Tax position on bringing money into Australia?
Jun 9th 2005, 11:11 am
#1
lambstew
Thread Starter
Joined: Apr 2005
Location: Melbourne
Posts: 5
Tax position on bringing money into Australia?
I have just been told that if I transfer money (a lump sum) into Australia I may be taxed on the whole amount as income? Is that correct?
I understand that I have to pay tax on interest earned -
but does it also apply to money as I transfer it in to Australia, as if it
were income?
I am an Australian resident for tax purpose, here on a 457 visa.
I understand that I have to pay tax on interest earned -
but does it also apply to money as I transfer it in to Australia, as if it
were income?
I am an Australian resident for tax purpose, here on a 457 visa.
Jun 9th 2005, 12:35 pm
#2
Joined: Jul 2004
Posts: 6,360
Re: Tax position on bringing money into Australia?
These might be useful for you:
http://s9.invisionfree.com/Piggy_Ban...?showtopic=113
http://s9.invisionfree.com/Piggy_Ban...p?showtopic=61
http://s9.invisionfree.com/Piggy_Ban...?showtopic=113
http://s9.invisionfree.com/Piggy_Ban...p?showtopic=61
Jun 9th 2005, 5:25 pm
#3
Retired
Joined: Apr 2004
Posts: 34,649
Re: Tax position on bringing money into Australia?
Originally Posted by LambStew
I have just been told that if I transfer money (a lump sum) into Australia I may be taxed on the whole amount as income? Is that correct?
I understand that I have to pay tax on interest earned -
but does it also apply to money as I transfer it in to Australia, as if it
were income?
I am an Australian resident for tax purpose, here on a 457 visa.
I understand that I have to pay tax on interest earned -
but does it also apply to money as I transfer it in to Australia, as if it
were income?
I am an Australian resident for tax purpose, here on a 457 visa.
Overseas investments may give rise to capital gains tax or income tax. Look at the ATO website and/or get professional advice.
Jeremy
