money to go.........
Jan 18th 2007, 6:24 pm
#1
Forum Regular
Thread Starter
Joined: Nov 2006
Location: sydney -cos it never rains
Posts: 141
money to go.........
Hi all, am currently looking into how to get my money over to Aus. I was going to open an HSBC account over here (prob just on the phone) then just transfer the money straight into it from my uk account that im planing on keeping. I've also got some ISAs but are they worth hanging on to? From the top of my head i'm getting about 5.2% pa interest from them but from what i see on the savings accounts in Aus you can get anything up to 8%.
Also if i transfered all my money to an Aus account then say in a couple of years, i wanted to come back to the UK and transfer it all back again, would i have to pay any tax? (even if the amount was more than originally transfered over) thanks.
Also if i transfered all my money to an Aus account then say in a couple of years, i wanted to come back to the UK and transfer it all back again, would i have to pay any tax? (even if the amount was more than originally transfered over) thanks.
Jan 18th 2007, 7:33 pm
#2
Timelord
Joined: May 2006
Location: Lost in space...
Posts: 2,834
Re: money to go.........
Hi all, am currently looking into how to get my money over to Aus. I was going to open an HSBC account over here (prob just on the phone) then just transfer the money straight into it from my uk account that im planing on keeping. I've also got some ISAs but are they worth hanging on to? From the top of my head i'm getting about 5.2% pa interest from them but from what i see on the savings accounts in Aus you can get anything up to 8%.
Also if i transfered all my money to an Aus account then say in a couple of years, i wanted to come back to the UK and transfer it all back again, would i have to pay any tax? (even if the amount was more than originally transfered over) thanks.
Also if i transfered all my money to an Aus account then say in a couple of years, i wanted to come back to the UK and transfer it all back again, would i have to pay any tax? (even if the amount was more than originally transfered over) thanks.
You can certainly get better than 5.2% out here, but you'll be taxed on it whereas your ISA's at the moment are free of tax I think... As far as getting a definitive answer on tax questions I think you'd be better off talking to an accountant who'd know or an agent with expertise in this field like Alan Collett...
HTH...
Jan 18th 2007, 8:29 pm
#3
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Joined: Nov 2006
Location: sydney -cos it never rains
Posts: 141
Re: money to go.........
The best rates for transferring cash about seem to be with either UKForex or HiFX... very simple to set up, just fill in a couple of forms and send off the inevitable ID proofs, etc...
You can certainly get better than 5.2% out here, but you'll be taxed on it whereas your ISA's at the moment are free of tax I think... As far as getting a definitive answer on tax questions I think you'd be better off talking to an accountant who'd know or an agent with expertise in this field like Alan Collett...
HTH...
You can certainly get better than 5.2% out here, but you'll be taxed on it whereas your ISA's at the moment are free of tax I think... As far as getting a definitive answer on tax questions I think you'd be better off talking to an accountant who'd know or an agent with expertise in this field like Alan Collett...
HTH...
cheers rodders, will check that out.
Jan 19th 2007, 9:18 am
#4
Lost in BE Cyberspace
Joined: Mar 2003
Posts: 9,397
Re: money to go.........
The best rates for transferring cash about seem to be with either UKForex or HiFX... very simple to set up, just fill in a couple of forms and send off the inevitable ID proofs, etc...
You can certainly get better than 5.2% out here, but you'll be taxed on it whereas your ISA's at the moment are free of tax I think... As far as getting a definitive answer on tax questions I think you'd be better off talking to an accountant who'd know or an agent with expertise in this field like Alan Collett...
HTH...
You can certainly get better than 5.2% out here, but you'll be taxed on it whereas your ISA's at the moment are free of tax I think... As far as getting a definitive answer on tax questions I think you'd be better off talking to an accountant who'd know or an agent with expertise in this field like Alan Collett...
HTH...
Jan 19th 2007, 9:37 am
#6
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Joined: Nov 2003
Location: Lower Chittering, Perth
Posts: 4,646
Re: money to go.........
You can certainly get better than 5.2% out here, but you'll be taxed on it
You get hammered for tax here...............any interest earned will be taxed at source, then the interest will be added to your yearly income, and taken into account for tax again!!
You get hammered for tax here...............any interest earned will be taxed at source, then the interest will be added to your yearly income, and taken into account for tax again!!
Jan 19th 2007, 10:00 am
#7
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Joined: Jun 2003
Location: Sydney beachside
Posts: 3,505
Re: money to go.........
If you have supplied your TFN to the bank then they don't deduct any tax at source.
Interest is not taxed twice.
Jan 19th 2007, 10:00 am
#8
Lost in BE Cyberspace
Joined: Mar 2003
Posts: 9,397
Re: money to go.........
