Money Transfers and Tax Returns
#1
Money Transfers and Tax Returns
We've been here 2 months. I've been working 6 weeks so am registered as a permanent resident for tax purposes. I've barely earned $4000 as I work part time and obviously started right at the end of the tax year but because I've been taxed I need to fill out a tax return.
My query is do you need to declare the UK money transferred when you were initially setting up? Presumably this is non taxable.
My query is do you need to declare the UK money transferred when you were initially setting up? Presumably this is non taxable.
Last edited by 77hil; Jul 6th 2010 at 12:07 am.
#2
Re: Money Transfers and Tax Returns
Essentially yes. The capital that you brought with you from the UK is not declared as income in general.
#3
Re: Money Transfers and Tax Returns
So yes you need to declare it but it will likely not be taxed or no there's no need to declare it? Sorry if I'm appearing a bit dim.
Last edited by 77hil; Jul 6th 2010 at 12:40 am.
#4
Re: Money Transfers and Tax Returns
No, you don't need to declare the money that you transferred over to set up with. That isn't taxable UNLESS you left it for a while, and there was a substantial gain in the $ value of that money in the intervening time between you arriving in Australia and the time you transferred the money.
There is no tax to pay on moving your own money around, unless you are doing so in a way that could be classed as income. There is various conjecture about this, and a search will see that it has become a heated topic over the years. I think some people have gone down the route of obtaining a private ruling.
But if your circumstances are as simple as they suggest, then there should be nothing to declare there.
S
#5
Re: Money Transfers and Tax Returns
Cool. Sounds like I just need to declare the $4000. Should be simple enough.
Many thanks!
Many thanks!