Max&Ozzy

Hi all,

What are peoples views on what the Aussie banks do with regards to paying gross interest on money deposited in an Aus bank, before we become tax residents. Basically they have a better interest rate down there so I was wondering what happens to our money if we sent it before us. Can it earn gross interest? Do the Aussie banks need to declare it to anyone?
Technically i'm aware that the money earned is UK taxable under world wide income, but obviously that's for me to declare on my final UK tax return.....ahhummmm...

Graham

Buzzy--Bee

I was also wondering the best bank to send it to for high interest rates and no charges.

Thanks for starting the thread.

Cheers

Buzzy

roland

You can open an account in the Uk at the commonwealth bank in the uk. They will then send it to Oz at a predetermined date, so when you arrive in Oz you can then access credit cards bank cards in dollars immediately. They charge no commission above set level and their exchange rate is ok. currently 5.5 or so . As for tax they give you interest up to the minimum level gross, buit you have to get your tfn number as quickly as you can The commonwealth feeder account stays active for 2 years, so you can add money by direct transfer or cheque to it as you need. Details on their website.

2 other comments I am a nurse not a banker this is my experience only, secondly dont transfer all your assets its going to cost me a fortune, I brought over half a house, decided we are not buying and probably not staying, and we will have to get it back to the uk.