taking money from UK to OZ
 

Hi all

im new on here, but a regular on other forums, dare i mention others...??

when...if...we sell our house before we come to oz, do we have to pay any tax in the uk or oz...?

can we just put it in the bank then transfer it over, ready for us to arrive..

this would be good as the interest rate is higher in oz

anybody know the do's and don'ts....??

cheers all

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Re: taking money from UK to OZ
 

Yep Id be interested how this works too, any help anybody, in simple form please as I aint too bright on finances, only how to spend them:eek:

Re: taking money from UK to OZ
 

Very Good Question! I'd be interested to know too :) So I've posted this to keep this thread near the top :D

Re: taking money from UK to OZ
 

As far as I am aware.

Tax in uk bank account is subject to normal income tax, ie, if you pay 40% tax on your earnings, you will pay 40% tax on any interest earned on your savings. Like wise 25% etc.

If you put it in to a aussie bank account for the better interest rate while you are still in uk it is subject to a 10% flat rate for being a non aus tax payer.

Re: taking money from UK to OZ
 

You would still have to pay U.K. tax than, with credit given for the 10%.

Re: taking money from UK to OZ
 

:confused: so is it better in england or oz .

Re: taking money from UK to OZ
 

I can only suggest from our point of view.

We have the money in bank UK at present, waiting to send to Aus. Planned to send in Jan. However, wanted to wait until minor details off move confirmed, before committing.

Unfortunately,Did'nt know about forward contracts at the time, so now we are waiting for a upturn in the pound. (yes, now everyone has lot's of opinions on this. unfortunately we are sat on that rollercoaster). :ohmy:

We would have put in in a Aussie bank account I did'nt know about the extra tax that JAJ mentioned. But you certainly get much better rates over there. Looked into off shoring it but that opens up a mind field. so we will wait be patient and change when better exchange rate.

Re: taking money from UK to OZ
 

Yep I think thats what we are going to do to actually, when we have sold this place we will put that money, plus some money we have here and there in other accounts, into one account here in England then wait till better rate of exchange in Oz and transfer - blimey listen to me you'd think I was a millionaire getting money here and there wouldn't ya,:rofl: Im not though, just gunna scrape every bit of money and put it in a nice bundle til the time is right :D

Re: taking money from UK to OZ
 

hi all

so will i pay 40% tax on the profit made on my house sale??

am i not getting this.........?
so i will pay less tax if i send it to oz...?

can you explain slowly please..?

its my money and i want it all to myself :mad:!!

bluddy tax man :curse:

cheerio for now

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Re: taking money from UK to OZ
 

Hi, I am by know means an expert but there are plenty on this forum.

From what you have said and I presume you are in the UK. You will not pay tax on property sale (unless investment property, not lived in it etc). However, you will pay tax on interest earned in the bank. If you are a 4o% tax payer then 40%.

If you have a partner and they are on a lower income band then you can put it in there name, and pay their rate of tax. obviously lot's of trust issues involved.


When I opened a aussie bank account I was told I would only have to pay 10% tax.However, JAJ. who does know his stuff corrected me, and it would appear there are taxable implications if you put it in a bank account in Aus.


Perhaps somebody else can help you more on anglo/aussie taxation issues then I can. but I do think there is a agreement between countries so you don't get taxed twice.


Hope this helps

Re: taking money from UK to OZ
 

This question is as old as the hills and upon reading numerous threads on BE about tax implications i'm still none the bloody wiser :confused:


Lee :confused:

Re: taking money from UK to OZ
 

That is because it is not a simple topic.

Re: taking money from UK to OZ
 

As far as I am aware if you only own one property (or owned) in the UK then you are not liable for taxation (in the Uk)?