TracyAnne

Hi All,

Can anyone tell me if there are any restrictions on taking money into Australia when you are on a temporary visa (student). We will have the funds from our house sale by the end of July but will not be going to Oz until November. I am hoping that the exchange rate will improve and we will transfer our money (approx AU$400k ) just before we fly out.
Alternatively if the exchange rate is not so good I thought about taking what we need initially and then either leaving the rest in the UK or offshore until the rate improves.
Not sure what the tax implications would be for us on a temporary visa.
Can anyone advise?

Many thanks

Tracy

Kiwipaul

Their is no restrictions on bringing money into or out of Oz and as you won't be considered tax resident in Oz ( don't think so anyway) on a temp visa you can move the money to Oz whenever you like with no CGT implication.

You can even bring it over as cash if you feel so inclined just make sure you declare anything over $A10,000 at customs when you arrive (if you don't declare it they can confiscate it) and you'll have no problems.

JAJ

You certainly can become tax resident in Australia on a temporary resident visa.

However as I keep saying on this forum, there is *no* capital transfer tax, however having non-Australian cash or investments may create a liability to income tax or CGT. The taxation of overseas income may be slightly different for temporary residents, however it depends on circumstances.

Jeremy