Go Back   British Expats / Living & Moving Abroad / Australia

Closed Thread
 
Thread Tools
Old Jul 22nd 2007, 4:29 am   #1
Just Joined
 
Joined: Jul 2007
Posts: 2
jasonw is an unknown quantity at this point
Default Bringing money into australia - tax issues?

Hi

Hope anyone can help. I've been in australia for 2 years and sold my flat in the UK 5 months ago. I want to transfer my money to my bank here in Oz to buy property here. Will I have to pay tax when I bring it over? Will it be taxed whilst it sits in my ANZ account while I'm looking for property? It's currently being taxed sitting in my UK bank account and it all seem unfair that it's dripping away whilst I look for a place to buy. At this rate I'll not have enough for the deposit!

Any info would be greatly appreciated!

Jason
jasonw is offline  
Sponsored Links
Old Jul 22nd 2007, 4:57 am   #2
Lost in BE Cyberspace
 
Timber Floor Au's Avatar
 
Joined: Jan 2004
Location: Morayfield - The Posh Part
Posts: 10,138
Timber Floor Au has a reputation beyond reputeTimber Floor Au has a reputation beyond reputeTimber Floor Au has a reputation beyond reputeTimber Floor Au has a reputation beyond reputeTimber Floor Au has a reputation beyond reputeTimber Floor Au has a reputation beyond reputeTimber Floor Au has a reputation beyond reputeTimber Floor Au has a reputation beyond reputeTimber Floor Au has a reputation beyond reputeTimber Floor Au has a reputation beyond reputeTimber Floor Au has a reputation beyond repute
Default Re: Bringing money into australia - tax issues?

Quote:
Originally Posted by jasonw View Post
Hi

Hope anyone can help. I've been in australia for 2 years and sold my flat in the UK 5 months ago. I want to transfer my money to my bank here in Oz to buy property here. Will I have to pay tax when I bring it over? Will it be taxed whilst it sits in my ANZ account while I'm looking for property? It's currently being taxed sitting in my UK bank account and it all seem unfair that it's dripping away whilst I look for a place to buy. At this rate I'll not have enough for the deposit!

Any info would be greatly appreciated!

Jason
Gday Jason,
Im not sure, of this one. I think the cut off is 6 months after you enter Australia.
I would talk to a financial advisor and or tax official, and perhaps contact ato or visit thier website on www.ato.gov.au
Timber Floor Au is offline  
Old Jul 22nd 2007, 4:58 am   #3
JAJ
Retired
Premium Member
 
JAJ's Avatar
 
Joined: Apr 2004
Posts: 34,349
JAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond repute
Default Re: Bringing money into australia - tax issues?

Quote:
Originally Posted by Timber Floor Au View Post
Gday Jason,
Im not sure, of this one. I think the cut off is 6 months after you enter Australia.
There is no tax on transferring your own money from one place to another!

But the question is whether the OP has declared the interest as Australian income, which he is supposed to do.
__________________
This is not intended to be legal or professional advice in any jurisdiction
JAJ is offline  
Old Jul 22nd 2007, 5:16 am   #4
Back to WA! Yay!
 
mark213's Avatar
 
Joined: Sep 2006
Location: Madeley, WA
Posts: 975
mark213 has much to be proud ofmark213 has much to be proud ofmark213 has much to be proud ofmark213 has much to be proud ofmark213 has much to be proud ofmark213 has much to be proud ofmark213 has much to be proud ofmark213 has much to be proud ofmark213 has much to be proud ofmark213 has much to be proud ofmark213 has much to be proud of
Default Re: Bringing money into australia - tax issues?

Quote:
Originally Posted by jasonw View Post
Hi

Hope anyone can help. I've been in australia for 2 years and sold my flat in the UK 5 months ago. I want to transfer my money to my bank here in Oz to buy property here. Will I have to pay tax when I bring it over? Will it be taxed whilst it sits in my ANZ account while I'm looking for property? It's currently being taxed sitting in my UK bank account and it all seem unfair that it's dripping away whilst I look for a place to buy. At this rate I'll not have enough for the deposit!

Any info would be greatly appreciated!

