Old Wealth

The South African tax laws, especially over the past five years, have undergone significant development. This includes not only the introduction of capital gains tax and a residency-based system of taxation, but, more importantly, robust general and specific tax anti-avoidance provisions.

The making use of trust-based structures has become outdated. Where it used to secure genuine tax savings, trusts are now often taxed more than other legal entities. The South African Legislature, clearly with significant input from the South African Revenue Service and borrowing from foreign country legislation, has introduced deeming and anti-avoidance measures which targets trusts. The historic advantages of trusts, such as asset protection and estate planning, remain available. However, these advantages can also be provided for using other structures.

There are new generation structures and which, depending on the situation, allows better saving and more tax robust planning.

We look after a number of high net worth families. Our service ensures that their wealth protection strategies remain optimally tax efficient and fully compliant with South African law. We are deeply experienced in South African and offshore compliance aspects, the various international tax products that are for sale and their robustness from a South African tax perspective. Our approach is holistic and encompasses income tax, capital gains tax and estate planning. Whilst many old school advisors have become stagnant in their thinking and being proactive, we successfully integrate the values of being trusted family advisors and remaining fully up to date on planning and compliance thinking.