Tex Posted May 5, 2010 Report Share Posted May 5, 2010 Hi everyone, Can anybody tell me what the latest tax rates are for the withdrawal of RA and provident funds? I suspect Investec has overtaxed me, but want to verify the data first before I contact them.Thanks!Tex Quote Link to comment Share on other sites More sharing options...
Tex Posted May 5, 2010 Report Share Posted May 5, 2010 (edited) Any updates? Can you do this from Aus? My RA is with Liberty.Hi Johan, we are in Melbourne now (since Jan 2010). I have an RA with Investec and we are working through the process now. Lots of paperwork, but it looks like its possible. PM me if you want more details.Good luck with your application,Tex Edited May 5, 2010 by Tex Quote Link to comment Share on other sites More sharing options...
Riekie Posted May 11, 2010 Report Share Posted May 11, 2010 It would be good if someone who'd been successfull in the process could pay it forward and maybe give a dot-point guide as to the necessary steps to be taken, form numbers, where to get it, where to send it, documents required, timeline etc. There's a lot of frustrated Saffers in Aus wanting to start the process but simply too anxious about dealing with the red-tape and bureaucracy, walking into walls and getting attitude. Quote Link to comment Share on other sites More sharing options...
Ajay Posted May 11, 2010 Report Share Posted May 11, 2010 Ditto Riekie - I know that there are a lot of us tryung to figure out what to do with old RA's left behind, so anyone that's gone through it come out on the other side, money in hand, let us know! Quote Link to comment Share on other sites More sharing options...
Riekie Posted May 11, 2010 Report Share Posted May 11, 2010 Has anyone used these ppl to get money out of South Africa? http://www.cashkows.com/enquiry.aspSeems like the easy way out but no mention of costs etc. until you declare all your info. What if it's dodgy and you end up being scammed out of all your moola? Quote Link to comment Share on other sites More sharing options...
21yearsoutofrsa Posted May 11, 2010 Report Share Posted May 11, 2010 (edited) Ditto Riekie - I know that there are a lot of us tryung to figure out what to do with old RA's left behind, so anyone that's gone through it come out on the other side, money in hand, let us know! I'll joint that list. Just opening a bank account, so it can be blocked is a mission. I don't have much in RA money in RSA, but it'll pay for a good holiday, or boat. lol so it's worth chasing.So come on guys, lots of us Ozzie residents have helped you out with tips on coming over. How about a bit of payback. Time to play it forward.Thanks Edited May 11, 2010 by 13 years out of rsa Quote Link to comment Share on other sites More sharing options...
JDJoburg Posted May 11, 2010 Author Report Share Posted May 11, 2010 Hi everyone, Can anybody tell me what the latest tax rates are for the withdrawal of RA and provident funds? I suspect Investec has overtaxed me, but want to verify the data first before I contact them.Thanks!Tex0 - R22500: no taxR22500 - R600 000: 18%R600 000 - R900 000: R103 950 plus 27% of amount exceeding R600 000Exceeding R900 000: R184 950 plus 36% of amount exceeding R900 000Remember that if you have also made withdrawals from other funds such as pension / provident funds since 1 March 2009, these amounts will be aggregated with the RA withdrawal that you're now making, meaning that you could be taxed in a higher bracket than would otherwise be the case. Quote Link to comment Share on other sites More sharing options...
Tex Posted May 14, 2010 Report Share Posted May 14, 2010 (edited) 0 - R22500: no taxR22500 - R600 000: 18%R600 000 - R900 000: R103 950 plus 27% of amount exceeding R600 000Exceeding R900 000: R184 950 plus 36% of amount exceeding R900 000Remember that if you have also made withdrawals from other funds such as pension / provident funds since 1 March 2009, these amounts will be aggregated with the RA withdrawal that you're now making, meaning that you could be taxed in a higher bracket than would otherwise be the case.Thanks JD,We are at the point of needing tax directives for each of the RA and provident funds. But, first need to re-register for tax. The first lot we spoke with on the SARS "help" line (about a month back) said we must fill in IT77 etc etc and then email it to them. This we did. Last night when we called them, the tune has changed. "Ja, we have your emailed documents, but we cannot enter them as they are not the originals". Duh....how the hell can you email an original? So, have now posted the original IT77's + supporting docs to SARS in the hope that, perhaps by july (this year) we may be re-registered. Then the next step of applying for tax directives.Question: Can anyone recommend a SA-based agency that can apply on our behalf for tax directives? Someone with a bit of a track record if possible.Thanks,Tex Edited May 14, 2010 by Tex Quote Link to comment Share on other sites More sharing options...
