Pippa Posted May 22, 2007 Report Share Posted May 22, 2007 Hi Everyone,We are about to request a Tax Clearance Certificate and would need your assistance with some of the questions on the form (attached below).We would like to transfer our funds to our ANZ savings account and would like to do it sooner rather than later.If there is anyone that can help me with the following, I will be forever grateful!Particulars of Foreign InvestmentExpected annual income from this foreign investment:Do I have to find out what interest we will earn on our “investment” in ANZ bank account? Or can one just make an assumption.What type of investment?:How do they check it and what do you suggest I write?Can I state that it is a savings account with ANZ or must it be a real investment account?Other details of investmentSource of capital to be invested:We sold our house and the profit is currently in a money market fund. Should we therefore state Savings/Cash/Bank account?Rand Amount previously invested:We’ve never invested any of our money offshore and will it be accepted that I put a 0 down?Expected annual income from RSA sources:If we don’t expect an income from RSA sources, can we answer “0”?Expected annual income from non-RSA sources:Is it only applicable to previous investments together with this new investment? The presence of the asterisk next to the question forces me to give an answer and I have no idea what to say.I have attached a detailed statement of assets and liabilities to my latest IT12 Income Tax return:We both submitted our IT12’s with all the relevant details. Should we attach a copy of it with this form or will a YES be suffice?This form is very intimidating and my husband has not even seen it. Maybe we should get some professional help… Lovies, Pippa! XSARS_Tax_clearance.pdf Quote Link to comment Share on other sites More sharing options...
Guest Bronwyn Posted May 22, 2007 Report Share Posted May 22, 2007 Hi Pips.I remember that question about the 'Expected annual income from the foreign investment'. I put zero because I was afraid I would be called to pay tax on it in SA. But then our accountant (who signed it as well, if I remember correctly), refused to put zero and worked out the correct annual interest and put it in. He said it will call in too many questions if I put zero, because why would you move money offshore for no return?I was a bit annoyed, but there you go.. I would just say 'Savings account' - you can get about 5,2% - 5,7% pa. here if you put it in a 'V2 Plus' with ANZ (Can be transferred from savings to V2 over the phone from SA if you want to). Work out the annual interest and put that amount down on the SARS form.Say 'Bank account', because that is the source. They don't give you a 'proceeds of property' option.Put zero for the previously invested amount and also expected future SA earnings, as they don't apply.Can't you just say 'As per above' for the 'expected annual income from non-RSA sources', referring to the interest you previously worked out?I would suggest just say 'Yes' to the personal balance sheet question (but take a completed one with you to SARS just in case. Nothing worse than standing in the queue for 2 hours and then they send you away to get a copy of your balance sheet).I remember being very worried and stressed about that form. I hate the whole money thing because I am really scared of accidentally incurring costs in SA that I don't know about or can't pay. But I think it will be ok, because you are just being honest on the form.Don't stress, just go hand it in and hear what they tell you. Keep copies. Our Tax Clearance was given to us the same day we went in, printed straight away. But I went to JHB cos that's where my file was. Not sure how PTA works. Good luck!Bron Quote Link to comment Share on other sites More sharing options...
Springbok Posted May 22, 2007 Report Share Posted May 22, 2007 Our Tax Clearance was given to us the same day we went in, printed straight away. But I went to JHB cos that's where my file was. Not sure how PTA works. Hi BronwynWhich office in Joburg - address please?Thanks!Charl Quote Link to comment Share on other sites More sharing options...
saffer2 Posted May 22, 2007 Report Share Posted May 22, 2007 Hiya.Tax Clearance can be done at any of the larger office.JHB = Carlton CenterI got ours in 1 day from Randburg!!According to the lady I spoke to it does not matter where your file sits, all on a database!!Cheers, Reid Quote Link to comment Share on other sites More sharing options...
DesertDaisy Posted May 23, 2007 Report Share Posted May 23, 2007 If you need a tax consultant, I am happy to recommend one. He is based in Joburg, but will probably be able to help you if you are anywhere in Gauteng. Quote Link to comment Share on other sites More sharing options...
Guest Bronwyn Posted May 23, 2007 Report Share Posted May 23, 2007 Charl we went into the Carlton Centre one. Surprisingly jacked up, but queued for about an hour. Quote Link to comment Share on other sites More sharing options...
Springbok Posted May 23, 2007 Report Share Posted May 23, 2007 Charl we went into the Carlton Centre one. Surprisingly jacked up, but queued for about an hour.Thanks Bronwyn, however I've decided against it... will just make use of travel allowance.We are about to request a Tax Clearance Certificate and would need your assistance with some of the questions on the form (attached below).We would like to transfer our funds to our ANZ savings account and would like to do it sooner rather than later.If you guys want to take over more than your combined travel allowance of R320,000 - then making use of your total offshore investment allowance of R4 million is the way to go, WITH tax clearance of course. However I prefer to inform SARS of as little as possible of my financial affairs. I don't want to give them all the info on that form, it is none of their business anyway. So I will rather just come back to SA in a year's time and again make use of my full travel allowance. The rest I can also withdraw on an irregular basis with my credit card, but I won't exceed A$2000 at a time, don't want to raise any suspicions from SARS. Absa Private Bank said they will transfer the travel allowance into my ANZ bank account. Schweet. Quote Link to comment Share on other sites More sharing options...
TjaartvdW Posted June 13, 2007 Report Share Posted June 13, 2007 I have a similar request as Pippa wrt the application form for Tax clearance... (basically for someone to confirm what Bronwyn mentioned in her reply to Pippa...)...???As far as the investment allowance itself is concerned, apparantly it is R2Mil per adult...thus,can someone pls tell me, whether we would need to complete 2 forms (1 for myself and 1 for my wife) in order to utilise the R2 mil + R2 mil allowed investment amounts... or will they allow me the R4 mil, based on my application alone...?My wife is a registered tax payer, from some years ago when she used to work, but for the last 3 asessed tax years she has been a housewife with no income.What is your experience in this regard...?thanksTjaartvdW Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.