How does one get money accross?

[MichaelvdBerg]

Hi everyone,

My knowledge on this topic is quite questionable so I thought it's best to maybe post this topic where we can all share some ideas on how to get our money across without loosing too much of it in forms of taxes ect.

I'm not really familiar with the tax law and how much one loses through all the law filters etc, but it must be a bit since I've heard of all sorts of tricks that people try to get as much over without sponsoring another government official with a 7-series BMW.

One of my friends and her husband are going to New Zealand and she is planning on keeping most of her money floating on her credit card accounts and then use it by swiping it. I'm sure there must be a limit though, so no house buying straight off a swipe

What other ideas and loopholes have you heard of that might just work?

Regards

Michael

Edited September 12, 2007 by MichaelvdBerg

[HB2Ozz]

Well what we are thinking of doing is to fly my mother accross every 6 months and let her bring as much as possible each time this way she gets to see the kids as well.

[Cindylou]

SA taxpayers are entitled to invest R2mio offshore, for this you would need a tax clearance from SARS. There is no restriction as to what format the investments takes, so you can transfer it to a transacting account and draw these funds in Aus.

If you emigrate you are entitled to R2mio (individual) or R4mio per family. You can also apply to transfer funds in excess of this amount and pay a surcharge of 30% on additional funds. You are also entitled to R160k per adult and R50k per child (regardless of any travel allowance you may have used in that year) This is sometimes referred to as a "settling in allowance".

Should you emigrate, taking your full allowance and leaving remaining funds in a non res account in SA, and the allowance amount increases in the future you will then be allowed to take the difference without paying any penalties.

Browse through the Money subforum, this question comes up quite frequently and also have a look at the SARS and SARB websites.

C'Lou

[MichaelvdBerg]

SA taxpayers are entitled to invest R2mio offshore, for this you would need a tax clearance from SARS. There is no restriction as to what format the investments takes, so you can transfer it to a transacting account and draw these funds in Aus.

If you emigrate you are entitled to R2mio (individual) or R4mio per family. You can also apply to transfer funds in excess of this amount and pay a surcharge of 30% on additional funds. You are also entitled to R160k per adult and R50k per child (regardless of any travel allowance you may have used in that year) This is sometimes referred to as a "settling in allowance".

Should you emigrate, taking your full allowance and leaving remaining funds in a non res account in SA, and the allowance amount increases in the future you will then be allowed to take the difference without paying any penalties.

Browse through the Money subforum, this question comes up quite frequently and also have a look at the SARS and SARB websites.

C'Lou

Hi..Oops, I didn't look through the money forum oO ...soz

Edited September 12, 2007 by MichaelvdBerg

[woodag]

If you emigrate you are entitled to R2mio (individual) or R4mio per family. You can also apply to transfer funds in excess of this amount and pay a surcharge of 30% on additional funds.

[Cindylou]

OOOPs sorry, I'm always telling people to be careful of what they read on the internet and I'm caught misinforming you! Not that it's any excuse but I got my figures mixed up while fiddling with CGT.

The excess exit charge, according to the SARB, is currently 10% (not 30% as stated above!) Thanks for pointing that out, woodag.

C'Lou