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What do we need to do money wise...


Tazzn

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We are just about to lodge our VISA application but want to start preparing ourselves with all the little bits we have to get in line before we go.

We want to sell our house and all cars. Lodge formal emigration so that all RA's and Provident funds pay out. The only thing we may leave running is an endowment fund (can we do that if we formally emigrate??).

After all this we hoping to have about R400-R500k to go over to Aus with. what do we need to do to take that money with us?

Can we open Aus bank accounts before we leave? If so how far in advance?

Do we need SARS tax clearance certificate? If so when do we do this (I would think this can only be done after everything is sold?)

Any other money matters we need to consider before we go?

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Hi Tazzn,

Hope you are well.

I am sending you a PM now.

Have a wonderful day :)

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Hi Tazzn,

Speak to Cashkows.com, they are the leaders in assisting South African expats to legally and successfully remit ALL your funds to your new country.

www.cashkows.com They are registered with the FSB and the tax advisors are SAICA memebers that should give you peace of mind. You only need tax clearance if you take more than R1mil, cashkows brought my money over with my discretionary allowance. Their initial report and consultation is free. Yes, you can open a bank account already, they can assist with that as well. You can remit your endowment but your retirement annuity can only be cashed in if you formally emigrate. It will cost you nothing to talk to them : 028 - 312 2764

Good luck on your move, exiting times!

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We are just about to lodge our VISA application but want to start preparing ourselves with all the little bits we have to get in line before we go.

We want to sell our house and all cars. Lodge formal emigration so that all RA's and Provident funds pay out. The only thing we may leave running is an endowment fund (can we do that if we formally emigrate??).

After all this we hoping to have about R400-R500k to go over to Aus with. what do we need to do to take that money with us?

Can we open Aus bank accounts before we leave? If so how far in advance?

Do we need SARS tax clearance certificate? If so when do we do this (I would think this can only be done after everything is sold?)

Any other money matters we need to consider before we go?

Hi Tazzn

Wish you all the best for your move and hope the team at Exchange4free can be of great assistance.

So you and your family can enjoy the adventure :)

Have a great day.

Tara

tlawrie@exchange4free.com

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After all this we hoping to have about R400-R500k to go over to Aus with. what do we need to do to take that money with us? Send before you leave

Can we open Aus bank accounts before we leave? If so how far in advance? Now, certain activation rules apply but do it now

Do we need SARS tax clearance certificate? For Cash no (provided done before you leave SA) for RA and other retirement funds and formal emigration yes

Any other money matters we need to consider before we go? Yes, you should send all retirement funds soonest to obtain best tax position in Oz and to transfer into a Super. Your preservation and all other funds (excl RA) can and should perhaps go now.

Tazzn

I don't do forex transfers but of all the players I suggest Fx Capital. Tanya vd Westhuizen has been in the industry for years (the longest of them all!!) and can be reached on

FX Capital

Currency Risk Management Specialists and International Trade Solutions

Cell: 079 877 2325

Tel: 021-671 0804

Fax: 086-5915446

e-mail: tanya@forexcapital.co.za

Financial Services Board License No 37166

www.forexcapital.co.za

Many may recall her as tanya at X4free, she is now with Fx and by far the most experience and I understand she can also do formal emigration now

I was with Cashkows, and the comment above re transfer without tax clearance is little outdated. They can no longer do the transfer without tx clearance after you left. It was a SARB policy change so speak to Tanya before you leave

Welcome to email me re tax questions and speak to a Super adviser as I suggest cash in all your retirement funds (other than RA's) now! But that is tax comment and your insurance broker need to be consulted as well as the super adviser in Oz

Edited by Hugo2
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We're busy dealing with CashKows at the moment. Would definitely be worthwhile giving them a call.

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Tazzn

Well done! You are well informed and are asking some great questions.

The answer to all the questions are www.cashkows.com, cashkows does all of their services in house and have a large team of specialists. They are also registered with the FSB and staff members are also SAICA registered. You can rest assure that you will get good solid professional advice and of the best rates of exchange, when it comes to transferring your money.

Cashkows has built up an excellent reputation and you will find that most of your new friends in Australia have or are dealing with cashkows.

If you need a further hand or advice with a job please search Southern Africans - Jobs in Australia. Depending on where you will settle, I can also point you to a great support group.

When you land here in Australia, please send me a personal message as I would be happy to give you a warm welcome!

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Thanks Everyone. Will contact the specialists for advice.

HouseInOZ we'll be settling on the Gold Coast most probably.

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Hugo2, a bit of contridiction...

I was with Cashkows, and the comment above re transfer without tax clearance is little outdated. They can no longer do the transfer without tx clearance after you left. It was a SARB policy change so speak to Tanya before you leave

They did not leave as yet, and they can apply before they leave for the discretionary allowance without tax clearance.... If what I've said is outdated, do you mean they must apply for tax clearance for this allowance before they leave via your suggested FX company?
I suggest we make sure Tazzn gets the correct advice without discrediting others...
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Can we open Aus bank accounts before we leave? If so how far in advance?

