No Worries Mate Posted August 7, 2008 Report Share Posted August 7, 2008 (edited) Ok, so went to the bank to transfer my 500k travel allowance to my Aussie bank account today.You need your passport and the air ticket to be able to do this!The thing is you cannot transfer the money as a travel allowance within 60 days of your flight...and I want to do it NOW while the rate is good.Any help please? Edited August 7, 2008 by No Worries Mate Quote Link to comment Share on other sites More sharing options...
JDJoburg Posted August 7, 2008 Report Share Posted August 7, 2008 Ok, so went to the bank to transfer my 500k travel allowance to my Aussie bank account today.You need your passport and the air ticket to be able to do this!The thing is you cannot transfer the money as a travel allowance within 60 days of your flight...and I want to do it NOW while the rate is good.You obviously cannot give a gift to yourself either???So how does one get around this one, besides knowing someone you trust on that side that you can give a gift to, and who will then transfer the money to your account.Any help please?The only other legitimate way would be to make use of your foreign investment allowance, for which you'd require SARB and SARS clearance - this would of course eat into your overall emigration allowance. The "gift" scheme is also fraught with problems, because you'll be liable for donations tax (20%) on anything over R100 000, even if you knew someone in Aus (must be a permanent resident) who could pay it into your account.Making a "loan" to someone in Aus would also not help, since this amount will effectively be deducted off your emigration allowance (because the outstanding loan is an asset.)There must be illegal tricks as well, but that's not my thing. (And this is an open forum. A good criminal is a discreet criminal ) Quote Link to comment Share on other sites More sharing options...
Anzel Posted August 7, 2008 Report Share Posted August 7, 2008 (edited) Hey No Worries...I almost thought you said that you are ONLY allowed to transfer money OUTSIDE of 60 days before your flight... but I see for travel allowance it must be within 60 days of your flight.A friendly lady just told me what people do sometimes is to buy a ticket online without paying for it... print the itinary, transfer your travel allowance and then cancel the ticket. Personally I won't have a problem with it do to it like that seeing that the 60 day rule is just to prevent people from taking out travel allowance money and then never travel.... and we all will surely travel!! [Does this qualify as an 'illegal trick' or as a 'trick'??]By the way, Treasury One apparently doesn't charge commision and only adds about R0.08 to the AUD... much better than the banks! Edited August 7, 2008 by Anzel Quote Link to comment Share on other sites More sharing options...
No Worries Mate Posted August 7, 2008 Author Report Share Posted August 7, 2008 Have you guys actually done a transfer with TreasuryOne. I spoke to them and they seem ok but has anyone actually done it? Quote Link to comment Share on other sites More sharing options...
JDJoburg Posted August 7, 2008 Report Share Posted August 7, 2008 print the itinary, transfer your travel allowance and then cancel the ticket. Personally I won't have a problem with it do to it like that seeing that the 60 day rule is just to prevent people from taking out travel allowance money and then never travel.... and we all will surely travel!! [Does this qualify as an 'illegal trick' or as a 'trick'??]The travel allowance is for people who are travelling, not for people who intend to travel at some stage. (As I said, be discreet when you're advocating a scheme to circumvent exchange control - You've put your name, surname, location, birth year and place of birth on the web for all to see )There are no "legal tricks" when it comes to these things...it's playing with fire because it can ruin your emigration plans forever. I don't mean to be sanctimonious - just be careful! Quote Link to comment Share on other sites More sharing options...
No Worries Mate Posted August 7, 2008 Author Report Share Posted August 7, 2008 JD Make no mistake that I would never do anything illegal. I am travelling on the 13 October to Sydney and was just wondering how to take advantage of the good rate at the moment 10 days short of the 60 day requirement.A Quote Link to comment Share on other sites More sharing options...
Anzel Posted August 7, 2008 Report Share Posted August 7, 2008 (edited) You've put your name, surname, location, birth year and place of birth on the web for all to see )Yikes, I'm going to change my name, surname, location, birth year and place of birth immediately!! I haven't used them yet... not in my 60 day window yet!! Dang. LynnK has used them, should hear from her soon as to how it went. Edited August 7, 2008 by Anzel Quote Link to comment Share on other sites More sharing options...
