CRISIS: PLEASE HELP...

[conroys]

Ok,

So we thought we have everything under control. Got our PR visas, plane tickets are booked, accomodation and transport are arranged for the first week, packing are progressing fine, got the Australian bank account, got the tax clearance. Now we just need to transfer the money.

Went to forex department and was told: Sorry sir, that's the wrong tax clearance. You need the tax clearance for foreign investment, not the genral one. You cannot transfer the money.

Phone SARS and was told it takes about 21 days. Only intersting thing is the plane leaves in about 2 weeks...

I know I can take some money on a travel allowance but it's a lot less and it's a lot more expensive. And besides that, the exchange rate is quite good today. If it slips back to what it was 2 weeks ago, I would loose equivalent to about 4 months salary.

Does anyone know how I can get tax clearance for foreign investment from SARS quickly??

Any help would be much appreciated.

[Pixi]

It can defnitely be done faster - either you go down to SARS yourself and see who you can chat up, or you ask the bank who is doing your forex if they cant arrange it ant tell them your willing to pay for it, or you contact your accountant to do it. But in terms of speed and costs, first yourself, then the bank and then the accountant. Suppose you still have problems, then just arrange with the bank for your annual travel allowance and that someone will bring in the tax clearance allthough you will be out and let them release the investment money.

[ExASP]

It definitely gets done faster. Doesnt take long at all. We did it from here and it took about a week at the most two to get the certificate. Also if you give someone power of attorney (specifically for the bank) you dont have to be in the country to get it done. Hand in your tax clearance form and get the person who has power of attorney hand in the forms from the bank. Once they have the certificate it takes two or three days for the bank to pay the money over.

[Cindylou]

You could also fill all the forms out with your bank and ask them to hold onto them until they receive the correct form - when the tax clearance is ready a friend / family member could take it to the bank for you. I did this for my aunt last year (using FNB) and the bank was quite happy to assist - this way you don't have to worry about GPA.

[saffer2]

Dont panic!!

Randburg SARS office does it in 1day/overnight they were brilliant. Be nice and just explain your position, as soon as you get uptight they CLAM UP. The queue was long but it was worth the wait. Remeber the foreign transfer is ging to take 3/4days this side and then another 2/3 days on the Aus side. If all else fails get your account to get it and just take ALL your foreign travel alowance R165000 per adult & R50000 per child to see you through till you get sorted. Also remeber to get fax authourisation so that you can instruct payment via your bank here in SA!!

You just need the details of where the money is here in South Africa. You need the following info, so take it with you.

1. Bank statement that is stamped by the bank that contains all the money you want to transfer to Aus.

2. Original ID of the persons name on the statement

3. Aus bank details, address, account number etc etc

4. And the filled out form

All should be good, I hoe this helps.

Dont worry, all will fall into place, it always does!!

Good luck, Reid

[conroys]

RESOLVED!!!

Thank you very much for a your responses. That's what makes this site great.

I suppose the unexpectedness of the situation made it feel worse than it was.

We did manage to get our tax clearance sorted and get the money transfered to Australia within a day. But it had been hectic.

The important lessons are:

1. Keep tabs on everything your accountant does and double check - I won't elaborate...

2. To make a foreign investent you need a Tax clearance for foreign investment. There are 3 different types of tax clearance. Make sure you have the right one.

3. Although you have an alowance of R2mil per person, you need proof of every sent you take out. You cannot get clearance for more and intent to use it later on. We sold our house now, but we could only get clearance for the ammount currenty in our bank account. We need to reapply for clearance for the house once that is paid out into our bank account.

4. Once you know the system it's not difficuilt. Apply for clearance - should take about 30 minutes if the queue is short, wait for about a week, collect the clearance (another 30 minutes) and get the money transfered (also 30 minutes at the bank).

5. We were impressed with SARS's customer service at Groenkoof Pretoria. From the security guard who directed us to the disabled parking because he saw we had a baby with us to the staff who went out of their way to help us out of a tight spot. Well done!! We're impressed.

So, I'm breathing again... the house and cars had been sold, had my last day at work, money is transfered to australia, plane tickets are booked, first week's accomodation and transport are arranged. Biggest thing left is the packing: We'll it will be an interesting 2 weeks....