Taxed on Money if don't transfer??
#1
Taxed on Money if don't transfer??
Hi all,
I am wondering if anyone can help me.
I have heard that if you do not take whatever money you have (proceeds from house, car sale) to Australia as soon as you leave England and leave it for a couple of years to see if the exchange rate rises then you will be taxed on the money by the Australian Government as earnings or otherwise.
Is this true or have i been misinformed?
What taxes, if any, would i be liable for?
Any help would be gratefully received.
Thanks
I am wondering if anyone can help me.
I have heard that if you do not take whatever money you have (proceeds from house, car sale) to Australia as soon as you leave England and leave it for a couple of years to see if the exchange rate rises then you will be taxed on the money by the Australian Government as earnings or otherwise.
Is this true or have i been misinformed?
What taxes, if any, would i be liable for?
Any help would be gratefully received.
Thanks
#2
Re: Taxed on Money if don't transfer??
Hi all,
I am wondering if anyone can help me.
I have heard that if you do not take whatever money you have (proceeds from house, car sale) to Australia as soon as you leave England and leave it for a couple of years to see if the exchange rate rises then you will be taxed on the money by the Australian Government as earnings or otherwise.
Is this true or have i been misinformed?
What taxes, if any, would i be liable for?
Any help would be gratefully received.
Thanks
I am wondering if anyone can help me.
I have heard that if you do not take whatever money you have (proceeds from house, car sale) to Australia as soon as you leave England and leave it for a couple of years to see if the exchange rate rises then you will be taxed on the money by the Australian Government as earnings or otherwise.
Is this true or have i been misinformed?
What taxes, if any, would i be liable for?
Any help would be gratefully received.
Thanks
You are not taxed on the capital. If the exchange rate increases from when you become tax resident in australia to when you bring the money out, then you will pay tax on the difference. Also tax is payable on any interest the money earns.