Limit on Funds Transfer
Nov 28th 2006 | 12:39 am
#1
Thread Starter
Just Joined
Joined: Jun 2006
Posts: 11
Limit on Funds Transfer
Hi All,
Looking for expert advice for tranfser of funds to Australia.
1. Is there any cap on the amount that an permanent resident can transfer to Australia without paying any tax (like a maximum of £ 100,000 per family or per person etc.)
2. Is there any time limit (like 6 months or one year from the date of first entry) by which we have to transfer the overseas funds without paying any tax ?
3. How does the ATO know how much bank balance we had before the move to Australia - Do we need to provide the overseas bank statements showing the bank balance just before the move ?
4. Is the overseas income after the validation of the visa taxable or only taxable after I opt for the Australian citizenship. Do we have to report the overseas income every year once we validate the permanent resident visa ?
Anyone else in the same boat ? Not sure if it will be worthwile to call ATO office to hear it from the horse's mouth. BTW, our visa class is 136 (skilled immigrant visa)
Thanks a lot.
Mike
Looking for expert advice for tranfser of funds to Australia.
1. Is there any cap on the amount that an permanent resident can transfer to Australia without paying any tax (like a maximum of £ 100,000 per family or per person etc.)
2. Is there any time limit (like 6 months or one year from the date of first entry) by which we have to transfer the overseas funds without paying any tax ?
3. How does the ATO know how much bank balance we had before the move to Australia - Do we need to provide the overseas bank statements showing the bank balance just before the move ?
4. Is the overseas income after the validation of the visa taxable or only taxable after I opt for the Australian citizenship. Do we have to report the overseas income every year once we validate the permanent resident visa ?
Anyone else in the same boat ? Not sure if it will be worthwile to call ATO office to hear it from the horse's mouth. BTW, our visa class is 136 (skilled immigrant visa)
Thanks a lot.
Mike
Nov 28th 2006 | 5:09 am
#2
Happy Daddy
Joined: Aug 2003
Posts: 1,312
From: Dodgey West Midlands , UK
Re: Limit on Funds Transfer
Originally Posted by movingoz
Hi All,
Looking for expert advice for tranfser of funds to Australia.
1. Is there any cap on the amount that an permanent resident can transfer to Australia without paying any tax (like a maximum of £ 100,000 per family or per person etc.)
2. Is there any time limit (like 6 months or one year from the date of first entry) by which we have to transfer the overseas funds without paying any tax ?
3. How does the ATO know how much bank balance we had before the move to Australia - Do we need to provide the overseas bank statements showing the bank balance just before the move ?
4. Is the overseas income after the validation of the visa taxable or only taxable after I opt for the Australian citizenship. Do we have to report the overseas income every year once we validate the permanent resident visa ?
Anyone else in the same boat ? Not sure if it will be worthwile to call ATO office to hear it from the horse's mouth. BTW, our visa class is 136 (skilled immigrant visa)
Thanks a lot.
Mike
Looking for expert advice for tranfser of funds to Australia.
1. Is there any cap on the amount that an permanent resident can transfer to Australia without paying any tax (like a maximum of £ 100,000 per family or per person etc.)
2. Is there any time limit (like 6 months or one year from the date of first entry) by which we have to transfer the overseas funds without paying any tax ?
3. How does the ATO know how much bank balance we had before the move to Australia - Do we need to provide the overseas bank statements showing the bank balance just before the move ?
4. Is the overseas income after the validation of the visa taxable or only taxable after I opt for the Australian citizenship. Do we have to report the overseas income every year once we validate the permanent resident visa ?
Anyone else in the same boat ? Not sure if it will be worthwile to call ATO office to hear it from the horse's mouth. BTW, our visa class is 136 (skilled immigrant visa)
Thanks a lot.
Mike
he will won't his cut!Death and tax's old boy.
Bye
Mark
Nov 28th 2006 | 12:29 pm
#3
Retired
Joined: Apr 2004
Posts: 34,646
Re: Limit on Funds Transfer
Originally Posted by movingoz
Hi All,
Looking for expert advice for tranfser of funds to Australia.
1. Is there any cap on the amount that an permanent resident can transfer to Australia without paying any tax (like a maximum of £ 100,000 per family or per person etc.)
2. Is there any time limit (like 6 months or one year from the date of first entry) by which we have to transfer the overseas funds without paying any tax ?
3. How does the ATO know how much bank balance we had before the move to Australia - Do we need to provide the overseas bank statements showing the bank balance just before the move ?
4. Is the overseas income after the validation of the visa taxable or only taxable after I opt for the Australian citizenship. Do we have to report the overseas income every year once we validate the permanent resident visa ?
Looking for expert advice for tranfser of funds to Australia.