gappedit Posted May 14, 2010 Report Share Posted May 14, 2010 Kashcows look like decidedly Dodgy Nigerian style scammers! Avoid like the plague.Have finally transferred the proceeds of two policies to Aus from RSA.Took about a year and the usual to and fro-ing & complaints & emails and resending forms back and forth and threats of legal action etc.So sad that Bank employees in SA seem to have no training or understanding of what they should be doing though to be fair it's not any worse now than it was before 1994. I had my fair share of problems with FNB (double deduction of direct debits) & Stannic (cheque fraud by Stannic staff) back in the early 1990s.With interest rates so low is RSA and KRudd chasing them up here it's time to get anything you can out b4 the SWC. Quote Link to comment Share on other sites More sharing options...
StevePorter Posted June 18, 2010 Report Share Posted June 18, 2010 Kashcows look like decidedly Dodgy Nigerian style scammers! Avoid like the plague.Have finally transferred the proceeds of two policies to Aus from RSA.Took about a year and the usual to and fro-ing & complaints & emails and resending forms back and forth and threats of legal action etc.So sad that Bank employees in SA seem to have no training or understanding of what they should be doing though to be fair it's not any worse now than it was before 1994. I had my fair share of problems with FNB (double deduction of direct debits) & Stannic (cheque fraud by Stannic staff) back in the early 1990s.With interest rates so low is RSA and KRudd chasing them up here it's time to get anything you can out b4 the SWC.While we appreciate any concerns you may have relating to the rendering of financial services dealing with your funds we feel that your comments relating to CashKows and the services we offer are unjustified we feel we should set the record straight.CashKows is a South African company based in Hermanus near Cape Town. We provide a professional, customer focused service which enables South Africans living all over the world to access funds "locked†in Retirement Annuities and other products in South Africa. The vast majority of our business is generated through referrals from satisfied clients who's funds we have helped retrieve and from whom we’ve had nothing but positive feedback.We would like to highlight a few facts which we trust will provide the required level of comfort:At no stage in the cash out process do we EVER have access to or control over our client's funds. We facilitate the transfer of funds from the Financial Institution to the client’s account via the authorised bank and the South African Reserve Bank. In recognising our expertise in this particular area of business one of South Africa’s major banks has recently entered into a relationship with us that will enable us to facilitate the extraction of funds without the need to open an account which, as many of the subscribers to this site will testify, is nigh on impossible to achieve from distance. Our MD is a Registered Member of the Financial Services Board (FSB # 728 PSG Konsult), SA Institute of Chartered Accountants (SAICA # 03169842), Independent Regulatory Board of Auditors (IRBA # ME381640), Financial Planning Institute (FPI # 200801239) and appointed financial planner with PSG Konsult, South Africa's largest independent financial services company and one of our sponsoring partners, details of which can be verified at http://www.psgkonsult.co.za/contact/display_office.php?id=56 We have an agreement in place with one of the leading legal immigration practices in the UK, to facilitate their clients with this particular service ��" further testament I believe to our expertise and integrity. We have had radio interviews relating to our services and our process on Talk Radio 702, Cape Talk and RSG - http://www.cashkows.com/media.asp We have completed the FICA requirements for SSL security certification currently being implemented on our web site Our credibility is the cornerstone upon which our business is built and we resolutely defend it through our customer service and the aforementioned facts. Quote Link to comment Share on other sites More sharing options...
BrennanD Posted June 18, 2010 Report Share Posted June 18, 2010 Has anyone used these ppl to get money out of South Africa? http://www.cashkows.com/enquiry.aspSeems like the easy way out but no mention of costs etc. until you declare all your info. What if it's dodgy and you end up being scammed out of all your moola? Hi Riekie,As per a previous post, we are bound by the Financial Services Board registration (and a host of other regulatory authorities) of our main shareholder as well as the process of encashment that NEVER allows us to handle our clients funds, we merely assist in the often complex issues of Formal Emmigration, tax clearance and application and completion of fund transfer from the Financial Institution to your bank account (no matter where in the world you are). Bottom line: we can't touch your moola. We generate a financial report (where all fees and possible penalities are laid out) and give you the option to engage our services thereafter. Please see the previous post regarding our credibility and level of professional service. Would love to help!!PS Our fees are also available to view on our web siteBrennan Davis Quote Link to comment Share on other sites More sharing options...