Jason
Jason you should declare yourself non-resident in the UK and have the interest paid gross. Then declare it on your OZ tax return. No tax is paid on the capital lump as in income tax, but you may be liable for capital gains as you sold the property after being resident in Oz. Interest will be taxed in your ANZ if you bring it over. If you are worried seek advise - Alan Collette on this forum is a good contact.
__________________
Click Here to see my PR 136 Timeline

Click Here to see my Parents 143 Timeline
mark213 is offline  
Old Jul 22nd 2007, 5:25 am   #5
Just Joined
 
Joined: Jul 2007
Posts: 2
jasonw is an unknown quantity at this point
Default Re: Bringing money into australia - tax issues?

Thanks for the quick replies guys!

I'll go visit an accountant (when I find one).

Cheers
jason
jasonw is offline  
Old Aug 29th 2007, 9:16 pm   #6
Forum Regular
 
Joined: May 2007
Location: Perth
Posts: 175
movin'on is just really nicemovin'on is just really nicemovin'on is just really nicemovin'on is just really nicemovin'on is just really nicemovin'on is just really nicemovin'on is just really nicemovin'on is just really nicemovin'on is just really nicemovin'on is just really nicemovin'on is just really nice
Default Re: Bringing money into australia - tax issues?

Quote:
Originally Posted by JAJ View Post
There is no tax on transferring your own money from one place to another!

But the question is whether the OP has declared the interest as Australian income, which he is supposed to do.
Just done a search on BE so sorry to butt in on a month-old conversation but.....

To clarify, if we bring money with us to Oz as a deposit for a house, we do not get taxed? But if we are earning interest on it while we look for a house we have to declare the interest?

Thanks
movin'on is offline  
Old Aug 29th 2007, 9:23 pm   #7
Happily Home
Super Moderator
 
Pollyana's Avatar
 
Joined: Dec 2002
Location: Keeping true friends & puppets close, trusting no-one else ;)
Posts: 83,499
Pollyana has a reputation beyond reputePollyana has a reputation beyond reputePollyana has a reputation beyond reputePollyana has a reputation beyond reputePollyana has a reputation beyond reputePollyana has a reputation beyond reputePollyana has a reputation beyond reputePollyana has a reputation beyond reputePollyana has a reputation beyond reputePollyana has a reputation beyond reputePollyana has a reputation beyond repute
Default Re: Bringing money into australia - tax issues?

Quote:
Originally Posted by movin'on View Post
Just done a search on BE so sorry to butt in on a month-old conversation but.....

To clarify, if we bring money with us to Oz as a deposit for a house, we do not get taxed? But if we are earning interest on it while we look for a house we have to declare the interest?

Thanks
You have to declare ALL interest on money in the bank in Aus, whether its $3 or $300.
__________________
"So when you think of me do so with pride, Honour and bravery ruled by my side
And in your memory I will remain; I will forever be within the flame.....
Don't shed a tear for me,I stand alone. This path of destiny is all my own.
Once in the hands of fate,there is no choice, An echo on the wind,you'll hear my voice."
Pollyana is offline  
Old Aug 30th 2007, 1:19 am   #8
BE Enthusiast
 
auspal's Avatar
 
Joined: May 2007
Location: Gold Coast
Posts: 480
auspal has much to be proud ofauspal has much to be proud ofauspal has much to be proud ofauspal has much to be proud ofauspal has much to be proud ofauspal has much to be proud ofauspal has much to be proud ofauspal has much to be proud ofauspal has much to be proud ofauspal has much to be proud ofauspal has much to be proud of
Default Re: Bringing money into australia - tax issues?

The tax office are particularly keen in this area as well
auspal is offline  
Old Aug 30th 2007, 6:22 am   #9
Premium Member
 
Centurion's Avatar
 
Joined: Jan 2005
Location: Brisbane
Posts: 4,916
Centurion has a reputation beyond reputeCenturion has a reputation beyond reputeCenturion has a reputation beyond reputeCenturion has a reputation beyond reputeCenturion has a reputation beyond reputeCenturion has a reputation beyond reputeCenturion has a reputation beyond reputeCenturion has a reputation beyond reputeCenturion has a reputation beyond reputeCenturion has a reputation beyond reputeCenturion has a reputation beyond repute
Default Re: Bringing money into australia - tax issues?

Quote:
Originally Posted by movin'on View Post
Just done a search on BE so sorry to butt in on a month-old conversation but.....

