zulik Posted March 18, 2008 Report Share Posted March 18, 2008 Hi allI have seen mentioned in the forum that amounts over R2,000,000 can be taken out by paying a 10% fee.I have spoken to SARS and they say they know nothing about out.Anybody done this?Any feedback will be appreciated. Quote Link to comment Share on other sites More sharing options...
Anzel Posted March 18, 2008 Report Share Posted March 18, 2008 I'm now worried about the same thing... just now I win the upcomming R40mil lottery... what will I do then???? Regards,'arm'-gat. Quote Link to comment Share on other sites More sharing options...
Guest natalie3 Posted March 18, 2008 Report Share Posted March 18, 2008 Anzel....then us girls arrive in oz looking like christmas trees..with HUGE diamonds on the ears, the fingers, the toe-ring !!! When they stop us at customs :oi sheila!..whats with all the ice?"..u just play dumb and say "what u talking about?..this is how the middle-class in SA dress buddy...u should see what my buddy natalie looks like..now step aside and go bugg the saffers from first-class" Quote Link to comment Share on other sites More sharing options...
JanCPT Posted March 18, 2008 Report Share Posted March 18, 2008 (edited) I think it has to do with the limitation on foreign investment, not emmigrationIf you invest over your limit, you can pay the 10%After that, you emmigrateSARS has got nothing to do with it though - Exchange control is regulated by the SA Reserve Bank & you work through your local bank, who acts as agent for the reserve bank.All SARS does is give the tax clearance, which is required by the bankCheersjanIf you have LOTS more than the R4M per family, give me a pm & we can have a beer cause I've had a lot of time on my hands & have got it SORTED - & legally too!!! Edited March 18, 2008 by JanCpt Quote Link to comment Share on other sites More sharing options...
Bulldog Posted March 18, 2008 Report Share Posted March 18, 2008 I might be wrong but from March (new budget year) you can take R2.5 Mil and you wife can take R2.5mil and anything over and above the R5 mil you will have to pay 10% tax on. Quote Link to comment Share on other sites More sharing options...
JanCPT Posted March 18, 2008 Report Share Posted March 18, 2008 (edited) Hey Bulldog I don't think you've got that right (strictly speaking)How you got to that, I think, is because the individual annual allowance was increased to R500kIf you want to pull a fast one, you could take out your annual allowance first & then emmigrate - suppose it achieves the same objective, but I don't think it was intended that way - saves R100k on the 10% though - Great!!!ZAR100k = AU$12,5 .... not that much any more!!! .... used to have a lot of money ... as soon as we land, we're paupers!!! Cheersjan Edited March 18, 2008 by JanCpt Quote Link to comment Share on other sites More sharing options...
Guest natalie3 Posted March 18, 2008 Report Share Posted March 18, 2008 Why is no one listening.....diamonds are a girls' best friend Quote Link to comment Share on other sites More sharing options...
JanCPT Posted March 18, 2008 Report Share Posted March 18, 2008 (edited) Why is no one listening.....diamonds are a girls' best friend ... and you're willing to help out & share the load!!will we see you on the other side??? Edited March 18, 2008 by JanCpt Quote Link to comment Share on other sites More sharing options...
zulik Posted March 18, 2008 Author Report Share Posted March 18, 2008 Thanks for all the replies.JanCpt - Spot on. I am not leaving the country, just want to get more RRR out legally. Does the 10% thing exist?Would love to take you up on that beer. When are you coming to Joburg? Quote Link to comment Share on other sites More sharing options...
