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We have a GEPF retirement fund and at resignation it can be transferred to an approved RA in south africa or paid out in cash, called a gratuity and then taxed. There is no real penalty, apart from the tax. Tax has to be paid at some point wether it is now or when you take the pension at retirement. I obviously don't want to be taxed twice on the same money though. The package in AUS consists of a 30k AUD a year super. I am taking a 20 year view. We will maintain a financial presence in SA as we have some assets here that need to be serviced and maintained My options are Transfer money into a south african RA and hope the higher interest rate outperforms the weakening rand Take the cash payout (pay the tax) and invest it with an offshore bank who might be able to get me better performance than aus Make a voluntary additional lump sum payment into an aussie super (we are talking about roughtly 150k AUD) I have taken alot of advice and the problem is that south african advisors obviously need to believe that the SA economy will weather the storms and they all seem to think leaving it here and achieving a 8-10% growth a year is a good idea. Aussie advisors are from my bank and take a very institutional view and feel 4% growth is good enough. I understand I cannot ask advice here, but perhaps some of you have made this choice and can advise on how it worked out and if you would have done it differently or perhaps you made a good choice Thanks in advance for any thoughs
Hi all Firstly I want to thank every one on this forum for freely sharing information that have made step 1 a breeze for me. I just received my Positive Skills Assessment from Engineering Australia. It came out as I hoped it would, where they recognize all my years experience, allowing me 15 points, and recognizing my qualification as equivalent to a 4 year Bachelor Degree, allowing me to claim 15 points there as well. So I will be lodging with 65 points. I think I will be on the skillselect system by the February invitation rounds. I now have a few questions. 1) the EA letter says my occupation is Engineering Technologist, with ANZCO Code 233914. It is on the SOL. However my Bachelors Degree and experience is in Mining Engineering, and wanted a 189 as Mining Engineer (Excluding Petroleum) which is also on the SOL. Should I lodge as Engineering Technologist, as the letter says, or as Mining Engineer? 2) Do I need to have ready the documents of dependants, who are the secondary applicants in this case? i.e. passports, birth certificates, etc? My wife doesn't have a birth certificate, but has a passport. can that cover? 3) Can I go ahead and apply for the dreaded Police Clearance Certificate before receiving an invite, or do I need to wait for the invite, or for when a CO is assigned after invite? 4) Can I go ahead and do medicals before invite or do I need to wait for invite or start application? Thanks.
Hey everyone, Is there anyone that has submitted their EOI's and that have received an invitation yet? If so, how long did it take to get invited from date of submission? I'm guessing everyone is still waiting anxiously to see how the new system works? My EOI was submitted on Thursday 5 July.
Hi Guys, This might have been covered here before, but there is a nice way to show how shockingly badly the Rand has performed. If 10 years ago you took 100 Australian Dollars and converted them to Indian Rupees and then converted them back today... you would loose almost nothing (except bank charges) If 10 years ago you took the same 100 Australian Dollars and converted them to South African Rands. You would need around a 4% interest rate, just to avoid loosing money when you convert it back today. Without the interest you would get back 67 dollars! I know this is bad maths... but over the last 10 years, if you left your money in South Africa earning 6% interest, its only effectively 2% when you bring it to Australia.