Moving lots of GBP to Aus
#1
BE Enthusiast
Thread Starter
Joined: Sep 2003
Location: Maroubra
Posts: 753
Moving lots of GBP to Aus
Having got the PR under my belt I'm now looking at buying a house at some stage in the future. What I'd like to know is where I stand in regards to moving some money (lets say 100,000gbp) from the UK to Aus.
Are there any legal and/or tax implications I need to be aware of here.
The money is the profit from flogging our UK house. In the time since sale I believe the AUD has strengthened appreciably, so I'm going to be getting less AUD than I would have originally.
Looking forward to a baffling and contradictory set of replies
Are there any legal and/or tax implications I need to be aware of here.
The money is the profit from flogging our UK house. In the time since sale I believe the AUD has strengthened appreciably, so I'm going to be getting less AUD than I would have originally.
Looking forward to a baffling and contradictory set of replies
#2
Re: Moving lots of GBP to Aus
Rich,
You have 3 or 6 months (can't remember which) when you can transfer your money from the UK to Aus without it being taxable. We used an agency www.hifx.co.uk and they transferred it straight into our Commonwealth bank account that we had already opened.
Nothing much more complicated than that really.
You have 3 or 6 months (can't remember which) when you can transfer your money from the UK to Aus without it being taxable. We used an agency www.hifx.co.uk and they transferred it straight into our Commonwealth bank account that we had already opened.
Nothing much more complicated than that really.
#3
Guest
Posts: n/a
Re: Moving lots of GBP to Aus
Originally Posted by RichS
Having got the PR under my belt I'm now looking at buying a house at some stage in the future. What I'd like to know is where I stand in regards to moving some money (lets say 100,000gbp) from the UK to Aus.
Are there any legal and/or tax implications I need to be aware of here.
The money is the profit from flogging our UK house. In the time since sale I believe the AUD has strengthened appreciably, so I'm going to be getting less AUD than I would have originally.
Looking forward to a baffling and contradictory set of replies
Are there any legal and/or tax implications I need to be aware of here.
The money is the profit from flogging our UK house. In the time since sale I believe the AUD has strengthened appreciably, so I'm going to be getting less AUD than I would have originally.
Looking forward to a baffling and contradictory set of replies
#4
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Joined: Jan 2005
Location: ex-Lancashire, ex-Northern suburbs, Perth WA, now Switzerland
Posts: 126
Re: Moving lots of GBP to Aus
#5
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Joined: Jan 2003
Location: Brisbane
Posts: 1,576
Re: Moving lots of GBP to Aus
Originally Posted by Billabong
Rich,
You have 3 or 6 months (can't remember which) when you can transfer your money from the UK to Aus without it being taxable. We used an agency www.hifx.co.uk and they transferred it straight into our Commonwealth bank account that we had already opened.
Nothing much more complicated than that really.
You have 3 or 6 months (can't remember which) when you can transfer your money from the UK to Aus without it being taxable. We used an agency www.hifx.co.uk and they transferred it straight into our Commonwealth bank account that we had already opened.
Nothing much more complicated than that really.
BUT as it's a self assesment system here you would have to declare the gain (or loss) on your year end tax return and I suspect very few people do ( I didn't as I was oblivous to the need when I came few years ago).