Guest Bronwyn Posted March 18, 2008 Report Share Posted March 18, 2008 (edited) Hi ZulikIf I were you I would speak to a Forex expert at your bank. Not just anyone, but someone in the know, like the boss. They are required to be up to speed on the latest legislation, especially since it changed only a couple of weeks ago.You cannot get ANY money out of the country without filling in a BOP (balance of payments) form with your bankers, so they should be your first source of info.I am pretty sure that a travel allowance is only for travelling , an investment allowance is for investing, and if you officially emmigrate, the rules change again. If you officially emmigrate your bank accounts will be frozen. You only need SARS to give you a tax clearance certificate if you are taking out more than your travel allowance, or officially emmigrating. As I understand, the travel allowance has just been increased to R500k per calendar year, per adult over 18. Your plane ticket and passport must be produced, and the ticket must originate in South Africa. The transfer must be done within 3 months of travel.If you get any more information, will you let us know? What I would like to know is how much a child of 15 can bring as a travel allowance? Thanks!Bronwyn Edited March 18, 2008 by Bronwyn Quote Link to comment Share on other sites More sharing options...
MichaelG Posted March 19, 2008 Report Share Posted March 19, 2008 (edited) All monies leaving or entering the country run through the Reserve Bank. SARS levies 10% additional tax on all monies over the 2 million PER TAX PAYER and 4 Million PER FAMILY. This is at SARS discretion and if they feel ANY money was not legally gained, or proper tax was not originally paid - they can refuse you.The 500K per annum is overidden by the 2 million MAX as the 2 million is over your lifetime and NOT per year....R500 000 per year "discretionary allowance for purposes of travel, gifts, donations and maintenance" will be introduced for individuals. This allowance is in addition to the existing R2m individual investment allowance.Overseas investments, property, immigration, offshore accounts - no matter HOW your money leaves, it counts towards the 2 million.Business startup capital is treated differently (so more is allowed), but then the business is OWNED by an SA company, so other foregn exchange rules.apply.@Bronwyn: unless your 15 year old child pays tax - no they do not have a travel allowance - it wil fall under one of the parents.A formal South African resident can in now transfer a single discretionary allowance of R500 000.00 for gifts, maintenance and travel per calendar year.This means that a person can now send out R500 000.00 as a gift but then he cannot travel or send maintenance for the rest of the year so it is an all in one allowance and if someone is traveling overseas can take the full R500 000.00 out but then cannot send gifts or maintenance for the reminder calendar year.Children under the age of 18 years can get a travel allowance of R160 000.00.@Zulik: My boss is in the middle of moving money to the US (yip over the limits)... with ALL the issues of tax and reserve bank, I will PM you some contact details if I can get them to assist you.@Ansel: but jokes aside, lotto winnings are seen differently to earnings, so be warned that you will have different issues removing this money from the country - This is the same for incomming people to AUS... you can't use Lotto winnings as an investment into the country - invested money has to have been gained from investment (Aus rules). So if you are lucky enough to WIN (don't we all want to ) research it well!! Edited March 19, 2008 by MichaelG Quote Link to comment Share on other sites More sharing options...
zulik Posted March 19, 2008 Author Report Share Posted March 19, 2008 MichaelG, thanks for the comments.To clarify, 2mil once off with SARB clearence.500k pa seperate from the 2mil, no clearance needed.How do I get more info on the 10% levy? Is that through SARS or SARB? Quote Link to comment Share on other sites More sharing options...
MichaelG Posted March 19, 2008 Report Share Posted March 19, 2008 (edited) SARS first: you will need a FIA001 clearance certificate.http://www.sars.gov.za/it/IT%20Forms/Tax%2...%20-%202005.pdfFrom there - everything is done through SARB Edited March 19, 2008 by MichaelG Quote Link to comment Share on other sites More sharing options...
Guest natalie3 Posted March 19, 2008 Report Share Posted March 19, 2008 ... and you're willing to help out & share the load!!will we see you on the other side??? Its just a suggestion if u happen to win the lotto... Quote Link to comment Share on other sites More sharing options...
MichaelG Posted March 19, 2008 Report Share Posted March 19, 2008 (edited) Made some corrections above, hope it helps all.Thanks Bronwyn and zulick for pointing out my errors Edited March 19, 2008 by MichaelG Quote Link to comment Share on other sites More sharing options...