JDJoburg Posted August 7, 2008 Report Share Posted August 7, 2008 I actually quite enjoy my job as an undercover Exchange Control Investigator. Quote Link to comment Share on other sites More sharing options...
Anzel Posted August 7, 2008 Report Share Posted August 7, 2008 So should I PM you for something 'under the table'? Quote Link to comment Share on other sites More sharing options...
Blinkers-Off Posted August 7, 2008 Report Share Posted August 7, 2008 No worries,I am in exact same boat as you. Bank account open on the otherside.Money available to move and possibly leaving on 25 October.(Although visa still not approved but should be soon)Let us know if you find a way? Quote Link to comment Share on other sites More sharing options...
LynnK Posted August 7, 2008 Report Share Posted August 7, 2008 (edited) Have you guys actually done a transfer with TreasuryOne. I spoke to them and they seem ok but has anyone actually done it?HiI used them yesterday. All went well on this side. Just waiting to see if the money gets to Aus:-) Will keep you posted Edited August 7, 2008 by LynnK Quote Link to comment Share on other sites More sharing options...
Gizmo Posted August 7, 2008 Report Share Posted August 7, 2008 I am not sure if it is the total amount, but you can transfer now as a gift. The important part is that you can't do it though. You need someone with a different surname to you - a trusted family member perhaps? Quote Link to comment Share on other sites More sharing options...
JDJoburg Posted August 8, 2008 Report Share Posted August 8, 2008 I am not sure if it is the total amount, but you can transfer now as a gift. The important part is that you can't do it though. You need someone with a different surname to you - a trusted family member perhaps?Just remember that:1. Gifts will trigger donations tax if if excess of R100 0002. You can only transfer "gifts" to someone who is a resident of Australia, or a South African who is temporarily resident in Australia at the time of the transfer (and not on holiday).So, your only method - if you're still in SA - would be to transfer to someone who is already resident in Aus, and then only up to R100 000. (more than R100 000 will attract donations tax at 20%.) Quote Link to comment Share on other sites More sharing options...
Leigh MC Posted August 8, 2008 Report Share Posted August 8, 2008 Danie - is that 20% per donation up to R100 000?Or per donation, per year? In other words - can you only donate once per year to the same person?If not - then could you no make a few donations to the same account - under R100 000, and avoid the donation tax?Leigh Quote Link to comment Share on other sites More sharing options...
JDJoburg Posted August 8, 2008 Report Share Posted August 8, 2008 (edited) Danie - is that 20% per donation up to R100 000?Or per donation, per year? In other words - can you only donate once per year to the same person?If not - then could you no make a few donations to the same account - under R100 000, and avoid the donation tax?LeighThe donations tax exemption is R100 000 per taxpayer, per year. Thus, you are allowed to make donations totalling R100 000 in a year without paying donations tax; anything in excess of R100K will be taxed at 20% in your hands. It doesn't matter who you make the donation(s) to, the tax is payable by you (the donor) and not by the recipient.Donations tax is levied at the same rate as estate duty, which is payable on death, and the rationale is to prevent people from "donating" their entire estate to someone else, shortly before their death. Donations between spouses do not not attract donations tax. Edited August 8, 2008 by JDJoburg Quote Link to comment Share on other sites More sharing options...
Leigh MC Posted August 8, 2008 Report Share Posted August 8, 2008 Aha! Thanks DanieThere's no easy way out of this is there?!Leigh Quote Link to comment Share on other sites More sharing options...
JDJoburg Posted August 8, 2008 Report Share Posted August 8, 2008 Aha! Thanks DanieThere's no easy way out of this is there?!LeighRegrettably not... Quote Link to comment Share on other sites More sharing options...
FERRO Posted August 8, 2008 Report Share Posted August 8, 2008 What reasons could there be for SARS to decline your clearance? Last assessment 2006. 2007 going in today. Quote Link to comment Share on other sites More sharing options...
