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

Re: Bringing money into australia - tax issues?
 

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

Re: Bringing money into australia - tax issues?
 

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.

Re: Bringing money into australia - tax issues?
 

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.

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

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

Re: Bringing money into australia - tax issues?
 

You have to declare ALL interest on money in the bank in Aus, whether its $3 or $300.

Re: Bringing money into australia - tax issues?
 

The tax office are particularly keen in this area as well:ohmy::ohmy:

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.

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?

Re: Bringing money into australia - tax issues?
 

Thanks
Good to know.

Re: Bringing money into australia - tax issues?
 

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

Re: Bringing money into australia - tax issues?
 

nice try:p