Advising High Net Worth Individuals
Presenters : Carmen Westermeyer CA(SA)
Overview
Early 2021, SARS announced that a new unit that focuses solely on individuals with wealth and complex financial arrangements was established. The unit, known as the High Wealth Individual Taxpayer Segment (HWI), focuses on taxpayers who fall into this category. It is often the case that wealthy individual hold assets unique to this sector, including offshore investments, prompting SARS to increase their compliance focus to filter out non-compliant individuals using information at their disposal since adopting the international standards set out for the Automatic Exchange of Financial Account Information. It is imperative that tax practitioners working with clients in this segment possess fine-tuned skills to handle queries from SARS.
In this video, Carmen Westermeyer discusses relevant Interpretation Notes and the correct disclosure requirements for SARS, particularly related to high-net-worth individuals. Some of the topics covered include issues with trusts, with emphasis on foreign beneficiaries, an update on offshore retirement funds, as well as interesting developments at SARS concerning the criteria required to classify as a High Wealth Taxpayer.
Viewers are leaving with an understanding of how foreign beneficiaries can impact local trusts, as well as a better comprehension of the risks associated with offshore retirement funds.
Video Content
- Trusts issues in the spotlight, with a focus on foreign beneficiaries
- An update on offshore retirement funds.
- Recent developments at SARS with regard to tax returns for individuals meeting the criteria of High Wealth Taxpayers.
Competencies developed in this video
After watching this video, you will be:
- An understanding of how foreign beneficiaries can impact your local trusts.
- Gaining an update on your disclosure requirements to SARS.
- Understanding the current interpretations and risks associated with offshore retirement funds.