volg, op voorwaarde dat die afgestorwe persoon nie in Suid-Afrika woonagtig was nie en dat daar nie in sy/haar boedel Suid-Afrikaanse vaste eiendom ingesluit is nie. Die buitelandse eksekuteur is verantwoordelik (soos in alle gevalle) om ‘n finale belasting opgawe en boedelbelasting opgawe in te dien.

‘n Uittredings annuiteit in Suid-Afrika vorm nie gewoonlik deel van jou wense in jou testament nie. In sekere gevalle kan die trustees van die betrokke fonds besluit oor die begunstigdes en moontlik selfs  jou wense verontagsaam , veral indien jy getroud is en in die geval van minderjarige kinders. Soos in ‘n vorige uitgawe bespreek, beveel ons sterk aan dat alle eks Suid-Afrikaners navraag behoort te doen en uit te vind of hulle nog uittredings annuiteite in Suid-Afrika het. Vir verskeie redes mag dit tot jou voordeel wees om hierdie fondse te onttrek en oor te plaas na Australië .  Jy het nie nodig om  aftree ouderdom (55 jaar en ouer) te bereik nie, verder benodig jy ook nie permanente verblyfsreg of burgerskap in Australië  nie.

Jou testament (beide in Australië en/of Suid-Afrika) behoort gereeld hersien te word en op datum gebring word om jou veranderde omstandighede in ag te neem. Jou testament is seker die belangrikste regsdokument wat die gemiddelde persoon ooit kan teken.Sonder een sal die hof  - en nie jy nie – besluit wat gebeur met jou bates.  Hulle kan selfs besluit wat gebeur met jou kinders.

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Financial emigration: Wills and intestate succession when you emigrate

When you move to Australia everything is the same, just totally different . . . We all know how different English can be interpreted; traffic light instead of robot, “ute” instead of “bakkie”, etc.

Estate planning is no different situation, as the old saying goes, the only thing that you can be sure of, is death and taxes . . . Your will is the best way to ensure that your wishes will be carried out with regards to the distribution of your assets following your death. 

An existing will in South Africa may not be valid in Australia for the purpose of winding up a deceased estate. 

If a person own assets in Australia and dies without an Australian will, the deceased estate will be deemed to be intestate.The deceased’s property will then be dealt with in strict accordance with certain statutory rules; in some cases, in the absence of relatives may through inertia create an unplanned and unintended gift to the State government. In lieu of an intestate succession rules, the State appoints an administrator whom is tasked to wind up the deceased estate. It follows that the person who is appointed in that role and the actual distribution may thus not reflect the deceased’s true wishes.

Intestate succession practically means that if a deceased had a spouse and children, the spouse would be entitled to the first $100,000 from the estate and the remainder of the estate would be divided equally, 50% to the spouse and 50%to the children.In a case where the children are minors (under 18 years) their share would need to be kept by the Public Trustee until they reach the age of 18.

A simple solution to mitigate the risk of dying intestate is to draw up your own will or using a standard form purchased from a stationer found in a will kit – especially if the estate is simple in terms of both assets and beneficiaries.However, we strongly suggest that you use the services of a solicitor in this regard.

It is important to understand that people’s circumstances and wishes differ and special care should be taken if you have emigrated and you have minor children. 

In Australia a proper will consist of at least three elements/documents that need proper consideration: 

• Making your wishes clear with regards to your assets in the event of your death, 
• Appointment of a Guardian - A person appointed by you to care and manage the affairs of your minor children. You can outline any specific factors you wish your guardians to consider in raising your children in a separate Memorandum of wishes.
• Your living will/ enduring power of attorney - empowering someone to act on your behalf if you should become incapacitated (possibly unexpected and/or many years before actual death)

In most instances only South African based assets will be subject to estate duty in South Africa.  Those of us who are still “resident” in South Africa (i.e. not formally emigrated) will therefor be liable for estate duty on all assets, including foreign held assets. 

Although estate duties were mainly abolished in Australia, CGT in Australia must be taken in consideration when you do your estate planning.

Preparing a South African will could go a far way to separate your dutiable South African estate from your non-South African estate (exempt from South African estate duty). Having a South African will could protect your legatees against a long and cumbersome process to have the Master of the High Court (in South Africa) accepting not only the certified copy of the Australian will but also the acceptance of the Australian executor.

The Master may accept the Australian appointed executor without following the normal procedures, on condition the deceased did not reside in South Africa and the estate does not include immovable South African properties.  The foreign executor will (as in all cases) be called upon to file a final tax return and estate duty tax return. 

A retirement annuity in South Africa does not usually form part of the wishes in your will.The trustees of the fund can override your wishes, especially if you are married and in the case of minor children. As discussed in previous issues, I urge all ex South Africans to check if you have retirement annuities left in South Africa, as well as the values thereof.  It might be to your benefit to cash in these retirement annuities and transfer the money to Australia.  You don’t need to be at retirement age (55 or older), nor do you need permanent residence or citizenship in Australia.

Your will (both in Australia and/ or in South Africa) should be reviewed from time to time, and brought up to date if necessary, in order to reflect changed circumstances.Your will is perhaps the most important legal document the average person will ever sign. Without one, the courts – and not you – decide what happens to your assets. They can even decide what happen to your children.

