Tax on money from the UK
Jun 29th 2006, 7:27 pm
#1
Loving Perth!
Thread Starter
Joined: Mar 2006
Location: Mindarie, Perth, WA
Posts: 99
Tax on money from the UK
Hi All,
I know you don't pay tax on the money that you bring with you, but have read somewhere that you pay tax on money you transfer after the move. Is there an upper limit on this? Surely if Granny sends some money to the kid we won't be taxed on it?
Seriously though we have some small investments (child plans) we would like to keep going over here but we're unsure whether it's worth it or whether to just cash in and bring all with us (even if in some cases you're losing money)?
Cheers in advance,
Jane
I know you don't pay tax on the money that you bring with you, but have read somewhere that you pay tax on money you transfer after the move. Is there an upper limit on this? Surely if Granny sends some money to the kid we won't be taxed on it?
Seriously though we have some small investments (child plans) we would like to keep going over here but we're unsure whether it's worth it or whether to just cash in and bring all with us (even if in some cases you're losing money)?
Cheers in advance,
Jane
Jun 29th 2006, 7:47 pm
#2
Forum Regular
Joined: Aug 2005
Location: Western Suburbs
Posts: 142
Re: Tax on money from the UK
Originally Posted by TheHallidays
Hi All,
I know you don't pay tax on the money that you bring with you, but have read somewhere that you pay tax on money you transfer after the move. Is there an upper limit on this? Surely if Granny sends some money to the kid we won't be taxed on it?
Seriously though we have some small investments (child plans) we would like to keep going over here but we're unsure whether it's worth it or whether to just cash in and bring all with us (even if in some cases you're losing money)?
Cheers in advance,
Jane
I know you don't pay tax on the money that you bring with you, but have read somewhere that you pay tax on money you transfer after the move. Is there an upper limit on this? Surely if Granny sends some money to the kid we won't be taxed on it?
Seriously though we have some small investments (child plans) we would like to keep going over here but we're unsure whether it's worth it or whether to just cash in and bring all with us (even if in some cases you're losing money)?
Cheers in advance,
Jane
Michelle
Jun 29th 2006, 8:16 pm
#3
Melbourne Australia
Joined: Feb 2006
Posts: 4,169
Re: Tax on money from the UK
Jane
From what I am aware you are not taxed on money sent back post arrival however,
For funds "worldwide" you must declare the increase in value as "taxable" income in your annual tax return. (Believe this also works the other way for losses).
Kiwi
From what I am aware you are not taxed on money sent back post arrival however,
For funds "worldwide" you must declare the increase in value as "taxable" income in your annual tax return. (Believe this also works the other way for losses).
Kiwi
