money
Jan 17th 2007, 3:18 pm
#1
Forum Regular
Thread Starter
Joined: Sep 2006
Posts: 83
money
Hi everyone
Just sold house in UK but not moving to Australia till June 2007.Any ideas what to do with the proceeds i.e leave it in a bank here or get it exchanged and put it into a australian account.Would there be any tax implications.
Thanks for any replies
Just sold house in UK but not moving to Australia till June 2007.Any ideas what to do with the proceeds i.e leave it in a bank here or get it exchanged and put it into a australian account.Would there be any tax implications.
Thanks for any replies
Jan 17th 2007, 4:25 pm
#2
BE Forum Addict
Joined: Sep 2005
Location: Gold Coast
Posts: 1,343
Re: money
Hi there, not sure about the tax side of things but you could open an Oz bank account and keep you eye on the rate, if it looks good transfer it then. Good luck.
Jan 17th 2007, 5:31 pm
#3
Joined: Jan 2006
Posts: 3,376
Re: money
Give it to us!!
Jan 17th 2007, 5:42 pm
#4
Back to WA! Yay!
Joined: Sep 2006
Location: Madeley, WA
Posts: 975
Re: money
Totally up to you brad. Sales from houses arent taxed on capital growth on your main residence, so moving it to OZ whenever is up to you. You could do it now and get a higher rate in Aus than the UK banks, but then theres the chance of the exchange rate changing so maybe leaving it is the best...... Personally I think the UK Interest rate rises are going to make the AU$ weaker as the UK has put up them up just recently and looks likly to do again ....... but thats just my opinion.
Jan 17th 2007, 7:12 pm
#5
Forum Regular
Joined: Oct 2006
Location: Gold Coast, Queensland
Posts: 269
Re: money
Hi, we put our money in the ING and was making £400 interest a month which over 6 months has been great. Put it wherever you get the best rate and keep your eye on the exchange rate.
Jan 20th 2007, 2:06 pm
#6
Forum Regular
Thread Starter
Joined: Sep 2006
Posts: 83
Re: money
HI what I mean is do I pay tax at non residence rates or pay tax when I move to Australia on the interest while its sitting in a Australian bank
Jan 20th 2007, 6:04 pm
#7
Lost in BE Cyberspace
Joined: Jun 2005
Location: Oz -> UK -> San Diego
Posts: 9,912
Jan 20th 2007, 6:34 pm
#8
Forum Regular
Joined: Dec 2006
Location: Rockingham, Perth
Posts: 113
Re: money
i was led to believe you can claim back any tax paid on interst earned in Oz once you give them your tax file number on arrival
Jan 21st 2007, 4:06 am
#10
Lost in BE Cyberspace
Joined: Jun 2005
Location: Oz -> UK -> San Diego
Posts: 9,912
Jan 21st 2007, 8:53 am
#11
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Joined: Feb 2005
Location: Mountain Creek,Sunshine Coast
Posts: 3,596
Jan 21st 2007, 9:31 am
#12
Lost in BE Cyberspace
Joined: Jun 2005
Location: Oz -> UK -> San Diego
Posts: 9,912
Jan 21st 2007, 9:37 am
#13
BE Forum Addict
Joined: Feb 2005
Location: Mountain Creek,Sunshine Coast
Posts: 3,596
Re: money
I work for a bank so may give 'Foreign' a ring to see what they advise. Best starting now for when the house sale goes through. We are similar to the OP thats why so interested. Will post Foreign dept response on when I get one. x