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Die vlug na Sydney

Ja, die kinders het gevlug… party vir die politiek, party vir die misdaad en party net van die besige lewe… Jy kan nie jou lewenstyl verander waar jy is nie, nee, te veel verwagtinge, te veel sekuriteit, te veel gemak… nee, as jy wil verander aan jou lewenstyl moet jy jouself regmaak vir ‘n “total make-over”. Hello Sydney! My nuwe begin, my nuwe lewe!

Maar hierdie gaan nie oor die vlugtelinge nie, nee, hierdie is vlug SA7700 (operated by Quantas) Dit is ongelooflik om net te sit en kyk na almal op hierdie vlug. Ons vlieg natuurlik ekonomiese klas, Jy herken die karrakters… die ouens met die “JEEP” hemde is die “khaki brigade” van 10 jaar gelede… stoere boere.. sing Nkosi in Afrikaans….

Dan is daar die lot op LSD.. nee, nie op wit poeier of pille nie… Look, See, Decide. Jip, hulle is die lot wat giggel oor alles… wat “The Australian” lees … en met almal op die vlug gesels, soek redes hoekom AUZ en redes hoekom nie meer uit die “Blou van onse berge” nie…
Ek geniet die “babyboomers” die meeste. As hulle kinders nie na Sydney “gevlug” het nie, sou hulle sekerlik nooit op enige ander plek vakansie gaan hou het as Badplaas of Chipees nie… Ook hulle is in twee kategoriee… Die op hulle eerste vlug na die verre vreemde… hulle geld is stewig om hulle middel in “a money belt”, doen al die oefeninge soos voorgeskryf om swelling te voorkom en hulle nuwe “gemaklike” klere pas nie by hulle onseker gesigte nie… Dan is daar die “frequent flyers” – die oueres van dae wat vir ‘n tweede of derde keer vir die kinders gaan kuier… deel graag raad uit, vol self versekering en ondersteuning, maar vol verwagting om die kinders en kleinkinders weer te sien.. oupa en ouma kom kuier!

Die tranerige families of die rooi dikgehuilde oe is die nuwe emmigrante, vir die eerste keer op pad na die vreemde, en moes nou net finaal van die familie en vriende afskeid neem. Emmigrasie is nie maklik nie, ten spyte van die nuwe avontuur wat voorle moet jy die emmosionele bagasie van die afskeid met jou saamdra.

Daar is net een swart person op die vlug, en hy sit langs my… Ek kan my nuuskierigheid nie meer inhou nie en vra waar kom hy vandaan… Zimbabwe! ( Die buurland wat meeste van die Suid Afrikaanse emmigrante se grootste rede vir emmigrasie is) Ek assosieer hom sommer met sy president en kry so ‘n warm gevoel onder die kraag. “ Nou waarom vlieg jy Sydney toe” wil ek verder weet… “I’m attending a Deliverance conference, we’re trying to raise money for orphaniges in Zimbabwe” is die skugter antwoord. Sy laptop lyk of hy saam met die man deur die burgeroorlog is. Sy voorlegging begin speel… ek het ‘n knop in my keel…. Kinders bly kinders… honger bly honger. Ek kyk na die gesiggies en besef dat hulle het nerens om heen te vlug nie, daar is nie vir hulle ‘n vlug na Sydney toe om ‘n beter lewe te gaan probeer skep nie, hulle probeer net vandag oorleef.

Ek sit terug, sluit my oë en dank my hemelse Vader vir sy genade vir my… dis al wat ek het…GENADE

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Emigration is not for the faint hearted…

Emotionally as well as financially, emigration is tough!

It is not only difficult to leave the family and friends behind; it is also tough to handle the guilt trips people dump on you. This can range from “you’re not a Christian if you emigrate due to security” to “you’re a racist” or “we’ll stay behind until the end, you run…” The fact is, we just want to do what is best for our family, no hidden agendas!

Strangely, over the last couple of years, sentiment has changed a great deal. So many people have told us that we are fortunate the have the opportunity and given the chance, they would do exactly the same! It still doesn’t make it easy.

There are so many uncertainties – how does the school system work? – will we be able to fit in their culture? – will we be able to maintain a good standard of living?

Talking about standard of living, what will our retirement look like? Luckily legislation changed two years ago and one can now withdraw your South African retirement annuity before the age of 55. In Africa nothing comes easy, and this process can feel worse than a bad year at the dentist. The documents you’ll be required to submit at SARS are: Tax clearance certificate, Tax directive, Proof of migration (of your tax status, not your citizenship), supporting documents, etc. You also need a blocked account and assistance with the forex transaction.

It just makes sense to get a professional to assist you in withdrawing your money from your South African retirement annuity. This person or institution should however be a tax specialist (for example a chartered accountant) as well as a registered financial planner in order to assist you with the tax issues involved as well as your insurance issues (retirement annuity, life policy, endowments, shares, etc). It also makes sense that these professionals have a South African footprint. A presence to sort matters out with SARS on a face to face basis is essential. Did I mention that the Reserve Bank must recognise your migration? Whew!!

Taking enough money with you when you are emigrating helps sort out many of the uncertainties, therefor you need to take all that you can. One of the reasons why you should take as much cash as possible with you is to give yourself the opportunity to manage your investments (and their return) which is very difficult to do if you are thousands of kilometres away from your investments.

Risks such as the strength of the currency as well as economic and political factors should also be taken in consideration.

Cashkows.com will take care of a lot of your headaches in the early withdrawal of retirement annuities in South Africa, one less uncertainty in your migration…

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