brissie bound

Hi Everyone

We have 6 weeks to go before we board that plane and counting!!!!

Can anyone please point me in the right direction to find out about how long we have to change our ££££ to $$$$ from when we arrive in Brisbane.

I have read somewhere you have 6 months to convert all your money - is this correct

Many Thanks and getting excited now!!


Tandy

ABCDiamond

That 6 months doesn't really apply.

It doesn't actually matter when you change your money over, but... the ATO will be interested in having their share of any profit you make, on the exchange rate, between the day you arrive as PR and the date you do bring the money over.

brissie bound

Hi

Thanks for that. Do you know what % they take?

I'll check out the ATO website also

Just would like the exchange rate to hit 2.5

Thanks again

ABCDiamond

Any gain you make, is added to your total income and taxed at normal Income Tax rates.

It isn't CGT as such.

http://www.ato.gov.au/individuals/co...p=001&st=&cy=1

DagBoy

And remember it works both ways, so if you have $20,000 worth of sterling on the day you become a resident for tax purposes and exchange it 6 months later and get $22,000 then that is a capital gain of $2,000 but if the rate goes against you and you only get $18,000 then you have a capital loss.

Unfortunately, you cannot discount this against normal income but you can carry it forward to future years and write it off against a later capital gain.

Cheers,

DagBoy

Standard disclaimer: I am not an accountant or a tax expert and I have not bothered reading the ATO website to see if I can find this stated but I reckon the gist of this is right - possibly. If you take this as advice and end up losing loads of money then more fool you and it serves you right for not getting professional advice from someone who knows what they are talking about .....yadda, yadda, yadda