Transfering funds... before/after first entry
Jul 2nd 2003, 12:30 am
#1
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Joined: Aug 2002
Location: SE Qld
Posts: 107
Transfering funds... before/after first entry
Hey boys and girls
well 4 weeks till i leave the country and im changing my underwear at least 4 times daily.
Ok so the question is.. I know i dont get taxed on any funds i transfer to my australian back account before i first enter Australia on my permy visa, but do i get taxed on any funds i transfer after that?
Im sure quite a few people are looking at the ex rates at the moment as sobbing gently, so it would be great to wait, maybe transfer a little accroos now and the rest if/when the rate is more favourable. but if theres going to be a tax hit then maybe not
cheers people. im off to change m'grundles again
CrunchieFrog
well 4 weeks till i leave the country and im changing my underwear at least 4 times daily.
Ok so the question is.. I know i dont get taxed on any funds i transfer to my australian back account before i first enter Australia on my permy visa, but do i get taxed on any funds i transfer after that?
Im sure quite a few people are looking at the ex rates at the moment as sobbing gently, so it would be great to wait, maybe transfer a little accroos now and the rest if/when the rate is more favourable. but if theres going to be a tax hit then maybe not
cheers people. im off to change m'grundles again
CrunchieFrog
Jul 2nd 2003, 3:16 am
#2
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Joined: Jan 2003
Location: Brisbane
Posts: 1,576
I think I read somewhere you get a 6 month window but don't take it as gospel.
However even moving money after you arrive the sum is NOT taxed only the gain is taxed.
For example if you leave $100,000 (in uk in sterling) for more than12 months and then transfer it and you find it has gone up to $150,000 you will have to add half the capital gain of $50,000 to your yearly income and be taxed at your highest rate on this gain (if you transfer in less than 12 months they will tax you on the whole of the $50,000).
However if you find after 12 months the dollar keeps going up and you only have $50,000 when you transfer it you cannot claim the $50,000 loss as a tax loss against your Ozzie income.
It's a win win situation for the taxman.
However even moving money after you arrive the sum is NOT taxed only the gain is taxed.
For example if you leave $100,000 (in uk in sterling) for more than12 months and then transfer it and you find it has gone up to $150,000 you will have to add half the capital gain of $50,000 to your yearly income and be taxed at your highest rate on this gain (if you transfer in less than 12 months they will tax you on the whole of the $50,000).
However if you find after 12 months the dollar keeps going up and you only have $50,000 when you transfer it you cannot claim the $50,000 loss as a tax loss against your Ozzie income.
It's a win win situation for the taxman.
Jul 2nd 2003, 10:29 am
#3
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Joined: Feb 2003
Location: Samford, Brisbane
Posts: 259
We are on a 4 week countdown too and so far as we understand the situation you have 6 months from arrival to transfer the funds. Again not 100% sure but is how I have understood it.
Dawn
Dawn
Jul 2nd 2003, 1:58 pm
#4
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Joined: Apr 2003
Location: Ex-Bournemouth now Sunny Florida, heading for Perth
Posts: 110
For example if you leave $100,000 (in uk in sterling) for more than12 months and then transfer it and you find it has gone up to $150,000 you will have to add half the capital gain of $50,000 to your yearly income and be taxed at your highest rate on this gain (if you transfer in less than 12 months they will tax you on the whole of the $50,000).
Do you mean the gain includes the money accrued from a favourable exchange rate or JUST any interest earned on the money in the country you are leaving?
Do you mean the gain includes the money accrued from a favourable exchange rate or JUST any interest earned on the money in the country you are leaving?
Jul 2nd 2003, 10:15 pm
#5
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Joined: Jan 2003
Location: Brisbane
Posts: 1,576
Originally posted by WannabeWallaby
Do you mean the gain includes the money accrued from a favourable exchange rate or JUST any interest earned on the money in the country you are leaving?
Do you mean the gain includes the money accrued from a favourable exchange rate or JUST any interest earned on the money in the country you are leaving?
Even if you move the money to Australia when you arrive but keep it in a Sterling account the same rule would apply, but makes it eaiser to manage if it's here.
