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