Money from sold house paid into Aus Account

[tommo]

Hi

If we sell our house in SA to somebody who lives in SA but who has an overseas bank account and can pay the money directly into our Aus account, is that legal ?

Another question : if the bank transfers money into your overseas account for your foreign investment, how much do they charge to do it ?

Thanks

Gary

[Gabriel]

Hi

If we sell our house in SA to somebody who lives in SA but who has an overseas bank account and can pay the money directly into our Aus account, is that legal ?

Another question : if the bank transfers money into your overseas account for your foreign investment, how much do they charge to do it ?

Thanks

Gary

Would be great, unfortunately the conveyance’s/lawyers will have to apply for a tax certificate/certificate of sale, hand in hand with transferring the deed or registration of property. Secondly, I assume a bank will be transferring the funds and that this is not a cash deal? If it is a bank transfer from SA for a large sum of money, this falls outside the ‘gift’ purpose which means the bank is going to ask for tax clearance. The best way to get you cash out would be to get a couple of letters, being: An original bank statement with a bank stamp on it, a Proof of Sale - Sales Agreement from your Attorney, A letter of Proceeds of Sale from the Attorney – attach all this to a completed FIA001 (Application for Tax Clearance, in respect of foreign investment) hand it in to SARS, once stamped and certificate approved you get this done to your bank with a transfer slip and details of your foreign account – they can then get you your cash.