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Moving lots of GBP to Aus

Moving lots of GBP to Aus

Old Jan 25th 2005, 3:19 am
  #1  
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Default 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
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Old Jan 25th 2005, 3:49 am
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Default 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.
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Old Jan 25th 2005, 4:11 am
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Default 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
No problems with Tax etc., unless you leave it past a reasonable time, in which case you MAY get involved with tax liability on the increase in A$ value of your funds, IF it does increase due to the FX rate.
 
Old Jan 25th 2005, 5:56 am
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Default Re: Moving lots of GBP to Aus

This might be worth a look at.

http://www.gomatilda.com/news/article.cfm?articleid=327
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Old Jan 25th 2005, 9:58 am
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Default 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.
I don't believe you do have 3 or 6 month window (that only applies to pension transfers which is 6 months) and so strictly speaking any gain or loss you make from the time you take up residence in Oz to the time you move the cash you could be liable for tax bill or refund depending on which way the exchange rate moves.

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).
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