SuperAnnuation and financial immigration

[Sol1]

Dear All,

I trust you are all well.

I need some advice from people who have had to go through the following issues:

a. I need to provide my firm with a Superannuation fund but am not sure on which is a Super Annuation fund that is doing really well? Can someone advice me on this?

b. I have not as yet provided my employer with a Tax Number. What are the consequences of this as they are paying my salary weekly? My Tax number has not been issued as yet by ATO.

c. I still need to go back to South Africa to attend to a financial immigration? Does anyone know what this will involve and how does the financial immigration work? If one uses a company like Capital fx, will they do everything for you even if you return back to oz and are not in the country physically to attend to any financial matters? I will only have 30 days to wind up my affairs in December in SA.

d. I have a life insurance policy and Retirement annuity in SA. Would it be advisable to keep them running still on close them down and take one out in Aus. My life/disability insurance amounts too 700 rands [70 dollars] and RA is 300 [30 dollars]? This would mean that I need to keep a bank account opened in SA, wouldn't it? Hence no financial migration?

e. Also can someone advise me, what will be the cheapest option returning back to oz. Someone once said IOM helps if you immigrating permanently?

Thank you guys for all your advice in advance.

Kind regards

[HadEnoughofJuju]

a. Try and find a super fund like AustralianSuper that is an industry super fund. https://en.m.wikipedia.org/wiki/AustralianSuper

b. Until you supply your employer with a tax declaration form (which has you TFN on it), you will be in tax group 1 which is taxed at approx double of what you would normally pay in tax group 2. Don't stress too much though, you'll get it all back at tax year end.

c. Financial Emigration is a pain in the butt. If you don't mind paying R14+k for someone else to do it, then use a company like exchange4free or cashkows. You also don't need to be in RSA to wind up your tax affairs, if you use a broker, it all gets done electronically, and it will take longer than 30 days to accomplish as your last tax returns need to be finalized before you can apply for a tax certificate for emigration purposes. I can send you the details of a firm here in Brissie that charge a flat rate of about R14k.

d. Personally I would say get all your cash out of RSA no matter how much it is. Earning interest in dollars is much better than earning it in Rands.

e. You can only use IOM once to emigrate from your country of origin to the country of destination. You will not be able to book flights through them to go back to South Africa. Your best bet is to keep your eyes on Qantas as they often run specials back to RSA.

You need to consider whether or not financial emigration is worth it compared to the money and benifits you'll get out of it. Phone at least 3 different companies that offer the service and ask advice. No doubt they will all? at some stage, try and sell you into the idea which is why I suggest getting more than one opinion.

Good luck with the decisions.

[Bob]

Sounds to me like the life insurance and disability isn't wooth a great deal, so cash it all in. $70 isn't going to get you anywhere in Australia.

If you really want good, cheap life insurance, then look at my post on Stetching the Dollar further. life insurance.