eintracht

This is probably a stupid question but I need a bit of reassurance. When we get to Australia we are going to rely on our savings for a while. In terms of tax in Australia I know I'll be taxed on the interest my savings make but are my savings considered income and so do I need to pay tax on them as income ? This would be a disaster so I'm hoping not.

Thanks

Chris

Don

Your savings are treated as capital, not income: therefore not taxable.

Wol

>>Your savings are treated as capital, not income: therefore not taxable.<<

Unless you keep them as foreign currency and don't make a Forex election. In that case any increase in the AUS$ value yty might be liable.