direct2dubai

I was wondering what the tax implications are for someone who is emigrating to Australia.
When entering the country on arrival at the airport, or later:

1. Does one need to declare how much money they are entering the country with? What is the implication of this - do they tax you on this money?

2. Do you need to declare if you own property elsewhere? are you taxed on the income?

3. Do you have to declare any bank accounts held outside Aus?

Any info will be appreciated.

JAJ

If arriving as a citizen or permanent resident:

1. Yes, if it's more than A$10k cash (you don't really want to carry that much) but you won't be taxed on it.

2 & 3. You are taxed on worldwide income and capital gains, whether brought into Australia or not. But you do not have to declare assets specifically, provided you pay the right tax.

direct2dubai

Thanks JAJ. This might be a silly question but....Can I open a bank account before I get to Aus??

just wondering because I am in the middle east right now and will have to close my bank account before I leave.
Don't want to come out to Aus with all my cash in hand, so trying to see what my options are i.e. transferring the money before the move.

JAJ

Many people do, but unclear if it's possible from Dubai.

ozhappy981

We opened an account with Westpac by telephone from the UK, about six months before we moved to Australia. We got internet and telephone banking set up athe same time. This is the phone number for Westpac: +61 2 9293 9270 It's a 24-hour phone service.

You can do the same with other Australian banks.

When we sold our house we transferred the money into our new Aus bank account with HiFX and Ozforex.

I don't understand why JAJ thinks it might not be possible from Dubai? I would think as long as you can make international calls from Dubai and as long as there isn't some kind of Dubai law that prohibits its citizens from having overseas bank accounts, then there is no problem.

Bermudashorts

I would quite like to open up a bank account before we head out next month. I tried Westpac recently but they didn't want to know, told me not to bother until I got there.

Maybe I need to try again.

MartinLuther

Just to add that 2&3 applies to Permanent Residents not to Temp Residents.

IndieG

Hi - I opened my commonwealth bank account online from Dubai. Go to their website and check their SmartAccess account. They send you the account number in advance. Once you're here just go to their branch (they'll advise you which one) with your passport to activate your account and collect your Debit card etc. Let me know if you can't find the info on their website, will dig out their email.

Poitin

Hi IndieG
Would you advise this on a validation trip - or do we need address?

Thanks

Poitin

we go for validation next week and the panic is starting to set in
and of course we are having lots of hiccups here last week that requires a few trips - oh the joys of Dubai

77hil

NAB were more than happy to open one up for us. They have a migration team in London.

snurse42

We opened out westpac account on line with internet and telephone banking, went in to the branch when we had our reccie trip a couple of weeks ago and our debit cards have now been despatched to the uk.

IndieG

Not sure, let me know if you would like me to send you the name and email address of my relationship manager in CWB. You can write to him and check.

Cheers

Poitin

no don't worry - we will email NAB tonight and see if we can sort something out, otherwise we figure something else out.
Thanks

Bermudashorts

Maybe I will try them then.

I thought westpac would let me do it on line but it was just an initial form that I filled in and I had to wait for somebody to call me back. They did call me promptly, but he just told me not to bother.

tin_tin

Hi,

When we went for our medicals, I got given a pack which contained various info inlcuding one on NAB and how to open an account online from your home country :-
http://nab.com.au/movingtoaustralia/