BrennanD Posted July 9, 2010 Report Share Posted July 9, 2010 Have a look at the comments posted by the SA Canada Forum Administrator regarding CashKows service:http://www.sacanada.org/index.php?showtopic=14862 SA Canada Forum Quote Link to comment Share on other sites More sharing options...
Tex Posted July 26, 2010 Report Share Posted July 26, 2010 Quick update folks regarding our saga of trying to get pension, provident fund and RA monies out of SA. You might find our experiences interesting:1. Engaged Mercantile Lisbon Bank to open blocked rand accounts - done (took about 3 weeks)2. Completed the MP336 with SARB - done (also about 3 weeks. Bank did this on our behalf)3. Completed fund withdrawal forms from Investec - done (took about 3 weeks)4. Re-activated income tax numbers with SARS - done (took about 2 months. Should be 21 days but did not factor in Soccer World Cup)Investec have applied for the tax directive for the pension & provident funds - all good there - completedI am waiting for Investec to clarify why they think they cant apply for the tax directive for my RA. - busy.Once Investec have the tax directives, they withhold the right amount of income tax & forward proceeds to the blocked-rand account. Then we ask the bank to pay the funds into our overseas account, and attach proof of tax withholding to the email so that the bank has that evidence. Bank transfers the funds and we pop a few champagne corks So, you can do it from afar. You just need patience....lots of it!Will keep you updated.Tex Quote Link to comment Share on other sites More sharing options...
Tex Posted July 27, 2010 Report Share Posted July 27, 2010 Quick update folks regarding our saga of trying to get pension, provident fund and RA monies out of SA. You might find our experiences interesting:.............I am waiting for Investec to clarify why they think they cant apply for the tax directive for my RA. - busy............Will keep you updated.TexProgress!Found out today that RA's tax directive is a manual process done by the RA owners. The investment houses are not set up to process RA tax directives, since the bulk of their RA business involves those who are withdrawing due to retirement etc. Attached is the form (as of this date) from SARS detailing what supporting documentation is needed to apply for a tax directive from SARS.Tex0_RA_doc_requirements_for_Emigration.pdf Quote Link to comment Share on other sites More sharing options...
StevePorter Posted July 27, 2010 Report Share Posted July 27, 2010 Progress!Found out today that RA's tax directive is a manual process done by the RA owners. The investment houses are not set up to process RA tax directives, since the bulk of their RA business involves those who are withdrawing due to retirement etc. Attached is the form (as of this date) from SARS detailing what supporting documentation is needed to apply for a tax directive from SARS.TexHi TexWe're following with interest comments relating to the extraction and repatriation of funds locked in RA's in South Africa and it seems that you are one of the few who have most of the boxes ticked to achieve what can be a frustrating process, which is damn good going in my book!Forgive me for jumping in with both feet but I thought that your fellow Saffers following posts around this topic may be interested to know that at Cashkows we have secured a deal with one (shortly to be two) of the major banks in SA to facilitate this process without the need to open a bank account which we know is not easy from overseas!We do provide a full service to repatriate the proceeds of RA's and other SA source assets however for those of you are attempting the process yourself and may have got "stuck" we're more than happy to offer guidance.Steve Quote Link to comment Share on other sites More sharing options...
Tex Posted July 28, 2010 Report Share Posted July 28, 2010 More progress! Have found a local rep in Jo'burg who is affordable and who will apply for my tax clearance certificate and RA tax directive. SARS says each form could take up to 21 working days to process, as they are done by hand. Will let you know how it goes.Its good to have good people!Sterke,Tex Quote Link to comment Share on other sites More sharing options...
Tex Posted August 11, 2010 Report Share Posted August 11, 2010 (edited) Quick update re application for RA tax directive:Because I had to re-register for tax again with SARS, I needed to complete the 2009/2010 tax return. No biggie - 4 days from submission via "e-filing" to assessment....wow thats fast for SARS considering when I was working in SA it would take 6-9 months for a reply. Step 1: Application for TCC submitted....now we wait some more. I am very impressed with the speed, efficiency & professionalism of the folks I'm using to apply for the documents. These folks know what they are doing!When this is complete then I'll be able to do step 2: submit the RA tax directive application (Manual Form C)Regards,Tex Edited August 11, 2010 by Tex Quote Link to comment Share on other sites More sharing options...
