howellsclan

Hi
We opened up a migrant bank account as our house had sold, we had the visa's and thought we were on our way to Oz, unfortunatley the house fell though last minute. We decided to send our savings over there anyway in Feb as we had seccured a good rate of exchange, however it doesn't look like we're going to be over in Oz for some time as we decided to take the house off the market due to family circumstances and now we're wondering is there a time limit to having an account in Oz and still being a non resident ?? Please can anyone advise...
Thanks

FiP

No I don't think there is a limit as to how long you can have the account but you do get taxed differently on interest (income) if you are not a resident in Australia, see Tax Office link: http://www.ato.gov.au/individuals/co...tent/12333.htm

ozhappy981

No, there is no time limit. You can have an account in Oz as a non-resident for as long as you like. Exactly the same thing happened to us: sent money over when the rate was good - then the house sale fell through ...

The bank will automatically tax any interest on your money at 10%, i.e. they pay you the net interest.

When you get to Oz and have your tax file number, you phone the bank and give them that and they'll then pay you any future interest gross (no tax deducted).

JAJ

Bear in mind you will normally be liable for tax in country of residence, with credit for the 10%.

howellsclan

Thanks everyone for your replies.. I just heard somewhere that the bank would be making enquires after 12 months regarding why we have not validated the account yet.. and was just a bit worried..