Another Tax Issue
Sep 20th 2007, 12:29 am
#1
UK is Home
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Another Tax Issue
Are there any issues with regards to taxable income from Moving funds back and forward from the UK?
Lets say you move a certain amount form the UK while the Exchange rate is high for $ ($2.52 for the £) £100k gives you $252k) then at a later date you move £100k back to UK ( $2.34 to the £) $234K gives you £100k back in your account in UK
As i see it you have £100k to start with and could end up with that £100k in your Uk account and further $16k in Australia. If this was to happen on a regular basis ( exchange rate permitting) what would be the Tax implications on this?
Lets say you move a certain amount form the UK while the Exchange rate is high for $ ($2.52 for the £) £100k gives you $252k) then at a later date you move £100k back to UK ( $2.34 to the £) $234K gives you £100k back in your account in UK
As i see it you have £100k to start with and could end up with that £100k in your Uk account and further $16k in Australia. If this was to happen on a regular basis ( exchange rate permitting) what would be the Tax implications on this?
Sep 20th 2007, 12:50 am
#2
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Re: Another Tax Issue
I would imagine it would be subject to Capital Gains Tax.
Not read it all, but info here: http://www.ato.gov.au/individuals/co...tent/36520.htm
Not read it all, but info here: http://www.ato.gov.au/individuals/co...tent/36520.htm
Sep 20th 2007, 12:53 am
#3
UK is Home
Thread Starter
Joined: Dec 2005
Location: Home- "Glasgow"
Posts: 1,137
Re: Another Tax Issue
why did i have the thought that if Wendy was online she would have an answer?
i wil go have a look
thanx
i wil go have a lookthanx
I would imagine it would be subject to Capital Gains Tax.
Not read it all, but info here: http://www.ato.gov.au/individuals/co...tent/36520.htm
Not read it all, but info here: http://www.ato.gov.au/individuals/co...tent/36520.htm
Sep 20th 2007, 12:55 am
#4
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Location: at the bottom of a wine glass
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