457 and taking money

[Nic]

Ok so lets say I sell the house and we have R500 000-00 in the bank that needs to get to Oz. We are going on a 457 visa.

Do we need tax clearance?

Can I just transfer the money to Oz acc and call it travel allowance ?

If we apply for PR after a year or 2 what then? (Tax clearance)

Thanx

Nic

[Alrae Goodall]

Hi

Travel allowance is R160 000 per person over 18. Think around R50 000 per child. (Unless they have changed slightly for 2008)

If you not immigrating for now (since you on a 457) you would transfer the rest as a foreign investment. This does need a SARS clearance - have to declare the exact amount on the SARS application form, so cannot apply for it until you know exactly what your financial position.

Regards Alrae

[SueB]

Travel allowance changed this year in Feb. You can now take R500 000 per person per year out as a travel allowance, not too sure how much per child. And no tax clearance needed.

You do not need tax clearance to apply for PR.

Cheers

Sue

[Die Krugers]

Travel allowance per child is R160 000, if not mistaken.

Tania

[Fern]

Just take your money like holiday money

Allowed R500 000 each per year no troubles...no tax clearance required

try to leave a POA with a parent or accountant in case you don't come back

Your tax forms must still be done once a year in SA

YOu are not taxed twice on salary it is non-taxable in SA if you stay out of the country 183 consecutive days within one tax year

So if you are looking at going out Sept or Oct - rather go earlier do the math

pack your bag & go lucky fish

Fern

[No Worries Mate]

Het Fern

You seem to know whats happening with this stuff....

I will go with 136 visa...PR

So you say I open a bank account. Both the wife and me can get our bank to transfer R500 000 each into that account. This will be done as a travel allowance?

Then we can do it again the next year. Are we talking calendar years here or tax years?

No tax issue swithin SA if you are on a PR visa?

A

[Guest JWEL]

Travel Allowance:

As far as I know it is per tax year.

BUT you need to show that airline ticket, therefore you have to then go back to RSA, if you want to collect more.

R500 000 per adult

R160 000 per child

No tax clearance necessary.

LESS - - - 0.425% for this transaction.

Foreign investment can be taken on top of this:

R2 million per person and not more than R4 million per family unit.

Only once in a lifetime, but can be taken bit by bit.

No airline ticket necessary for this.

Tax clearance compulsory.

Cost R950 per transaction.

It is no problem at all to open a bank account in Aus via internet. All moneys above can be transfered to this account, no worries.

[dsb]

I'm starting this thread up again!

I'm going on a 457, but the ticket is a one-way ticket. What clearance would I need, if any?

PS: The sum of money I can take is definately lower than any of the limits listed above.

[Alibaba]

We also had one-way tickets. Opened a bank account with ANZ over the phone, gave ABSA the details and they transferred the money. Took quite a bit for doing that, and it wasn't available immediately as there were some public holidays in SA. They need to see your tickets and passport before they'll do it.

[dsb]

Ok thats one way of doing it - thanks Alibaba.

Can I buy travellers Cheques with a 1-way ticket?

[mbs2oz]

Open account online - ANZ or Commonwealth.

SWift (electronic transfer all fundsover)

R500k per adult plus children can all go iunto one account for travel per annum, as lolng as you have tickets bank will onlige.

We took full allowance less spending money on cards when on LSD in MAy.

MBS