Tax Return Advice Please
 

We came to Australia in November 2012 on a permanent visa 176 (skilled- sponsered). We have sold our property in the UK which was our main residential home and intend to bring the money over to purchase a property here. Do we have to declare this money on our annual tax return as a foreign asset ? Will we be taxed on it ? Surely, as this is part of our estate which we need to bring to Australia to migrate, we do not have to mention it ? Would appreciate any advice.

Re: Tax Return Advice Please
 

I don't recall listing out my assets on my tax return, although I do get someone to do it for me but still. Tax returns are pretty much about income and expenses, not assets and liabilities as a rule of thumb.

Re: Tax Return Advice Please
 

The money itself isn't taxable.

You will need to declare any interest you have earned on the money since you sold the property (or became a tax resident, whichever is later). You may also have a foreign exchange gain given the weakening of the Aus dollar in the last couple of months.

Re: Tax Return Advice Please
 

Yes, as said it is an income (not asset) tax return. You declare the taxable income earned during the year and claim any deductible expenses incurred in earning that income.

Re: Tax Return Advice Please
 

Yes you do have to declare the money on your tax return 20P on the Sup section, but you won't be taxed on it and you only have to declare you have foreign assets over $50,000 and they don't need anymore details.