Tex Posted August 16, 2010 Report Share Posted August 16, 2010 ATO are on the ball One of the supporting documents for the RA tax directive is a so-called "certificate of residency" obtained from the ATO to confirm that I am registered here as a tax payer etc etc. Applied by fax on 9th August; certificate was issued on 12th August and arrived in mailbox from Sydney today 15th.Gotta love these systems folks!Tex Quote Link to comment Share on other sites More sharing options...
Tex Posted August 17, 2010 Report Share Posted August 17, 2010 (edited) Tax Clearance Certificate application was submitted to SARS on 11 Aug. It was issued today! Now the small matter of payment for services & then they'll submit the RA Tax Directive application.Tex Edited August 17, 2010 by Tex Quote Link to comment Share on other sites More sharing options...
Tex Posted August 23, 2010 Report Share Posted August 23, 2010 (edited) Hi Folks,If you need evidence to show that an Australian certificate of Residency is required as a supporting document for the RA tax directive, you can find it attached here for info. Its what I used.Tex0_RA_doc_requirements_for_Emigration.pdf Edited August 23, 2010 by Tex Quote Link to comment Share on other sites More sharing options...
Tex Posted September 1, 2010 Report Share Posted September 1, 2010 So today I get the good news that the RA tax directive has been issued by SARS. Progress...in spite of the strikes Tex Quote Link to comment Share on other sites More sharing options...
Johnsons Posted September 21, 2010 Report Share Posted September 21, 2010 When we migrated, I also wanted to get my RA out to help as startup funds, and toowas stuck with all this red tape and now almost three years later, thought that I should just leave it there until I am 55 when it matures and continue contributing as I think it would help towards my retirement fund then! We are fine in Australia, when we arrived received Family Tax Benefits and even rent assistance, so didn't even need that 'retirement fund' money! But for those who need the money now, this thread is helpful and thank you to everyone who has helped contribute towards this thread! Quote Link to comment Share on other sites More sharing options...
Tex Posted September 23, 2010 Report Share Posted September 23, 2010 Hi All,There may be other expats considering using someone in South Africa to assist with tax document applications to SARS. I used the services of Taxsmart.co.za to get my tax clearance certificate and my RA tax directive. Their prices are on their website, so its easy to make comparisons between them and others you might be considering. I checked prices with one other firm, and taxsmart's charges were the more affordable. They gave me outstanding service in that they knew what to do, what specific information to ask of me, they were prompt in their email replies, good communicators and even made my SA bank hop to deliver certified documents in what must be record time. No surprise then that I highly recommend them.All the best,Tex Quote Link to comment Share on other sites More sharing options...
TanyaVDWesthuizen Posted September 23, 2010 Report Share Posted September 23, 2010 Hi all,We send some of our clients in JHB to Taxsmart, good firm to use.Also have a look at Cashkows,(I use them in Cape Town) they assist with the whole process. Then you're also sure to get the best rates as we(Exchange4free) do the forex.Hi All,There may be other expats considering using someone in South Africa to assist with tax document applications to SARS. I used the services of Taxsmart.co.za to get my tax clearance certificate and my RA tax directive. Their prices are on their website, so its easy to make comparisons between them and others you might be considering. I checked prices with one other firm, and taxsmart's charges were the more affordable. They gave me outstanding service in that they knew what to do, what specific information to ask of me, they were prompt in their email replies, good communicators and even made my SA bank hop to deliver certified documents in what must be record time. No surprise then that I highly recommend them.All the best,Tex Quote Link to comment Share on other sites More sharing options...
elleneo Posted September 28, 2010 Report Share Posted September 28, 2010 Update : Finally the last of our RA's have been paid out !! This has taken almost a year of constant paperwork and missions but is so worth it!! We did however have a problem using a transfer agent to get these funds into Oz, the bank doesnt want to allow us to transfer it into another account in South Africa, the funds have to go from our SA account to our Oz account...so while we wait for a more favorable exchange rate...Let the house-hunting begin!!! Quote Link to comment Share on other sites More sharing options...
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