Moron noodle
Well-Known Member
Hi All,
I want to do a money swap with my sister in law. She wants to buy a house here, I want to get my money outta here (I know I can do this relatively cheaply via 1st contact).
Anyway, the scenario:
I put R300 000 into her SA bank account from my SA bank account.
She puts $40 492 (AUD) into my wife's Aussie bank account from her Aussie bank account.
Problems?
1. Are we liable for taxation? I realise you can gift under R100 000 tax free to a person, but here we are actually just swapping money.
2. My mom used to gift us money well above 100 k back in the day (for home loans etc). Will the banks and governments pick up on this transfer?
3. Any other hurdles?
I want to do a money swap with my sister in law. She wants to buy a house here, I want to get my money outta here (I know I can do this relatively cheaply via 1st contact).
Anyway, the scenario:
I put R300 000 into her SA bank account from my SA bank account.
She puts $40 492 (AUD) into my wife's Aussie bank account from her Aussie bank account.
Problems?
1. Are we liable for taxation? I realise you can gift under R100 000 tax free to a person, but here we are actually just swapping money.
2. My mom used to gift us money well above 100 k back in the day (for home loans etc). Will the banks and governments pick up on this transfer?
3. Any other hurdles?