How To Trasfer Monies?
 

JUST WONDERING HOW YOU GO ABOUT TRANSFERING YOUR FUNDS TO AUSTRALIA WHEN YOU EMMIGRATE.

ARE THERE ANY RESTRICTIONS?

WILL I HAVE TO PAY TAX ON THE MONEY TAKEN OUT THERE?( SOME OF WHICH WILL BE PROFIT FROM A HOUSE SALE)

I HAVE AN AUSTRALION HSBC ACCOUNT FROM A PREVIOUS TRIP OUT THERE. CAN I TRANSFER MY FUNDS TO THIS ACCOUNT FROM A BRITISH HSBS BANK?

THANKS

KEEL

Re: How To Trasfer Monies?
 

I would thought it probable. Why don't you ring and ask them what the procedure is.
Mash..

PS - You won't get many replies writing in capitals (equivalent to shouting at us - we don't like being shouted at!)
:)

Re: How To Trasfer Monies?
 

Keel

Type in low case it's more polite,

There is no reason why you should have to pay tax ......... on the sale of your house provided it's the only house you own, also any savings you have, you will have paid tax already on the interest and on the money earned from your job etc. This cash you are taking is your capital.

You may have to prove this to Australia but should not be a problem, using a bank is the safe way to transfer, don't go for better rates as this could be misleading and risky.

The exchange rate is already favourable.

Scooby.

Re: How To Trasfer Monies?
 

Keel,

Answers to your questions:

1. Re tax on transfer of monies: so long as the house you are selling has always been your main residence - no tax to pay on its sale (you might have a Capital Gains Tax issue if the house has been let out or partially used for business purposes during your period of ownership). If you transfer all of the net proceeds of sale to Australia before you move there - no tax to pay on the transfer of the funds.

A tax exposure only arises if you hang onto UK£ funds and they appreciate in A$ terms between the date that you arrive in Australia and the date that you actually transfer the money.

EG. You have £50,000 that is worth A$A$135,000 when you arrive in Australia. You convert the £50,000 to A$ 6 months later when they are worth A$140,000 => you have a gain of A$5,000 that is assessable.

2. Yep, shouldn't be a problem. Speak to the HSBC about the exchange rate they can offer, and also a firm such as Halewood on 01753 859159 (the Private Client Desk).

Hope this helps.

Re: How To Trasfer Monies?
 

Keel,

When you've checked your rates with HSBC, give Nathan a call at Currencies direct 020 7813 0332, I found them really helpfull and their advise is sound.

Cheers Mark

oh, and by the way STOP BLOODY SHOUTING!

I,ll have to get that caps lock fixed.

Thanks for the replys and I'll take the advice on board.

keel