helenmaine

Just wondering what the tax situation is for savings in oz. if we bring over our savings, are we taxed on the interest ( for example if we don't buy a house for a year or so) There was a recent thread saying that this was the case in NZ, so I was wondering if it was the same on OZ. If they are taxed heavily, I was wondering if anyone had experience of using offshore accounts instead.

Cheers!

bondipom

If you hand the bank your TFN you do not get tax deducted by the banks when interest is paid. When you do your tax return you add your interest payments to your income and pay your tax with the rest of your return.

bondipom

Forgot to add that Australian tax residents are supposed to pay tax on offshore income.