Inheritance money tranfers
#1
Inheritance money tranfers
We have some inheritance funds sat in a solicitors account in the UK, ready to be distributed. We dont have an UK bank account and are looking at Ozforex for making the transfer.
Has anybody done it this way. Are solicitors ok about doing it this way?
Has anybody done it this way. Are solicitors ok about doing it this way?
#2
Re: Inheritance money tranfers
Sorry no idea... You could ask them... Why cant the solicitor just put the money into your australian account???
#3
Lost in BE Cyberspace
Joined: Dec 2010
Posts: 14,040
Re: Inheritance money tranfers
Be careful .... the tax office in Oz is alerted to any amounts over $10,000. Not sure of the ins and outs of this but worth checking as they might try and get a piece it.
#4
Re: Inheritance money tranfers
We transferred over some money we inherited, and as we went bank to bank, there was no problem. I think money laundering is more of a concern than receiving an inheritance.
There is no IHT in Aus, so they do not (as far as I am aware) levy any tax- at least they did not on us.
#5
Re: Inheritance money tranfers
We asked our accountant about paying tax on the amount and he said that the ATO is notified but as its inheritance. there is nothing to pay. We are also going to buy a boat and apparently this is flagged up with the ATO as a major purchase, but we just need to tell them (if they ask) that the money came from inheritance and it wont be a problem.
We dont want to go bank to bank because we can get a better exchange rate through ozforex.
We dont want to go bank to bank because we can get a better exchange rate through ozforex.
#6
Re: Inheritance money tranfers
Are they??????????? Did the ATO tell you this or is is just rumour?
We transferred over some money we inherited, and as we went bank to bank, there was no problem. I think money laundering is more of a concern than receiving an inheritance.
There is no IHT in Aus, so they do not (as far as I am aware) levy any tax- at least they did not on us.
We transferred over some money we inherited, and as we went bank to bank, there was no problem. I think money laundering is more of a concern than receiving an inheritance.
There is no IHT in Aus, so they do not (as far as I am aware) levy any tax- at least they did not on us.
#8
BE Forum Addict
Joined: Mar 2004
Location: Sydney
Posts: 1,628
Re: Inheritance money tranfers
whilst the ATO are notified automatically by the banks when they receive any transfers over $10k the ATO don't do anything for valid transfers (as NB said they may write and ask what it is from). It is exactly the same as you notifying you are brining over more than $10k cash on the landing card when you arrive
#9
Re: Inheritance money tranfers
We still had UK accounts so the solicitors just paid it in there. Then we did the transfer in three or four big hits totalling about £200K. Never heard anything from ATO.