South Africa → Australia
Access your South African inheritance from Australia
It can be incredibly hard to lose someone you love in South Africa when you’re so far away. Accessing your inheritance in South Africa shouldn’t add to that stress.
MyGlobalCFO helps South Africans in Australia navigate the tax, exchange control and foreign exchange requirements involved in transferring inherited funds to Australia.
Source of funds
Estate
Policy / Death benefit
Trust
↓
MyGlobalCFO
Coordinates the route
Tax & SARS
Exchange control
Foreign exchange
↓
Destination
Australia
Funds transferred to your Australian bank account
Every inheritance is different
The route for accessing funds from South Africa depends on a number of factors, including where the money is coming from, your South African tax status and the amount involved. There is no single inheritance transfer process.
Source of the funds
Estate, life policy or death benefit, trust, or another source.
Your SARS status
Your South African tax residency and tax status can affect the approvals and documentation required.
Amount being transferred
Large transfers may require additional SARS and/or Exchange control approval.
One team across tax, exchange control and forex
Tax & SARS
We assess your tax status and identify any SARS documentation or approvals that may be required.
Exchange control
We determine the appropriate route for releasing and transferring the inheritance from South Africa.
Foreign exchange
Once the funds are ready to move, we arrange the conversion and transfer to your Australian bank account using our specialist FX service.
What we take care of
01
Review your case
Estate · Policy · Trust
We establish where the funds are coming from and understand your position before anything moves.
02
Handle the South African
requirements
Tax · SARS · Exchange control
We help you plan the optimal approach (taking into account the SARS and exchange control considerations) to externalise your inherited funds.
03
Move the funds efficiently
Forex · Transfer · Completion
Once everything is in place, we arrange the foreign exchange and transfer your inheritance offshore.
Inheritances FAQs
Why use MyGlobalCFO to remit my inheritance to Australia?
Our objective is to save you money relative to normal bank transfer, and to navigate the tax and exchange control complexities of extracting your inheritance as efficiently as possible.
We bring a unique set of Tax and Exchange control experience, tailored to your specific circumstances.
Through strong relationships with our partner banks, we are often able to expedite inheritance transfers – and can facilitate specific inheritance exchange control approvals for those that have ceased tax residency (via ourselves or otherwise) to remit bequests under R10m without the need to obtain tax clearance (AIT).
Do I pay tax on an inheritance from an estate in South Africa?
An inheritance received from a deceased estate is generally not taxed as income in the hands of the beneficiary in South Africa. Estate duty, where applicable, is dealt with at estate level before the inheritance is distributed.
The Australian tax treatment can depend on the nature of the assets, subsequent income or gains and the beneficiary’s individual circumstances. We can help identify the South African requirements and coordinate with the appropriate tax advisers where necessary.
How does MyGlobalCFO help me access an inheritance from South Africa?
Accessing an inheritance from South Africa can involve taxation, exchange control and foreign exchange requirements.
We assess your circumstances and determine the appropriate route for releasing and transferring the funds. Depending on your tax residency status, the source of the inheritance and the amount involved, this may include SARS processes, exchange control requirements and non-resident or emigrant banking arrangements.
Once the funds are available for transfer, we can arrange the foreign exchange and transfer them to your Australian bank account.
How quickly can I access my inheritance?
The timing largely depends on where the funds are coming from.
If you are receiving an inheritance from a deceased estate, the estate administration process can take several months. The executor must settle liabilities, prepare the Liquidation and Distribution account and complete the relevant Master of the High Court processes before the estate can usually distribute funds.
Where funds are payable directly by a policy provider — for example, a death benefit with a nominated beneficiary — the process can often be significantly quicker and may take a matter of weeks rather than months.
What documents will I need?
The exact documents depend on the source of the inheritance and your circumstances. They may include estate or policy documentation, identification, proof of your South African tax status, banking information and documents required for any SARS or exchange control process.
We will confirm what is required after reviewing your case.
Can MyGlobalCFO transfer the inheritance to my Australian bank account?
Yes. Once the relevant South African requirements have been completed and the funds are available for transfer, MyGlobalCFO can arrange the foreign exchange and transfer the proceeds to your Australian bank account.
Need help accessing an inheritance in South Africa?
Tell us where the funds are coming from and we’ll help you understand the next steps.