Hello,

Hope you don`t mind me hopping on your thread - looks like there are people that know what they are talking about here!

Can anyone clarify what tax I should be paying on cash taken/transferred to Australia? I think I saw somewhere that over AUD 10,000 is taxable? The plan is to end up with GBP 40 to 50,000 after selling the house in the UK, which I then want to use as a deposit on a house over there. (I forced myself to read the gubbins about CGT here, and I am pretty sure it doesn`t apply. Tried to read the Australian stuff and my eyes glazed over...)

Please bear in mind I am a complete numpty when it comes to finance, so words of one syllable would be appreciated!

This is a very popular myth on BE here. Don't know why it's so popular.
It is incorrect. You do not pay tax on your savings/money from the house sale that you bring with you to Australia.

If you bring more than $10,000 in cash on your person then you need to declare that to customs (no tax payable).

Rather than coming with a lot of cash in your back pocket, you may want to look at Ozforex or HiFX to transfer it for you - much safer (still no tax payable).

Thanks Ozhappy! That sounds good. So if I do a transfer from my UK Citibank account to my husband`s Australian Citibank account (with no fees!), there`s no tax? Just a bit worried about starting a `new life` with the taxman chasing us!

Yes, there will be "no tax". It does not matter which account you are transferring it from and which account you are transferring it to. No tax.

It is really surprising how this myth perpetuates, and not only on here.

Unfortunately new people have to rely on what the "hear", and it only takes a couple of people, sometimes out for a laugh, to create something like that, which then never goes away...

Many many thanks for clearing that up guys!