Die Krugers Posted August 30, 2007 Report Share Posted August 30, 2007 Hi EveryoneDoes anyone know what the Reservebank regulations are regarding taking money out of SA? We want to move to Australia (maybe Adelaide), and want to work for a year, see how it goes, and then sell our house in SA and bring the money here to buy a house wherever we decide to live. I guess we will have about R600 000 left after settling our bond, which we would want to bring over. My dad says that if you are not a permanent resident in Australia, they allow you more money out of SA. But I still need to find out how it works, and how much you can take out of SA per year. Also, which VISA we need if we want to be able to use the Medicare (and what the rules are to use it). Do they still deduct money from your salary for medical even if you cannot use Medicare?Thanks for your help! Quote Link to comment Share on other sites More sharing options...
Dedrei Posted August 30, 2007 Report Share Posted August 30, 2007 HI TaniaHave a search here on the Money thread, there is various topics on the amount you are allowed to take to Aus.You get Medicare when you are on a PR visa. If you come over on a 457 visa, they still deduct the Medicare Levy from your pay, as part of your tax. When you do your tax, you can then apply for an exemption by completing some forms and then you will be refunded teh medicare you paid on your tax return.CheersDedrei Quote Link to comment Share on other sites More sharing options...
Just B Posted August 30, 2007 Report Share Posted August 30, 2007 Tania,I read somewhere, unfortunately I can't remember where that the limits are as followsIndividual = R750 000-00Family = R1500 000-00So according to your letter you should be OK. The next issue would be to settle on a method of getting the money over there.RegardsK & B Quote Link to comment Share on other sites More sharing options...
Cindylou Posted August 30, 2007 Report Share Posted August 30, 2007 -->QUOTE(K & B @ Aug 30 2007, 10:55 AM) <{POST_SNAPBACK}>Tania,I read somewhere, unfortunately I can't remember where that the limits are as followsIndividual = R750 000-00Family = R1500 000-00These limits were in place some years ago. The current limit is R2 mio per taxpayer or R4 mio per family. Please read through the topics in this section of the forum, you should find answers to most of your questions! Remember to do your own research, look at the SARS and SARB websites and, if needs be, pay a professional for advice! Good luckCindylou Quote Link to comment Share on other sites More sharing options...
Delphi Posted August 30, 2007 Report Share Posted August 30, 2007 We recently moved to OZ and we went to our bank and spoke to the forex expert there. You are allowed R160000 p.a. per person. If you are emmigrating they have different options some of which need tax clearances from SARS. My advice is to speak to the forex expert and then weigh up your option!! Quote Link to comment Share on other sites More sharing options...
Die Krugers Posted August 31, 2007 Author Report Share Posted August 31, 2007 Hi everyoneThanks so much! Quote Link to comment Share on other sites More sharing options...
Barnone Posted August 31, 2007 Report Share Posted August 31, 2007 (edited) You are allowed R160000 p.a. per person.This is an annual travel allowance If you are emmigrating they have different options some of which need tax clearances from SARS. My advice is to speak to the forex expert and then weigh up your option!!Not a very good "expert" at your bank as they forgot to mention that you are allowed to invest up to R 2 million off shore as an SA Tax payer (regardless of wether you are emmigrating, relocating or staying in SA) with the appropriate SARS & Reservebank clearances. If or when you do eventually emmigrate the amount that is invested offshore is deducted from your emmigration allowance. See CL's links below.If you want to take more you can can apply & pay a 'penalty' of 10% ! Edited August 31, 2007 by Barnone Quote Link to comment Share on other sites More sharing options...
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