1. Is there any cap on the amount that an permanent resident can transfer to Australia without paying any tax (like a maximum of £ 100,000 per family or per person etc.)
2. Is there any time limit (like 6 months or one year from the date of first entry) by which we have to transfer the overseas funds without paying any tax ?
3. How does the ATO know how much bank balance we had before the move to Australia - Do we need to provide the overseas bank statements showing the bank balance just before the move ?
4. Is the overseas income after the validation of the visa taxable or only taxable after I opt for the Australian citizenship. Do we have to report the overseas income every year once we validate the permanent resident visa ?
(you might incur capital gains tax on exchange gains or losses but that's another question)
4. Yes.
Nov 28th 2006 | 12:47 pm
#4
Account Closed
Joined: Jun 2005
Posts: 9,316
Re: Limit on Funds Transfer
Originally Posted by movingoz
Hi All,
Looking for expert advice for tranfser of funds to Australia.
1. Is there any cap on the amount that an permanent resident can transfer to Australia without paying any tax (like a maximum of £ 100,000 per family or per person etc.)
2. Is there any time limit (like 6 months or one year from the date of first entry) by which we have to transfer the overseas funds without paying any tax ?
3. How does the ATO know how much bank balance we had before the move to Australia - Do we need to provide the overseas bank statements showing the bank balance just before the move ?
4. Is the overseas income after the validation of the visa taxable or only taxable after I opt for the Australian citizenship. Do we have to report the overseas income every year once we validate the permanent resident visa ?
Anyone else in the same boat ? Not sure if it will be worthwile to call ATO office to hear it from the horse's mouth. BTW, our visa class is 136 (skilled immigrant visa)
Thanks a lot.
Mike
Looking for expert advice for tranfser of funds to Australia.
1. Is there any cap on the amount that an permanent resident can transfer to Australia without paying any tax (like a maximum of £ 100,000 per family or per person etc.)
2. Is there any time limit (like 6 months or one year from the date of first entry) by which we have to transfer the overseas funds without paying any tax ?
3. How does the ATO know how much bank balance we had before the move to Australia - Do we need to provide the overseas bank statements showing the bank balance just before the move ?
4. Is the overseas income after the validation of the visa taxable or only taxable after I opt for the Australian citizenship. Do we have to report the overseas income every year once we validate the permanent resident visa ?
Anyone else in the same boat ? Not sure if it will be worthwile to call ATO office to hear it from the horse's mouth. BTW, our visa class is 136 (skilled immigrant visa)
Thanks a lot.
Mike
2) No time limits. No tax free periods. (A 6 month tax-free limit applies to the transfer of pensions.)
3) They don't know how much you have in the UK. They will know how much you've transferred if it's more than $10k. If you transfer money after arrival you may be subject to Foreign gains tax or CGT (if you make a profit) but the ATO is unclear on whether you get taxed on this. If you find yourself in this situation, apply for a private ruling from the ATO.
4) You start paying Aus tax as soon as you become tax resident (typically this is when you arrive to stay permanently which has no dependency on citizenship). You will be taxed on your worldwide income but will be given credit for any tax paid in a country with which Aus has a double taxation agreement.
Nov 29th 2006 | 1:59 pm
#5
Thread Starter
Just Joined
Joined: Jun 2006
Posts: 11
Re: Limit on Funds Transfer
Thanks Mark, JAJ and "Martin Luther" for your responses. Seems like i was unecessarily worrying too much.
Mike
Mike
Originally Posted by MartinLuther
1) There's no limit. If you bring in more than $10k through customs you just have to tell them (so they know).
2) No time limits. No tax free periods. (A 6 month tax-free limit applies to the transfer of pensions.)
3) They don't know how much you have in the UK. They will know how much you've transferred if it's more than $10k. If you transfer money after arrival you may be subject to Foreign gains tax or CGT (if you make a profit) but the ATO is unclear on whether you get taxed on this. If you find yourself in this situation, apply for a private ruling from the ATO.
4) You start paying Aus tax as soon as you become tax resident (typically this is when you arrive to stay permanently which has no dependency on citizenship). You will be taxed on your worldwide income but will be given credit for any tax paid in a country with which Aus has a double taxation agreement.
2) No time limits. No tax free periods. (A 6 month tax-free limit applies to the transfer of pensions.)
3) They don't know how much you have in the UK. They will know how much you've transferred if it's more than $10k. If you transfer money after arrival you may be subject to Foreign gains tax or CGT (if you make a profit) but the ATO is unclear on whether you get taxed on this. If you find yourself in this situation, apply for a private ruling from the ATO.
4) You start paying Aus tax as soon as you become tax resident (typically this is when you arrive to stay permanently which has no dependency on citizenship). You will be taxed on your worldwide income but will be given credit for any tax paid in a country with which Aus has a double taxation agreement.
