kronk

Had a quick look for what I'm looking for but can't find the answer so here goes

Can anyone advise on tax implications on bringing money over from UK to Oz. I'm over in Oz now and have been here for under a year if that makes any difference. I'm just wondering if you can bring over a certain amount within a certain time limit without paying tax etc.

If anyone can advise, it would be much appreciated.

Many thanks

Beoz

As far as I'm aware you will only pay tax any gains you make in a currency exchange. In the last year you probably made no gain whatsoever. So no reason why you can't ask the ATO to view that as a loss when you do your next tax return.

sassie

You can bring over as much as you want, whenever you want. The only tax implications are on any gains you may make on the exchange rate from when you became an Australian resident and any interest you may earn.

kronk

excellent, many thanks for people replying. Not much chance of me making gains on the exchange rate

Rambi

Just out of interest, did you really take quick look?

kronk

yep, all I found was bringing money over when you're entering country. Found another thread where someone asked the same question as I am but they didn't get any responses!!

Rambi

Strange. It's a question that comes up on a regular basis (say every 3-6 months). It usually causes a few arguments when it gets going.

sportsendurance

If you transfer reasonably small amounts through your own bank accounts, say 5k, how would anyone know?

Bermudashorts

How would anyone know what? There is nothing wrong with transferring money.

Rambi

Check out this thread. There was another one around this time as well.

http://britishexpats.com/forum/showthread.php?t=707626

PS: Here it is. A complete flip by Brenda.

http://britishexpats.com/forum/showthread.php?t=713240

Dave Teddyboy-No1

Just quickly for each adult you are allowed to bring in 10 grand,any more you have to declare,if in doubt always declare,that way you wil be allowed to keep your cash,we came over with 20 grand,declared it and went straight through without a problem.........

kronk

Cheers but this thread wasn't asking about how much you can bring in through customs, its more about if there are tax implications when you bring it over from UK to your bank account. Whether they'll tax you for what you bring over.

sassie

Its not about transferring money, its about physically bringing cash into the country.

Dave Teddyboy-No1

As i said before,if your brining money into Australia,for each adult you are allowed to bring in 10 grand,any more you have to declare,if in doubt always declare,that way you wil be allowed to keep your cash,we came over with 20 grand,declared it and went straight through without a problem..

Swerv-o

Yes, if you're bringing it in cash through customs. No need to do that if you have transferred it from a UK account to an AU one.


S