How long after emigration to transfer money out of RSA

[miraclebabycaw]

without being taxed in Aus?

I've read a couple of the other posts but they all talk about selling properties in SA after immigrating to Aus and if there is tax payable to the ato as a result. My situation is different. We emigrated from RSA in Dec 2012. My mother was still in RSA and I worked for my SA company Jan - May 2013. The money was left in RSA as we supported my mother and I was using this money plus some additional that was left there to support her. Tax consultants last year in Oz did not declare my SA earnings because I paid tax and the amount was under the $17k threshold so they insisted that there was no need to declare it. My mother unfortunately passed away in October 2013 and when I returned to Aus after her funeral I transferred most of the money that was left in RSA to Aus. Left enough for the odd gifts for people still in RSA and to keep our accounts open in RSA until we could do our formal emigration. We are now ready to start doing that as I have filed my last SARS tax (and should get a credit it seems on my last return). So 2 questions:

1. Do I need to declare the transfer on October to the ato and will I be taxed on this?

2. Do I need to declare my RA still in RSA or only when it is brought over?..oh and do I need to then declare it as foreign income to the ato?

Thanks

[Hugo2]

Hello Miracle Baby

On your profile it is suggested you entered on a sponsored 176 visa. Once you have met all the requirements this is permanent resident permit (PR or PRP). I assume you are on a PR and therefore ALL foreign income (even though you may have paid tax to SARS in SA) need to be declared to the ATO. If you Australian tax advisers left out ANY foreign income, consider your Just Do It amnesty options.

Transfers are tax-free and not relevant, it is the actual underlying funding event or source of funds that one needs to consider

Your earnings after leaving SA should have been tax-free in SA and you should claim a tax refund in SA.

Your RA is only taxable in Australia, once you cash out in SA, either as part of the formal emigration process or because of reaching retiring age.

Feel free to inbox me or visit my webpage http://taxmigration.com or see my Twitter Handle Wegkaner Best Friend @hugotaxforum

For the Just DO It tax amnesty option see my blog on http://taxmigration.com/ato_amnesty/just_do_it/

I trust the above guides you.

Hugo

Edited July 15, 2014 by Hugo2

[miraclebabycaw]

Thanks Hugo

I still took all my payslips and proof of tax paid to my tax agents last year and they told me that because it was a similar rate of interest and there was an agreement with SA on tax that the wouldn't put it on. I didn't know too much so took their word for it but of course since then have been reading all about declaring foreign income. What did I pay them for aargh!

I just wasn't sure if I had to declare the RA's as foreign assets on this years tax. We will be doing formal emigration soon from SA and I guess it will then be added on as foreign pension/annuity income and I can also then claim a tax offset for tax paid in South Africa on it?

Will look at the just do it, and find a better tax consultant....

[Bronwyn&Co]

Thanks Hugo

I still took all my payslips and proof of tax paid to my tax agents last year and they told me that because it was a similar rate of interest and there was an agreement with SA on tax that the wouldn't put it on. I didn't know too much so took their word for it but of course since then have been reading all about declaring foreign income. What did I pay them for aargh!

I just wasn't sure if I had to declare the RA's as foreign assets on this years tax. We will be doing formal emigration soon from SA and I guess it will then be added on as foreign pension/annuity income and I can also then claim a tax offset for tax paid in South Africa on it?

Will look at the just do it, and find a better tax consultant....

Miraclebaby we use Andy Brown and Steve Black at Johnstone Grocke on Greenhill Rd if it helps.

[miraclebabycaw]

Thanks Bronwyn. Will check them out

[Hugo2]

Thanks Bronwyn. Will check them out

Hi again

you can stay with the guys you are using, merely link them with me and I will assist. You have built up a relationship and instead of leaving them to do as they did, why not empower them by linking us?

For those who wish to or need to understand the tax treaty between SA and any other country, or merely wish to change their bank details, feel free to make contact, I will accept and execute based on the PoA, once all the originals as listed above is in SA.

Unlike others insisting to control and take over your process, I am able to assist through telecon advice. I charge in units of 6 minutes and for a few bob your stuck process can be re-activated. Alternatively send me an email and I will try and identify the issue before the telecon.

And where you use local or foreign accountants, no need to terminate their services, I will gladly assist them as well.

My true client base is my colleagues in SA, Australia or wherever Wegkaners live. On twitter I am WEGKANER best friend or @hugotaxforum.co.za. My web iswww.taxmigration.com

Edited July 19, 2014 by Hugo2