Forex + Annual Allowance -> Oz

[ORC]

Hi All

I'd like to know if you don't have a tax clearance you can only take out R1000000.

That said, if you buy forex for travel, does it come off of the R1M that you're allowed to take out or is it separate?

If anyone could advise, I'd appreciate it.

Thank you.

[Hugo2]

Hello ORC

The R1m is known as the single discretionary allowance (SDA) and it is reduced bu any travel allowance, loan or gift or the amount availed to in terms of any one of the building blocks making up the SDA i.e credit card use whilst outside of SA. Card use to buy internet goods for delivery to SA does not reduce your SDA.

Do note that the use of SDA is subject to you having a valud green bar-coded ID or Smart Card ID But ALSO an active SARS tax number in most cases. If you reside outside SA or is deemed to be temporarily abroad, you may not be able to use all off the SDA building blocks. The good news is then your friend and family can send their net remaining SDA to you as a loan or gift (if the pay donations tax)

[mlothian]

How It Works

We assist South Africans globally to access their cash in South Africa by utilizing their annual allowances.

R10m

Private individuals may invest R10 million per annum outside of South Africa or R20 million per family unit can be invested outside of South Africa per annum. These funds can be invested into offshore investment portfolios or be used for any legal reason, eg. Property or any other investment vehicles. R10,000,000 per adult – a SARS Tax Clearance is required (we can also assist you with obtaining a SARS tax clearance for FREE within 5 days).

R1m

Private individuals may now utilise their R1m discretionary allowance, without obtaining a SARS Tax Clearance Certificate. This R1m forms part of the annual Discretionary Allowance which includes travel, gifts and maintenance allowance.

Travel Allowance

Private individuals are allowed to utilise their annual travel allowance per calendar year

A – R1,000,000 per adult

B – R200,000 per child (under the age of 18)

Funds are to be transferred into an overseas bank account, in the name of the traveller

Gift Allowance

The gift allowance can be utilised to transfer amounts up to R1, 000, 000, overseas as a gift. Any amounts over R100, 000, are taxable at 20%

All amounts under R100, 000, will have no tax implications for the person gifting the money

Gifts can only be paid from a South African resident to a third part currently living overseas (who can either be a non-resident or a South African resident temporarily abroad)

NO FUNDS – NO FEE

The transfer process usually takes between 2 – 3 business days. Rand Rescue will handle the process every step of the way, and transfer to any bank account globally.

All this is included in the Rand Rescue fee

We will ReUnite you with your rands! www.randrescue.com