-=|MisterY|=-

Hi,

I need an advice regarding bank transfers and taxes... I have a CD in a bank maturing next year, well after I am in Australia. My father has the authorization to withdraw the money after it matures and the idea is that he sends it to my bank account in Australia. The question is whether this will be treated as income for tax purposes on not. I'm thinking whether to do a pre-mature withdrawal and transfer the funds myself or to wait until it matures.
Thanks for any insight. Cheers

JAJ

How can it be income if it's just a transfer of your own money from one place to another?

-=|MisterY|=-

)
I know what you mean. But, after I've been living in the Balkans region for years I see things a bit different. Here they need certificates, verifications and stamps for everything. I guess there is a reason for that, too.
So, how is anyone to know that this is my own money? On the transfer, so we've been told by the bank operator, there will be my father's name as a sender. How is the ATO to distinguish between an income from abroad and transfer of my own funds that are left over?
There is also this stupid rule where one can send only approximately GBP 3000 a month out of the country.
Fortunately, I've been told that there is no gift tax in Australia. So, if they put 'GIFT' on the transfer it should be ok.
Hope this information is useful for others as well.
Thanks for the reply.

lindy_thom

Hi,

Where is your money being held? in the UK or in Balkans? because you may be better off making an inland transfer if your money is in the uk to a currency company and letting them send it across! this should avoid the need for certificates and stuff required to send the money overseas!

Linda x

-=|MisterY|=-

Thanks, Linda. The few CDs that mature the next year are in Bosnia. I've distributed them so that smaller amounts mature every couple of months in case I need them.
I think it will be OK. Even if they can not be sent when they mature, I'll complete the process the next time I come here from Australia.
Ciao

david22

Thanks for your help .