Bringing money into australia - tax issues?
#1
Just Joined
Thread Starter
Joined: Jul 2007
Posts: 2
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
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
#2
Re: 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
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
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
#3
Re: Bringing money into australia - tax issues?
But the question is whether the OP has declared the interest as Australian income, which he is supposed to do.
#4
Re: 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
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
#5
Just Joined
Thread Starter
Joined: Jul 2007
Posts: 2
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
I'll go visit an accountant (when I find one).
Cheers
jason
#6
Forum Regular
Joined: May 2007
Location: Perth
Posts: 175
Re: Bringing money into australia - tax issues?
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
#7
Home and Happy
Joined: Dec 2002
Location: Keep true friends and puppets close, trust no-one else...
Posts: 93,815
Re: Bringing money into australia - tax issues?
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
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
#8
Re: Bringing money into australia - tax issues?
The tax office are particularly keen in this area as well
#9
Re: Bringing money into australia - tax issues?
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
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
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.
#10
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?
is that right?
#11
Forum Regular
Joined: May 2007
Location: Perth
Posts: 175
Re: Bringing money into australia - tax issues?
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.
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.
Good to know.
#12
Re: Bringing money into australia - tax issues?
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