fiona021

How much can you take before you need to declare it? What are the best banks and did you get charged alot if you transferred from say your UK HSBC account to an Oz account? Are you better opening an account here for an OZ bank account or is it relatively simple to do once there?

Many thanks

Fiona

Pollyana

If you transfer more than $10,000 than the bank is bound by law to declare it to the govt, you don't need to do anything.
If you bring in $10,000 + in CASH then you need to declare it.

fiona021

Cheers. WE're not loaded so sounds like we'll be okay.

robowen

does this apply to bringing in $500,000's or more ? This is from our house sale.
Are we gonna get hammered for tax ?
Rob

TheSubMainMan

Errrmmmmmm' What TAX is that?

Pollyana

They only report it so the govt can keep an eye on large amounts coming in - in case of money laundering. They don't tax you on it.
Same with declaring the cash, if you waltz in with pockets stuffed with cash they might ask you where it came from.

Ozzidoc

There is a tax on money that's brought in, when it's the profit from a housesale.

I think that it was Gedge who posted about it, maybe a year ago...cos I completely disagreed with him, and then discovered that I was wrong. I'm not very good at searching for posts - I'll see if I can find it.

The upshot was that as of an Australian legislative change 2 or 3 years ago, if you bring in/deposit in an Oz account proceeds from a housesale in the UK (don't know about other countries) then there IS a tax payable. Sounds rediculous I know.

gedge

don't think it was me, i don't remember it and a search only turns up this thread:
http://britishexpats.com/forum/showthread.php?p=4828482

sassie

Really? I'd be interested to hear more about this as I don't believe this is correct. My understanding is the only tax you are liable for is the difference in the exchange rate from when you arrive in Australia, and any interest the funds may have earned whilst in the UK (and subsequently in Australia). You are only taxed on income and capital gains - not your own money! We brought in 100% equity from our UK house sale - paid no tax.

Ozzidoc

Hi Gedge

Hope I didnt offend you - I my memory isnt great these days LOL.

Here's the thread.....the OP (and others) will need to read through it all, as the yes/no/maybe/it depends changes a bit throughout the thread.

http://britishexpats.com/forum/showt...ight=tax+house

gedge

no not at all, glad you found what you were looking for

JAJ

This is completely wrong.

Ozzidoc

Not according to the link I posted above, which quoted the ATO.

Think that it has to do with having the proceeds of a UK sale left in the UK, moving to Oz, then bringing money over later into a bank account that you'd opened after a specific date. I was interested in this, as I thought that the whole thing was ludicrous and had no teeth.

The Bloke

I asked my accountant last year and he said that as far as the ATO was concerned, they were not interested in what the money was derived from ie sale of house, flat etc, only the interest derived from Australian bank accounts. Now am very confused as to who is giving the wrong advice, ATO or accountant (from ATO sources).......

Centurion

No you dont pay tax on the proceeds of your house sale. However, if you sell your house, then move to Australia and then sit on the money in the UK, then you may be liable for tax on the interest that you earn since Australia taxes on worldwide income.

However, to suggest tax is payable on the capital gained from selling your primary home in the UK when moving to Australia is incorrect.