ERNST & YOUNG
Accounting Services in Sandton

EYG is the principal governance entity of the global EY organization and does not provide any service to clients. Our bespoke model supports both the personal and company performance agenda of family businesses leaders, and aims to help you succeed for generations. We know that an aligned family and business strategy secures both your family’s and your company’s values on a long term basis and it also forms the foundation for the planning of ownership and management succession. What decisions need to be made when you hand over a healthy company that is equipped for the future? Generational change in family businesses is a highly complex process. While founders may want the company to keep on growing, members of the next generation may be keen to make their own way in the world, or simply may not be interested in taking on the responsibility of running the family business. Despite succession planning being acknowledged as a high-priority issue, many family businesses admit that they have no detailed hand-over plan in place to maintain the business, find the right person to take the lead, and deal with the complex tax and legal environment. For the owner of the company, succession planning is a once-in-a-lifetime process. Succession planning is always an emotional subject. These documents align the family interests with the business strategy. These and other rules governing the roles and responsibilities within a family business often take the form of a family charter. The variety of rules governing inheritance, wealth and gift taxes within different country jurisdictions can be complicated. In all countries, tax is liable on the basis of the acquired assets of individuals. Tax rates depend on the country in which the domiciled assets are inherited by or gifted to non-domiciled individuals. A trusted advisor, such as EY, can introduce different approaches and act as a professional mediator in both personal and business matters. Succession planning in line with legal and fiscal requirements, with consideration for tax on earnings and inheritance tax. Support to help develop a tailored family strategy and family charter. EY offers a wide range of professional business services specifically aimed at the unique requirements of family businesses. EY’s team of lawyers, accountants and chartered tax advisors can work with you to help reduce your tax burden. Tax departments are increasingly involved in the strategic planning and decisions traditionally reserved for the boardroom. It is important to anticipate global tax and legal changes and their implications for your business. In addition to the structure, processes and policies related to tax controversy and risk management, your board should establish a clear strategy for cross-border tax controversy and risk management, which is in line with your performance improvement and expansion plans. As an independent tax advisor, we can help you to establish and manage your family trust, helping you identify the most tax-effective options for your family’s wealth. Our extensive experience with family and entrepreneurial businesses enables us to develop and implement approaches for effective tax management.