The team said in a statement the contract termination was requested by Myer, who cited ongoing personal reasons for his decision to step away from the sport.
"Unfortunately I have made the tough decision to leave Team Dimension Data for Qhubeka, due to ongoing personal issues I have had of recent," Meyer said.
"I have been unable to train or race at the required level that is needed for the World Tour."
The Western Australian has won multiple road and track national, Commonwealth and world championships and recently finished second at the 2016 road national championships race in Ballarat.
He left Orica-GreenEdge for Dimension Data at the beginning of this season.
"I can not thank Douglas Ryder enough for giving me the opportunity to be a part of such an amazing program," Meyer said.
"To be able to see at first hand the impact the team makes in Africa through the Qhubeka Foundation and for me to have involvement was truly inspiring.
"I wish the entire team the best of luck and look forward to watching their many successes to come.“