Jacko_22

Sorry if this question has been asked before, but I have searched the site and not got an answer to my question which is:

Do you pay tax on money transferred to Australia (for example from the sale of a house)?

I couldn't make sense of the australian tax office website in trying to get an answer to this either.

Thanks

Mrs Jacko

HiddenPaw

No tax on transfer, but once it's in an account in Oz you'll then start paying tax on the interest.

steandleigh

Thank god, someone has asked this.

Saw a similar thread on here the other day, looked into the search archives for info, but to no avail.

Anyone with any other info regarding money and tax would be greatly appreciated.

( You have obviously gathered by now, that I'm no money buff - I know how to spend it, but that's about it!!!! ).

Also, does anyone know if you can transfer your work pension ( company contributed ) without losing the benefit's of it. Is it worth transfering it, if you've only had it for a few years?

many thanks, Leigh.

HiddenPaw

will also add that it is wise to get your tax file numbers as soons as you get to Oz - otherwise you get put on emergency tax code. TFN doesn't just impact the tax rate you pay at work but also without a TFN you will pay 49% tax on interest earned from bank accounts (you then may have to go through the tax return process to get it back)

Ste & leigh, my husband looked at cashing in his pension in the Uk and moving the funds to Oz but the cash in value was ridiculusly low, so he left it where it was. Just as well he didnt move it as now we are going back to UK and if he'd put it in an Oz pension it would be stuck here till he retires (you cant cash in pensions in Oz like you can in the UK).

FiFi

Does anyone know how to get a Tax File Number from the UK..

From looking at the website I drew the conclusion that you had to be in Aus to apply