Inheritance money tranfers
 

We have some inheritance funds sat in a solicitors account in the UK, ready to be distributed. We dont have an UK bank account and are looking at Ozforex for making the transfer.

Has anybody done it this way. Are solicitors ok about doing it this way?

Re: Inheritance money tranfers
 

Sorry no idea... You could ask them... Why cant the solicitor just put the money into your australian account???

Re: Inheritance money tranfers
 

Be careful .... the tax office in Oz is alerted to any amounts over $10,000. Not sure of the ins and outs of this but worth checking as they might try and get a piece it.

Re: Inheritance money tranfers
 

Are they??????????? Did the ATO tell you this or is is just rumour?

We transferred over some money we inherited, and as we went bank to bank, there was no problem. I think money laundering is more of a concern than receiving an inheritance.

There is no IHT in Aus, so they do not (as far as I am aware) levy any tax- at least they did not on us.

Re: Inheritance money tranfers
 

We asked our accountant about paying tax on the amount and he said that the ATO is notified but as its inheritance. there is nothing to pay. We are also going to buy a boat and apparently this is flagged up with the ATO as a major purchase, but we just need to tell them (if they ask) that the money came from inheritance and it wont be a problem.

We dont want to go bank to bank because we can get a better exchange rate through ozforex.

Re: Inheritance money tranfers
 

When we transfered our money over when we first arrived we received a letter from the ATO saying that we had received an amount over $10k and could we explain where it came from.

Re: Inheritance money tranfers
 

Try transferring 5 amounts of $9999.99 and see if you don't get noticed.:rofl:

Re: Inheritance money tranfers
 

whilst the ATO are notified automatically by the banks when they receive any transfers over $10k the ATO don't do anything for valid transfers (as NB said they may write and ask what it is from). It is exactly the same as you notifying you are brining over more than $10k cash on the landing card when you arrive

Re: Inheritance money tranfers
 

I guess they can just move it to Ozforex's London account when you have booked the deal.

We still had UK accounts so the solicitors just paid it in there. Then we did the transfer in three or four big hits totalling about £200K. Never heard anything from ATO.