charmz Posted June 26, 2013 Report Share Posted June 26, 2013 (edited) Hi AllI hope someone can share their experience with surrendering Old Mutual RA's with me.I have phone the call centre , spoken to two different customer service advisers as well as speaking to my Old Mutual Advisor, and ended up with 3 different stories . . .I have two RA policies which I would like to surrender due to emigration. - Valued at under R100 000 - BUT NEVERTHELESS it is my money!My advisor says I can only transfer to an Australian approved Fund whilst the one consultant says I would need to follow steps of :completing a MP 336 , Getting a Tax Clearance from SARS & my bank will then create a blocked account , and only then will they pay out?WHO DO I ACTUALLY BELIEVE... or do I phone again and hope for another answer in my favour!!!Although we are only emigrating in the forseeable future I am now considering to stop further contribution into either of these policies ! Why contribute to something further when I am already struggling to get a clear answer?Experiences PLEASE !!! and Do i stop further contribution ??? Edited June 26, 2013 by charmz Quote Link to comment Share on other sites More sharing options...
GideonVD Posted June 26, 2013 Report Share Posted June 26, 2013 Contact Steve at CashKows, they can help with the entire process. But you will first need to get your australian tax numbers (ATN) to get the process started.steve@cashkows.com Quote Link to comment Share on other sites More sharing options...
HadEnoughofJuju Posted June 26, 2013 Report Share Posted June 26, 2013 Formal immigration is the only way and the insurance houses call centres in South Africa don't really know what they are doing when it comes to this. Cashkows is one if many companies that do it so do your homework because they all do the same things but their fees differ greatly. TreasuryOne and Exchange4Free can also assist with this process. 1 Quote Link to comment Share on other sites More sharing options...
charmz Posted June 26, 2013 Author Report Share Posted June 26, 2013 THANK YOU Will try that avenue . . . Quote Link to comment Share on other sites More sharing options...
RichardH Posted June 26, 2013 Report Share Posted June 26, 2013 Search for the thread "Formal emigration - has anyone done it on their own?" For the amounts you are talking about I think it would pay to do this process yourself. We have almost finished the process through Old Mutual (Fairburn Capital). If your affairs are not complicated and you have a huge amount of patience then it can be done. Quote Link to comment Share on other sites More sharing options...
Bams Posted June 26, 2013 Report Share Posted June 26, 2013 I agree that the call centre's are useless. I used to work in the insurance game, and even we got different stories all the time. Our broker advised to stop contributions towards RA's as the funds will not grow that significantly in the near future. Rather using these monies now to find all the "stuff" associated with getting to Oz.But when the time comes we will also use either exchange4free or cashkows to transfer what we have across and assist with hubby's pension / provident fund.Good luck, hope you get some solid answers. Quote Link to comment Share on other sites More sharing options...
charmz Posted June 26, 2013 Author Report Share Posted June 26, 2013 I love this forum Sometimes I think that i'm expecting too much from people . . . but clearly I am not the only one who thinks clearer answers can be givven! Cacellation letter to be sent off shortly ... Thanks Bams. My broker keeps mentioning that I can transfer to an Australian approved fund and thus continue to Contribute! I DON'T THINK SO . . . . . . . . Quote Link to comment Share on other sites More sharing options...
technician Posted June 27, 2013 Report Share Posted June 27, 2013 my old mutual broker told me to do the same thing. they get their commission of ever premium we pay so thats why they want s us to pay pay. i am gonna continue paying until i settle down and then do the formal emigration. Quote Link to comment Share on other sites More sharing options...
miraclebabycaw Posted July 2, 2013 Report Share Posted July 2, 2013 We stopped ours and made it paid up as soon as we got our visa because we knew it was just sending good money after bad. Your advisor is totally incorrect and the consultant is correct. Just be careful because once you have an account blocked you cannot get money out of it so this should really only be done once you are over in Australia and are sure there is no reason to get money out of the account again. I have heard you need to get a residence status record from Australia as well but am not 100% sure on this. Which bank are you with? You should also chat to someone in their non residents section and ask them to assist with the process. They normally will as well. Cashcows and the likes are really good but pricey so on a small amount I would rather try the process yourself first Quote Link to comment Share on other sites More sharing options...
charmz Posted July 2, 2013 Author Report Share Posted July 2, 2013 Thanks for the advice I have cancelled contributions as I would rather use the physical cash to go towards this process no matter how long it takes...Sure my advisor is only thinking of his commission and none of my interests.I will visit Standard bank in due course. Quote Link to comment Share on other sites More sharing options...
Hugo2 Posted July 16, 2013 Report Share Posted July 16, 2013 http://www.cashkows.com/ra_surrender.aspSpeak to Steve at cashkows.com....very few others will truly assist with a free no commitment analysts 1 Quote Link to comment Share on other sites More sharing options...
GideonVD Posted July 17, 2013 Report Share Posted July 17, 2013 Agreed, Steve and his guys have been giving me good advise... Quote Link to comment Share on other sites More sharing options...
Guest Posted July 18, 2013 Report Share Posted July 18, 2013 I am in the process of cashing in my RA's through CashKows - they are are amazing!! Saved me a lot of headaches!! Quote Link to comment Share on other sites More sharing options...
Almost there Posted July 25, 2013 Report Share Posted July 25, 2013 Apologies if this has been answered before/elsewhere ...Being Tax time, do you have to pay any tax to the ATO on this foreign income (RA payouts) received? Tax was already paid to the SA taxman and I haven't met with my tax agent yet & don't want a nasty surprise! Quote Link to comment Share on other sites More sharing options...
GideonVD Posted July 25, 2013 Report Share Posted July 25, 2013 I truly doubt it... but your tax adviser should be able to clarify that for you 1 Quote Link to comment Share on other sites More sharing options...
21yearsoutofrsa Posted July 25, 2013 Report Share Posted July 25, 2013 Apologies if this has been answered before/elsewhere ...Being Tax time, do you have to pay any tax to the ATO on this foreign income (RA payouts) received? Tax was already paid to the SA taxman and I haven't met with my tax agent yet & don't want a nasty surprise!yes it is. But you will be able to deduct any RSA taxes paid Quote Link to comment Share on other sites More sharing options...
Almost there Posted July 29, 2013 Report Share Posted July 29, 2013 (edited) After seeing my tax agent ...This 'income' is added to your annual income, the SA tax is deducted as an offset but you are then taxed on your whole stated income. In my case, I have to pay in $350 instead of getting back $450 (as per my actual earned Aus income only).To add insult to injury, I am a low income earner (under $40,000) as I work part time (& our company always slightly overpay the PAYE) and my RA amount was under $10,000 so be fair warned about being taxed on this. "Not happy Jan!!!" Edited July 29, 2013 by Almost there Quote Link to comment Share on other sites More sharing options...
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