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Help on Income Tax

Help on Income Tax

Old Sep 15th 2002, 12:21 pm
  #1  
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Default Help on Income Tax

I have got my PR last year and made my landing. I intend going to OZ end of this year. I have some savings here. Will I be taxed on those savings. Do I have to decalare them.

Thanks for your help
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Old Sep 15th 2002, 12:58 pm
  #2  
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Default Re: Help on Income Tax

In simple terms I believe the situation is as follows:

Tax will be levied on any capital growth or income from the date you are deemed to have emigrated to Australia. For you, this would be when you move to Aus at the end of the year.

Essentially you will need to declare the value of your funds you will be keeping overseas (savings, stocks, bonds, pension plans etc) based on your arrival date. You will then be expected to report any increase in their value (for things like savings, pension plans, ISA's PEPs etc) in your annual tax return. You will also need to declare any capital gains if you sell any shares at a profit, based on their value on your date of arrival (not the actual purchase price. Bummer if they have gone down in price, great if they have gone up in price since you bought them).

Take all this with a pinch of salt as I'm not an expert but this is how I beleive it works. Best thing, ask an expert.

nigel db



Originally posted by stan:
I have got my PR last year and made my landing. I intend going to OZ end of this year. I have some savings here. Will I be taxed on those savings. Do I have to decalare them.

Thanks for your help
 
Old Sep 16th 2002, 1:27 pm
  #3  
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Default Re: Help on Income Tax

Originally posted by stan:
I have got my PR last year and made my landing. I intend going to OZ end of this year. I have some savings here. Will I be taxed on those savings. Do I have to decalare them.

Thanks for your help
Stan,
You are supposed to declare any income you make (which includes interest on savings/bank accounts).... But, and this is a big BUT....... "you must be mad to declare it !!!"... don't do it, unless you're an honest "chappy" and you feel you must declare it.

I've never asked my tax accountant regarding this law, I'd rather just keep my mouth shut ... just in case I get taxed to s*t

My excuse (I've also got money in the UK)... is that it's got "bog all to do with Australia, I don't receive/ship the interest into Australia, hence It's not an income for me in Australia.

cheers

Last edited by Ceri; Sep 16th 2002 at 1:33 pm.
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