I would take advice but my understanding is that, if you have assets (including cash) abroad, you may transfer them without obligation when you become tax resident and for a short time afterwards (6 months?).

After that, if you transfer them you are technically liable for tax on any capital gain - ie the difference between the AUS$ value at transfer and that when you took up tax residency.

As in most things, people don't declare it and 90% get away with it, but if you are tax audited and they go through the figures it will all come out.

But, as I say, that's only my understanding of it.

Hi,

I have never heard of anyone paying this GGT, through being caught out, so?

If you ask the wrong question i guess you might get the wrong answer?


Me, i have called the trip off, but i have also locked up all my savings for two years, so there is no way i could access them and exchange if i wanted to, due to me becoming a tax resident in Australia?

So if i decided to move, what can i do, i have no choice but to wait for two years to gain access to my funds, and i have proof of no access!

Who know's in two years the rate might improve to my advantage, but its just my luck that my funds become available? Similar to a house sale!

So, if the rate improves in my favour in two years time when my funds become available to me, then its an argument i will.would use as to why i did not exchange on tax residency commencement?


I might be right i might be wrong, but i know i am going to go with it!


Sooty