Transferring funds -Capital Gains Tax
Jun 9th 2005, 1:37 pm
#1
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Transferring funds -Capital Gains Tax
Hi Everyone,
Have come across a thread on another site where a person stated that if you transfer funds initially and then later transfer the rest of your cash when the exchange rate has increased you pay CGT on the increase!!!! :scared: :scared:
Please someone tell me this isn't true....
Tracey
Have come across a thread on another site where a person stated that if you transfer funds initially and then later transfer the rest of your cash when the exchange rate has increased you pay CGT on the increase!!!! :scared: :scared:
Please someone tell me this isn't true....
Tracey
Jun 9th 2005, 1:41 pm
#2
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Re: Transferring funds -Capital Gains Tax
Originally Posted by TraceyandPeter
Hi Everyone,
Have come across a thread on another site where a person stated that if you transfer funds initially and then later transfer the rest of your cash when the exchange rate has increased you pay CGT on the increase!!!! :scared: :scared:
Please someone tell me this isn't true....
Tracey
Have come across a thread on another site where a person stated that if you transfer funds initially and then later transfer the rest of your cash when the exchange rate has increased you pay CGT on the increase!!!! :scared: :scared:
Please someone tell me this isn't true....
Tracey
http://britishexpats.com/forum/showthread.php?t=223052
Jun 9th 2005, 1:57 pm
#3
off to Byron Bay....
Joined: Apr 2005
Location: Manchester
Posts: 255
Re: Transferring funds -Capital Gains Tax
hi tracey and peter, just read that other thread now i am totally confused, hope someone out there understands it all x loidy
Jun 9th 2005, 2:37 pm
#4
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Joined: Dec 2003
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Posts: 17,503
Re: Transferring funds -Capital Gains Tax
Originally Posted by TraceyandPeter
Hi Everyone,
Have come across a thread on another site where a person stated that if you transfer funds initially and then later transfer the rest of your cash when the exchange rate has increased you pay CGT on the increase!!!! :scared: :scared:
Please someone tell me this isn't true....
Tracey
Have come across a thread on another site where a person stated that if you transfer funds initially and then later transfer the rest of your cash when the exchange rate has increased you pay CGT on the increase!!!! :scared: :scared:
Please someone tell me this isn't true....
Tracey
Seems I was wrong on the 6 month 'window'.
Looks like You pay CGT on Forex gains whenever you move your money.
If anyone know different perhaps they will let us know
G
Jun 9th 2005, 2:40 pm
#5
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Posts: 7,613
Re: Transferring funds -Capital Gains Tax
As I understand it there are two elements, interest and capital gain.
You will only be liable to tax on interest earned outside Aus once you are resident in Aus.
You will be liable to any capital gain - through currency appreciation - on currency held not in AUD that appreciates vs the AUD and that you then convert to AUD, once you are Aus resident. Dated from the value at the time you became resident.
In practice, there is no earthly way the Aus tax people will ever know you have made a capital gain on currency transfer unless you tell them.
Which of course you rightfully should.
You will only be liable to tax on interest earned outside Aus once you are resident in Aus.
You will be liable to any capital gain - through currency appreciation - on currency held not in AUD that appreciates vs the AUD and that you then convert to AUD, once you are Aus resident. Dated from the value at the time you became resident.
In practice, there is no earthly way the Aus tax people will ever know you have made a capital gain on currency transfer unless you tell them.
Which of course you rightfully should.
Jun 9th 2005, 2:55 pm
#6
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Thread Starter
Joined: Feb 2005
Posts: 134
Re: Transferring funds -Capital Gains Tax
Originally Posted by Don
As I understand it there are two elements, interest and capital gain.
You will only be liable to tax on interest earned outside Aus once you are resident in Aus.
You will be liable to any capital gain - through currency appreciation - on currency held not in AUD that appreciates vs the AUD and that you then convert to AUD, once you are Aus resident. Dated from the value at the time you became resident.
In practice, there is no earthly way the Aus tax people will ever know you have made a capital gain on currency transfer unless you tell them.
Which of course you rightfully should.
You will only be liable to tax on interest earned outside Aus once you are resident in Aus.
You will be liable to any capital gain - through currency appreciation - on currency held not in AUD that appreciates vs the AUD and that you then convert to AUD, once you are Aus resident. Dated from the value at the time you became resident.
In practice, there is no earthly way the Aus tax people will ever know you have made a capital gain on currency transfer unless you tell them.
Which of course you rightfully should.
Thanks
Tracey