Yes, once you are a permanent resident you can. Many Aussie banks have a web site that explains the process. You could even call them up from RSA and they will explain everything. e.g. Anz's website for migrants is: http://www.anz.com.au/personal/travel-foreign-exchange/moving-australia/

Just two things, we were unable to draw the money out before we walked into our Aussie bank with our passports in hand. Also, apply for a Tax File Number the once you arrive and have a residential address. The bank will deduct the maximum tax rate automatically if you don't give them a tax number to prove your aren't as rich as the Reinharts. You will get extra tax they deducted back eventually (after you do a tax return), but rather get it sorted.

Cheers

Edited by monsta
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Thanks Happymigrant. I think I am going to contact all the available companies for advice and quotes before we make any decisions.

We are still a way off leaving but don't want to be rushing around last minute and leaving something out that will casue us headaches later on!

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Yes, once you are a permanent resident you can. Many Aussie banks have a web site that explains the process. You could even call them up from RSA and they will explain everything. e.g. Anz's website for migrants is: http://www.anz.com.au/personal/travel-foreign-exchange/moving-australia/

Just two things, we were unable to draw the money out before we walked into our Aussie bank with our passports in hand. Also, apply for a Tax File Number the once you arrive and have a residential address. The bank will deduct the maximum tax rate automatically if you don't give them a tax number to prove your aren't as rich as the Reinharts. You will get extra tax they deducted back eventually (after you do a tax return), but rather get it sorted.

Cheers

I agree with this, except I don't believe you need to have PR. We opened our ANZ account from SA with a temporary visa. We only got PR after nearly 4 years in Aus. Edited by Bronwyn&Co
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Hi all,

Please feel free to contact me at FX Capital( Cape Town office) or send me a PM and I will respond.

We can assist with the transfer process as well as theTax clearances ( including formal emigration).

We are FSB approved and a SA Reserve Bank approved Intermediary.

Our authorised Dealer bank in Investec Bank.

Very happy to say that FX Capital is now in their 11th year in the Forex industry.

Thanks

Tanya vd Westhuizen

FX Capital

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hi there Tazzn,

You can easily open a bank account from SA. I did it. No funny paperwork required at all. I opened with Westpac and was up and running right away. I transferred money to and from SA without any issue. If you are prepared to read up a little, it can be done at no cost other than the fees the banks charge....

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Hi,

Just wanted to know - regarding tax and transferring money across. I don't want to be paying tax again in Oz for money I'm transferring across that I've already paid tax on here in SA for.

1. Does anyone have any knowledge of this? Is there a grace period in which to transfer ones money, or do you inform some institution in Oz that this money you're bringing into the country is not additional income?

2. I also want to know, as I'm planning to transfer additional money later on as I'm still waiting for transfer of property to go through on this side, and I'm guessing by then I would already have a TRN (tax) number, would I be taxed in Oz for this second transfer, or again, is there a grace period, or some institute I can inform so that this money isn't taxed there in Oz.

any help would be greatly appreciated.

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Hi,

Just wanted to know - regarding tax and transferring money across. I don't want to be paying tax again in Oz for money I'm transferring across that I've already paid tax on here in SA for.

1. Does anyone have any knowledge of this? Is there a grace period in which to transfer ones money, or do you inform some institution in Oz that this money you're bringing into the country is not additional income?

2. I also want to know, as I'm planning to transfer additional money later on as I'm still waiting for transfer of property to go through on this side, and I'm guessing by then I would already have a TRN (tax) number, would I be taxed in Oz for this second transfer, or again, is there a grace period, or some institute I can inform so that this money isn't taxed there in Oz.

any help would be greatly appreciated.

Hi acmac, hope you are well.

You will not be taxed again in SA and are liable to tax on the sale of a property in South Africa.

There is a double tax agreement between SA and Australia meaning that if you have paid tax, or are taxed in SA, then you are not liable for further tax in Aus.

PM me and Exchange4free can assist with all your FX and related paperwork, and exchange control approvals when required.

Have a great day.

Tara

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  • 4 weeks later...

Normally the day you arrive in Australia is the day you become a tax resident of Australia. Australia taxes all tax residents on their world-wide income and you can offset the taxes paid in South Africa against your Australian income - if insufficient tax has been paid in South Africa, you will be liable for additional tax in Australia. You can not ignore any income based on mere fact that it was taxed in South Africa. Income earned (including the sale of property) before becoming an Australian tax resident will not taxable in Australia.

acmac - any income earned before arrival in Australia will only be taxed in RSA (if taxable in South Africa). The transfer of money is not taxable however if you earn interest in a South African bank account after becoming an Australian tax resident, you will need to include in your Aus tax return and pay tax in Aus on this interest (you would be able to deduct the interest withholding tax).

Regards

Louis

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  • 9 months later...

Hi all. We are arriving in Aus in Aug/Sep and have just put our house in SA on the market. We have not lived in SA for 12 years and therefore have not paid tax.

I have been told that any money you immigrate with is allowed tax free into Aus, which will be great if we sell before Aug/Sep. However, if the sale takes longer than that and we are already living in Aus when we bring the funds from the sale of the house over, will we be taxed on this?? If so, how much?

Finally, do the funds from the sale of the house have to go into a SA bank account or can the attorneys transfer the funds directly to our Aus bank account?

Thanks!

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