ABB1

HI,

I'm aware that each migrant is allowed to take AUD 10,000 without any taxes. Is this allowed for my 1 year old baby ? And do we need to purchase an air ticket for him?

Thanx

Pollyana

Where did you hear that migrants get taxed for taking more than $10K?

There is a rule that if you bring in more than $10,000 in cash when you arrive,then you have to declare it but you still don't get taxed on it.

Grayling

I think you are confused.

You can take as much as you like without taxes.

the $10000 refers to the amount of cash you can carry.

Taxes only come into the equation if you leave the money behind and the exchange rate changes.

Grayling

Snap!

ABCDiamond

Does the baby have a money bag big enough for the $10,000 ?

Good question about tickets for a baby, they should be able to fly for free, if they don't take up any room or eat anything etc.

ABB1

- well it's like this , I'm hoping to take roughly $15,000 with me, do i have to declaire this to AUS customs? What's the purpose of declairation?

- What's the best way of taking money? cash or transfering from my local bank A/C to a AUS bank a/c? If so is there any tax/loss involved?

Grayling

Just transfer it using one of the currency exchange companies or through your bank.

You don't have to declare it and you will not be liable for tax on it.

You may have to pay transfer fees to your bank or whichever company you use.

G

Pollyana

"Great minds" or "fools thoughts".....

ABB1

But isn't that when i open a bank A/C and give my tax number once i migrated, they 'll be wondering about the deposited money and therefore liable for tax ??

Grayling

You don't have to pay tax on any money you transfer when you move.

ABCDiamond

Some official info from Customs:

One reason for this is to combat money laundering. It only applies to notes (and coins I suppose )

You could always use Travellers cheques if you don't want to use a bank transfer. They do not need to be declared unless you are asked about them.

If you carry more than $10,000 in notes, and do NOT declare it. Technically they can confiscate it.

As others have said, no tax is payable, unless of course the money is classed as an income, which in your case it does not sound like it is.
Otherwise it is just your personal money that you are bringing here with you.

ABB1

thank u very much guys, this was soo helpful