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-   -   Financial help please! (https://britishexpats.com/forum/australia-54/financial-help-please-500671/)

Nic938 Dec 19th 2007 12:01 pm
Financial help please!
 
Hi

Can somebody in the know tell me please.... we go over to Perth in 2 weeks but because the exchange rate is a bit low at the moment, do we have to take our money with us or can we leave it in the high interest account here and transfer it over in say 6 months time or when the rate is a bit higher?

Do I have to inform the tax man here or there or anyone else for that matter?

Thanks in advance.

Nic

JoolsB Dec 19th 2007 3:05 pm
Re: Financial help please!
 
Originally Posted by Nic938 (Post 5684712)
Hi

Can somebody in the know tell me please.... we go over to Perth in 2 weeks but because the exchange rate is a bit low at the moment, do we have to take our money with us or can we leave it in the high interest account here and transfer it over in say 6 months time or when the rate is a bit higher?

Do I have to inform the tax man here or there or anyone else for that matter?

Thanks in advance.

Nic
I know there's a rule by which if the UK bank account from which you will be transferring wasn't open pre Sept 1985 you will hav to pay tax if left for over a certain amount of time (sorry cant recall how long-maybe 6 months + but might be wrong on this).

Nic938 Dec 19th 2007 5:03 pm
Re: Financial help please!
 
Originally Posted by JoolsB (Post 5685204)
I know there's a rule by which if the UK bank account from which you will be transferring wasn't open pre Sept 1985 you will hav to pay tax if left for over a certain amount of time (sorry cant recall how long-maybe 6 months + but might be wrong on this).
Thanks anyway Jools, I kinda suspected it would be too good to be true.

Nic

andy thomas Dec 19th 2007 6:17 pm
Re: Financial help please!
 
Originally Posted by Nic938 (Post 5684712)
Hi

Can somebody in the know tell me please.... we go over to Perth in 2 weeks but because the exchange rate is a bit low at the moment, do we have to take our money with us or can we leave it in the high interest account here and transfer it over in say 6 months time or when the rate is a bit higher?

Do I have to inform the tax man here or there or anyone else for that matter?

Thanks in advance.

Nic
Yes you can leave your money. You will only have to pay tax on the interest just as you would have done if you stayed in the uk so no difference there. When you do eventually move it over there may be an issue with capital gains tax if the exchange rate has gone up since you entered Australia. In other words you may be liable to CGT on any profit you make should rates improve but not on the whole amount. But to be honest who's going to know. I'd plead ignorance and say I wasn't aware, what can they do really.

Good luck, Andy

Nic938 Dec 19th 2007 6:51 pm
Re: Financial help please!
 
Originally Posted by andy thomas (Post 5685809)
Yes you can leave your money. You will only have to pay tax on the interest just as you would have done if you stayed in the uk so no difference there. When you do eventually move it over there may be an issue with capital gains tax if the exchange rate has gone up since you entered Australia. In other words you may be liable to CGT on any profit you make should rates improve but not on the whole amount. But to be honest who's going to know. I'd plead ignorance and say I wasn't aware, what can they do really.

Good luck, Andy
Thanks Andy, much appreciated. :thumbsup:

Nic


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