curle

when i emmigrate to aus as a contributary parent i will have to use the interest from my house sale invested in aus bank or whatever to keep us going until i find work. how much tax will me and my wife pay on 250000 dollars while we are unemployed. we will be tempory residents for 9 months then permanant

ButtonMoon

As i understand it, you don't pay tax on the lump sum, you may have to pay tax on the interest that it earns.Tax is paid on taxable income and interest from investments.Clearly you will not be able to claim unemployment benefit..it is means tested.
You can't hide it, the dole and tax offices are shit hot.
If you both are unemployed then your accountant here should be able to split the sum and the interest should be divided between you.There are tax free thresholds ( about $7000 each).This is the amount you can both earn without attracting tax.If the interest from the 250 equates to more than 14,000 ( 2x7000) then you may have to pay a little bit of tax on the difference.
Pretty much everyone here has to have a tax return filed with the assistance of a tax agent or, for more complicated situations,an accountant.You may wish to consider consulting an accountant or financial advisor when you arrive.
The first piece of advice they will probably give you is to buy a house.Depending on where you are living you should consider this.I say that because 250 will buy you nothing in Sydney,something very small in melbourne, and maybe something bigger in perth.
If you used a large percentage of the money on property then you may be eligable for unemployment benefit.What about a car..?Don't blow it on a new car as they depreciate something shocking.You should put your money in appreciating assets( property,shares,long term investments etc.)
Ps i am not an accountant but I have a good understanding of the system here ( Melbourne).
Good luck and welcome to the Lucky Country.
Steve.

ABCDiamond

Tax rates 2003-04

Taxable income........Tax on this income
$0 – $6,000.............Nil
$6,001 – $21,600....17c for each $1 over $6,000
$21,601 - $52,000...$2,652 plus 30c for each $1 over $21,600
$52,001 – $62,500 ..$11,772 plus 42c for each $1 over $52,000
Over $62,500...........$16,182 plus 47c for each $1 over $62,500

$250,000 at 5% pa = $12,500pa Interest

First $6,000 = zero tax
next $6,500 is taxed at 17% = $1,105

If you spit it and get $6,250 interest each = $42.50 tax each

Please check these figures and do not rely on them for accuracy.

I assume you will be subject to the 2 year limit and therefore will not be entitled to any unemployment benefits for the first 2 years.