JDJoburg Posted August 8, 2008 Report Share Posted August 8, 2008 What reasons could there be for SARS to decline your clearance? Last assessment 2006. 2007 going in today.As long as you don't have outstanding tax, or an overdue return, SARS should not give you too much hassle. Quote Link to comment Share on other sites More sharing options...
lost down under Posted August 8, 2008 Report Share Posted August 8, 2008 Make sure you have lots of patience and time to get a tax clearance. My folks are squeaky clean when it comes to tax issues..they applied for clearance more than 2 months ago and are still waiting after being told it would take 21 days. I guess they just didn't know which 21 days were being referred to Quote Link to comment Share on other sites More sharing options...
LeeInOz Posted August 8, 2008 Report Share Posted August 8, 2008 As long as you don't have outstanding tax, or an overdue return, SARS should not give you too much hassle.Before we left I was told by SARS not to close our tax files but just to give them a letter saying we were overeas for a while. I was told to close the files if we were 100% sure we would never return. So I gave them a letter, We have been here a while so I tried to submit tax returns this year. ( I have recieved a few IRPs from the bank for interest received on money there. )I was also expecting to recieve a sum of money and on return have the tax sorted out so that I could leave the coutry with it and perhaps then close accounts and tax files.I have phoned them, emailed them but cannot get any response apart from the first one asking for file numbers. I find it insulting that SARS can be so useless and still control the finances of a country and my money.On the travelling. When we left we booked tickets and paid a bit more to be able to change the dates. We then delayed twice, (it annoyed the travel agent and the airline because they could not charge for the changes, an gave us a run around) so i think this could easily be done and be legal. We had tickets not an e ticket or confirmation email as described in this thread Quote Link to comment Share on other sites More sharing options...
JDJoburg Posted August 8, 2008 Report Share Posted August 8, 2008 Before we left I was told by SARS not to close our tax files but just to give them a letter saying we were overeas for a while. I was told to close the files if we were 100% sure we would never return. So I gave them a letter, We have been here a while so I tried to submit tax returns this year. ( I have recieved a few IRPs from the bank for interest received on money there. )I was also expecting to recieve a sum of money and on return have the tax sorted out so that I could leave the coutry with it and perhaps then close accounts and tax files.I have phoned them, emailed them but cannot get any response apart from the first one asking for file numbers. I find it insulting that SARS can be so useless and still control the finances of a country and my money.On the travelling. When we left we booked tickets and paid a bit more to be able to change the dates. We then delayed twice, (it annoyed the travel agent and the airline because they could not charge for the changes, an gave us a run around) so i think this could easily be done and be legal. We had tickets not an e ticket or confirmation email as described in this threadHey, I never said SARS was efficient! As far as the travel issue is concerned: if your travel arrangements change, and you will not be travelling within 60 days of purchasing forex, you are supposed to change the forex back into Rands. The fact that no-one noticed or asked you about it does not make it legal. I'm not concerned with your travels being postponed by a month or 2, but if you cancel your travel arrangements altogether and you don't convert your money back into Rands (or transfer it back from your Aussie bank account), then you are in contravention of exchange control regulations, it's as simple as that.I'm not trying to spoil anyone's fun here guys, but I'm a lawyer and I'm just telling you what the law says. What you decide to do is your choice, just be aware of the risks, and don't think that something illegal becomes legal because you (or someone else) got away with it. Quote Link to comment Share on other sites More sharing options...
Anzel Posted August 9, 2008 Report Share Posted August 9, 2008 ...and don't think that something illegal becomes legal because you (or someone else) got away with it.Nice one! Quote Link to comment Share on other sites More sharing options...
Marius & Euneze Posted August 9, 2008 Report Share Posted August 9, 2008 (edited) Ok, so went to the bank to transfer my 500k travel allowance to my Aussie bank account today.You need your passport and the air ticket to be able to do this!The thing is you cannot transfer the money as a travel allowance within 60 days of your flight...and I want to do it NOW while the rate is good.Any help please?HiIs it R500k per family or pperson travelling and is this per year?Thanks Edited August 9, 2008 by Marius & Euneze Quote Link to comment Share on other sites More sharing options...
JDJoburg Posted August 9, 2008 Report Share Posted August 9, 2008 HiIs it R500k per family or pperson travelling and is this per year?ThanksR500k per person, per year - as long as you travel within 60 days of buying the forex or taking your money out. Quote Link to comment Share on other sites More sharing options...
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