The recent adoption of a residence-based tax system, which taxes a South African resident's income earned anywhere in the world, means you cannot simply sell the Porsche, rent out your properties and pack for Perth without potentially severe tax implications.
Danie Erasmus, a senior partner in the law firm Danie Erasmus Korten, says tax planning ahead of emigration is now essential, following South Africa's move to the new international taxation system. Erasmus is chairperson of the Association of Law Societies' tax matters committee and a member of the technical and drafting committees of the South African Revenue Service.
He says it can take more than a year to obtain tax clearance from the South African authorities, but if you leave without proper tax planning the end result could be double-taxation and the attachment of your remaining assets in South Africa.
South Africa switched to the residence-based system in January 2001. For individuals resident in South Africa, it means overseas income, such as royalties and interest, will be taxed in South Africa.
The implication for people who emigrate without tax planning is that the South African authorities will tax them on income earned on local assets and seek to tax their overseas earnings - which would already have attracted tax in the countries where they had settled.
The fact that South Africa has double-taxation treaties with some countries will provide relief. But in some instances there are no double-tax treaties. In these cases, Erasmus says you will have to pay first and argue later.
It will be up to the individual to sort out his or her tax status and seek redress - a process that might take months or even years, he says.
In the eyes of the tax authorities, your South African residency does not end when you leave the country. You have to be out of South Africa for 330 days continuously before your tax residency status changes.
During this period, you will pay tax in your new country while at the same time the South African authorities expect a slice of your income on assets here.
"Wealthy families, in particular, are advised to seek advice and enter into a proper tax planning process before packing for Perth," he says.