Plane Cash?
 

Hi everyone

Every month we have been transferring x amount of GBP into AUD and storing the AUD in various locations (dont trust banks).

My question is, if I had tens of thousands of dollars, how do I get that money in Oz without paying any tax etc. I have heard that you can be liable for tax if you pay the money into an Oz account and I just wnt to clear it up.

Do I take it on the Plane (dont want to), can I open an oz account here and deposit over the counter (HSBC?) with minimal tax?

Any help would be appreciated

Thanks

Sean & Rach

Re: Plane Cash?
 

Do you mean you actually have a pile of $$ in every room, just in case......?!
You can take as much cash in as you want to but if it is more than $10,000 then you will need to declare it on arrival.
Easiest way to move it is to open an Aussie bank account online and then move the money from the Uk bank to the Aussie bank via a company like www.tranzfers.com

Re: Plane Cash?
 

Thanks Pollyanna

Money not in the house as too scared of any mishaps ruining our dreams (i.e. dog having an expensive breakfast)

I just kep hearing that if you transfer money straight into Oz account from UK when you are not in Oz you may be liable for tax.

Will try the transfer companies, as long as My razor toothed taxman doesnt get any :thumbsup:

Re: Plane Cash?
 

You dont pay tax on anything you brin to australia - your assets receive a jump in value to the time that you move andbecome tax resident.

so if you flew over on jan 1 and had shares that in the UK had risen 200,000$ since you had them - and then sold them onjan2 in australia - you pay no tax. If you sold them the day before you left the UK you'd pay tax on the gain of 200k.

Stock options granted under UK law are different because they have whats called a trailing tax liability and u pay tax in uk for portion of time you were inuk.

But - for Cash - do it using tranzfers.com or some other reputable company and dont worry about the tax.

you will pay tax on the interest you receive on itin australia - but thats a different matter entirely.

I am NOT a tax accountant - but - I know the cash / assets rise statement is true - you can search on ATO website.

Re: Plane Cash?
 

Just make sure this doesnt happen to you!!

http://news.yahoo.com/s/afp/20090129...20090129041831

Re: Plane Cash?
 

I am intrigued to know where you are storing your money if not in banks. You should be aware that the Austrlaian Government ahs guaranteed retail deposits up to A$1M.

Re: Plane Cash?
 

How on earth did someone with this kind of savvy make it to the board of directors of a company?

Sad but so stupid...