Planning for the long term – Elana Nel talks taxPublished on 13 Feb 2020
Our clients come to us for both strategy and execution. First we look at their circumstances and determine objectives. Then we plan. To advise on the tax implications and make technical recommendations, we need to know the whole picture – business concerns, assets and income.
Advice on tax residency is number one. For many of our clients we advise on structuring before they locate to or from South Africa. This ranges from assisting with applications to the South African Reserve Bank to putting up structures and transfer of funds.
For many the current political and economic climate in South Africa, combined with an ever changing regulatory environment is a concern. Often clients want the majority of their surplus assets offshore. We help identify appropriate structures and put them in place.
There are multiple points in a client’s life when they will need tax advice. Change is often a trigger, be it a change in legislation or in personal circumstance such as selling a business or retiring. The crucial thing is to get advice before that change occurs. By acting proactively you have time to plan and structure assets in the most efficient way.
Succession planning is a new concept for many first generation wealth creators. Having said that, many of our clients in this group are showing an increasing interest. Defining a unified vision and putting an efficient governance framework in place is essential to realise long-term objectives. Having the discipline to plan ahead helps families stay ahead of the curve.
Being part of a global family office has many advantages for our clients. We work closely with our other offices to provide consolidated advice from a domestic and international perspective. It is essential to consider assets in a global as well as a wider family context. This minimises the chance of unexpected outcomes down the line.
Elana is a Director in our Tax Advisory Division and specialises in advising high net worth individuals, families and trustees on a broad range of tax, estate planning and structuring issues.
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