JanCPT Posted March 19, 2008 Report Share Posted March 19, 2008 Its just a suggestion if u happen to win the lotto... Ok, it's a deal .... if I win the R40M, you can carry to aus for me ... who's gonna buy the ticket? Quote Link to comment Share on other sites More sharing options...
Guest natalie3 Posted March 19, 2008 Report Share Posted March 19, 2008 I charge 10% "delivery fee"... ..and then u realise..i cant guarantee ALL the rocks were transported...ummm...externally U do realise im just joking hey????? Quote Link to comment Share on other sites More sharing options...
JanCPT Posted March 19, 2008 Report Share Posted March 19, 2008 (edited) about transporting, ... or about delivering all the rocks& I suppose it's a no delivery no fee basis - i.e. you run off with the stones & I don't need to pay you??I've arranged everything - tickets, stones, customs paid off ......... tomorrow at 07.00 you'll get a knock on your door - it'll be the cops!!!!...... to escort you to the airport - they will be the cheapest to pay off!!Just in case anybody is listening in, we'll make as if you're kidding - I'm ok with that CheersJanPS - I wouldn't know where to find that many rocks & the places I'll buy them will probably rip me off so badly, I'll end up getting 30c in the R1.00 - cheaper to pay the 10% tax, seen as that's the least that I'll have to pay you Edited March 19, 2008 by JanCpt Quote Link to comment Share on other sites More sharing options...
Guest natalie3 Posted March 20, 2008 Report Share Posted March 20, 2008 Unfortunaetely the only rocks ill be taking to oz will be the little pebbles stuck to the bottom of my shoes!!..at least they are REAL..ORIGINAL!!..rooihuiskraal pebbles...cost=nothing..getting arrested for them=priceless Quote Link to comment Share on other sites More sharing options...
Biker Posted March 20, 2008 Report Share Posted March 20, 2008 You mean you don't have diamond chandeliers? Last time I checked you can take household contents to the value of R2 million. A Pierneef might not be that good, but a Picasso or Renoir might work ;-) Quote Link to comment Share on other sites More sharing options...
zulik Posted March 20, 2008 Author Report Share Posted March 20, 2008 Thanks Biker, Natalie and JanMy original question remains unanswered though.Here it is again:Hi allI have seen mentioned in the forum that amounts over R2,000,000 can be taken out by paying a 10% fee.I have spoken to SARS and they say they know nothing about out.Anybody done this?Any feedback will be appreciated. Quote Link to comment Share on other sites More sharing options...
Guest natalie3 Posted March 20, 2008 Report Share Posted March 20, 2008 Ok..i have consulted a buddy of mine who is a CA and has an MBA.(just called him)...he is also financial director for an international company..so if he's not right then your answer is blowing in the wind..He said that u can take 2 mil Per ADULT family member...any amount ABOVE that will be taxed at 10%..Now i know someone phoned sars and sars said they know nothing about that..but i doubt the person they spoke to has any similar financial backround as my friend...and that my friend...is free advice Quote Link to comment Share on other sites More sharing options...
zulik Posted March 20, 2008 Author Report Share Posted March 20, 2008 Thanks for that Natalie.Any idea how to apply for this? Quote Link to comment Share on other sites More sharing options...
Guest natalie3 Posted March 20, 2008 Report Share Posted March 20, 2008 U can get the forms needed from the reserve bank..however..your bank should be able to assist u with filling in the forms and the submission thereof..just speak to your bank..if u are still unsure get hold of your accountant and tell him the plan...Just pre-determine who will charge u the lesser fee for this..no need to waste money... Quote Link to comment Share on other sites More sharing options...
zulik Posted March 20, 2008 Author Report Share Posted March 20, 2008 Thanks so much Natalie! You are a star. Quote Link to comment Share on other sites More sharing options...
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