Discretionary Allowance
SA Reserve Bank Financial Surveillance Department has approved an annual Discretionary Allowance with a limit of R1mil which includes the following category transfers:
- Monetary Gift and Loans - SA Resident to a non-resident individual
- Travel Allowance - SA Resident within 60 days before departure date
- Donation to Missionaries - SA Companies under official letter
- Maintenance Payments - Payments as per court orders
- Alimony & Child Support - Payments as per court orders
- Wedding Expenses - Payments under documentary evidence
- Study Allowance - Payments under documentary evidence
- Foreign Capital Allowance - Transfers without Tax Clearance Certificate but with MP1423
- A SA Resident living abroad does not qualify for the discretionary allowance.
- (If one transfer for the full R1 Mil is done under a category above then no further allowance will be available for that calender year)
- Travel Under 18 yrs - R200.000 per calender year