Good news.
The South African Reserve Bank has increased the Single Discretionary Allowance (SDA) from R1 million to R2 million per calendar year.
This means you can now transfer up to R2 million offshore each year without needing prior tax clearance (if you’re a South African tax resident in good standing).
What this means for you on Clarity:
On Clarity, you use your SDA when you convert ZAR to USD.
In simple terms:
You have more room to diversify globally.
You have more room to diversify globally.
From now on, you can convert up to R2 million per calendar year into foreign currency using your SDA across all SA platforms.
What you need to do:
Nothing.
The new R2 million limit applies automatically when funding your foreign currency wallet from ZAR.
As always, we’ll keep monitoring and reporting your usage in line with SARB requirements so you can focus on investing, not paperwork.
*Please note: When converting ZAR to USD in the app, your declaration may still reflect an R1 million annual SDA limit. This is due to a temporary technical delay. The system is correctly applying the updated R2 million limit in line with current regulations. There’s no need for concern.