To clarify, if we bring money with us to Oz as a deposit for a house, we do not get taxed? But if we are earning interest on it while we look for a house we have to declare the interest?

Thanks
You will not get taxed on the lump capital sum from selling your house. You basically do not get taxed on the money you bring from the UK to Australia.

If you move here, rent a while and shove all your cash in the bank then you will have to declare the interest earnt on your tax return as income.
Centurion is offline  
Old Aug 30th 2007, 7:14 am   #10
BE Forum Addict
 
hitchcock71's Avatar
 
Joined: Jan 2007
Location: yangebup perth au
Posts: 2,505
hitchcock71 has a reputation beyond reputehitchcock71 has a reputation beyond reputehitchcock71 has a reputation beyond reputehitchcock71 has a reputation beyond reputehitchcock71 has a reputation beyond reputehitchcock71 has a reputation beyond reputehitchcock71 has a reputation beyond reputehitchcock71 has a reputation beyond reputehitchcock71 has a reputation beyond reputehitchcock71 has a reputation beyond reputehitchcock71 has a reputation beyond repute
Default Re: Bringing money into australia - tax issues?

but if you buy a place straight away then no tax has to be paid??

is that right?
hitchcock71 is offline  
Old Aug 30th 2007, 7:00 pm   #11
Forum Regular
 
Joined: May 2007
Location: Perth
Posts: 175
movin'on is just really nicemovin'on is just really nicemovin'on is just really nicemovin'on is just really nicemovin'on is just really nicemovin'on is just really nicemovin'on is just really nicemovin'on is just really nicemovin'on is just really nicemovin'on is just really nicemovin'on is just really nice
Default Re: Bringing money into australia - tax issues?

Quote:
Originally Posted by Centurion View Post
You will not get taxed on the lump capital sum from selling your house. You basically do not get taxed on the money you bring from the UK to Australia.

If you move here, rent a while and shove all your cash in the bank then you will have to declare the interest earnt on your tax return as income.
Thanks
Good to know.
movin'on is offline  
Old Aug 30th 2007, 8:00 pm   #12
BE Forum Addict
 
GinaUK's Avatar
 
Joined: Dec 2004
Location: Tapping (Perth)
Posts: 2,619
GinaUK has a reputation beyond reputeGinaUK has a reputation beyond reputeGinaUK has a reputation beyond reputeGinaUK has a reputation beyond reputeGinaUK has a reputation beyond reputeGinaUK has a reputation beyond reputeGinaUK has a reputation beyond reputeGinaUK has a reputation beyond reputeGinaUK has a reputation beyond reputeGinaUK has a reputation beyond reputeGinaUK has a reputation beyond repute
Default Re: Bringing money into australia - tax issues?

Quote:
Originally Posted by hitchcock71 View Post
but if you buy a place straight away then no tax has to be paid??

is that right?
If you buy a place straight away, then your money won't be in a bank account earning interest. Hence you won't be declaring any interest on your tax return. Hence you won't be paying any tax on (non existent) bank interest. Dooh!

In your particular case, it might be best if you gibe me all your money and I look after it for you. I'll pm you my bank details .

Gina
GinaUK is offline  
Old Aug 31st 2007, 12:15 pm   #13
BE Forum Addict
 
hitchcock71's Avatar
 
Joined: Jan 2007
Location: yangebup perth au
Posts: 2,505
hitchcock71 has a reputation beyond reputehitchcock71 has a reputation beyond reputehitchcock71 has a reputation beyond reputehitchcock71 has a reputation beyond reputehitchcock71 has a reputation beyond reputehitchcock71 has a reputation beyond reputehitchcock71 has a reputation beyond reputehitchcock71 has a reputation beyond reputehitchcock71 has a reputation beyond reputehitchcock71 has a reputation beyond reputehitchcock71 has a reputation beyond repute
Default Re: Bringing money into australia - tax issues?

nice try
hitchcock71 is offline  
Closed Thread

Go Back   British Expats / Living & Moving Abroad / Australia

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


 

All times are GMT. The time now is 6:12 pm.


Powered by vBulletin: ©2000 - 2014, Jelsoft Enterprises Ltd.
© 1999-2010 BritishExpats.com