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Any issues with moving money from UK to OZ

Any issues with moving money from UK to OZ

Old Apr 3rd 2010, 5:43 am
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Default Any issues with moving money from UK to OZ

I have about £50K of pocket money in a investment account back in the UK, was thinking of moving about £25K to Oz for a deposit on a house I have my eye on.

My parents are Authorised to sign what ever is required for the investment but what is the best way to move the money ie. international Bankers cheque or EFT?

Also is their any tax implications on this?
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Old Apr 3rd 2010, 5:48 am
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Default Re: Any issues with moving money from UK to OZ

www.ozforex.com.au

Brokers will give you a much better rate of exchange. You make the deal, deposit the money and a few days later it appears in whichever au account you nominated.

Excellent reputation on this site for many years and use them personally a great deal.

There are no immediate tax implications per se, generally speaking.
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Old Apr 3rd 2010, 7:03 am
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Default Re: Any issues with moving money from UK to OZ

Cheers for that gonna check it out.
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Old Apr 3rd 2010, 10:01 am
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Default Re: Any issues with moving money from UK to OZ

I am not knowledgeable in Australian tax matters but I thought that currency transaction would have a capital gains / losses implication based on different dates the day you became resident and the date you make a transaction.

If this is the case certainly you would have a capital loss with the way the rates have been moving. It would probably make sense to record the loss as it may offset any capital gains you make elsewhere or in the future if you are allowed to carry forward. So no immediate tax implications, but perhaps a future one.
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Old Apr 4th 2010, 4:56 am
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Default Re: Any issues with moving money from UK to OZ

Originally Posted by man_called_Horse View Post
I have about £50K of pocket money in a investment account back in the UK, was thinking of moving about £25K to Oz for a deposit on a house I have my eye on.

My parents are Authorised to sign what ever is required for the investment but what is the best way to move the money ie. international Bankers cheque or EFT?

Also is their any tax implications on this?
Any large amount ie over $25/30k will be reported to the australian tax office when it comes into a bank account from over seas by the bank them selfs, it is part of the new money laundering law set by the goverment, to be onset with the australian tax man is the best policy as they will have a record of that money coming into australia,trust me i have found this out from my own bank
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Old Apr 4th 2010, 6:55 am
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Default Re: Any issues with moving money from UK to OZ

Originally Posted by Trevski View Post
Any large amount ie over $25/30k will be reported to the australian tax office when it comes into a bank account from over seas by the bank them selfs, it is part of the new money laundering law set by the goverment, to be onset with the australian tax man is the best policy as they will have a record of that money coming into australia,trust me i have found this out from my own bank
Yes thats correct, but it still doesn't imply there is a tax issue. For example if you make 4 x 50,000AU$ transfers there is nothing to say that you should pay any tax on those or indeed have to declare that as income. I have made several large movements of money over the last few years and have paid tax on none of it.

Obviously it depends very much on individual circumstance, but as a rule of thumb if you are transferring your own money from the UK there is usually no tax implications at all.
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Old Apr 4th 2010, 9:55 am
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Default Re: Any issues with moving money from UK to OZ

Originally Posted by Centurion View Post
Obviously it depends very much on individual circumstance, but as a rule of thumb if you are transferring your own money from the UK there is usually no tax implications at all.
That assumes, of course, that any income earnt from said UK stash has always been declared on any Australian tax returns you might have made .

If it's been a previously secret stash - then it's a slightly different scenario and the ATO will be very interested in why they hadn't heard about it before...
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Old Apr 5th 2010, 12:15 am
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Default Re: Any issues with moving money from UK to OZ

http://www.ato.gov.au/rba/content.as...tent/63842.htm
http://www.ato.gov.au/rba/content.as...tent/92415.htm

Best regards.
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Old Apr 5th 2010, 1:30 am
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Default Re: Any issues with moving money from UK to OZ


In any case, sterling has been falling in value for the last 10 years against the AUD and - barring some big changes in British economic policy - will remain weak for the foreseeable future, so we're really talking about capital losses most of the time.
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Old Apr 5th 2010, 2:49 am
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Default Re: Any issues with moving money from UK to OZ

I had that money for about 5 years but only became a permanent resident since last May, might go to an accountant this week.
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Old Apr 5th 2010, 3:05 am
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Default Re: Any issues with moving money from UK to OZ

I have used money corp many times to transfer cash over and they have always been excellent. I definetly recomend them
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