British Expats - Transferring a lump sum to Oz???

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- - Transferring a lump sum to Oz??? (https://britishexpats.com/forum/australia-54/transferring-lump-sum-oz-211456/)

TOB	Feb 19th 2004 1:30 am

Transferring a lump sum to Oz???

Hi,

I am sorry if there has been posting regarding this topic before but I can't find a link.

After we sell our house and when the AUS$ rate is good, we would like to transfer a lump sum to our bank in Oz. Can anyone advise me whether you have to pay tax on the lump sum you transfer. I am not sure if the the government allows you to transfer the first amount into the country tax free.

Can anyone give me some guidance or point me in the direction of some.

Many thanks

warwick road

Feb 19th 2004 1:55 am

Re: Transferring a lump sum to Oz???

Quote:

Originally posted by TOB
Hi,

I am sorry if there has been posting regarding this topic before but I can't find a link.

After we sell our house and when the AUS$ rate is good, we would like to transfer a lump sum to our bank in Oz. Can anyone advise me whether you have to pay tax on the lump sum you transfer. I am not sure if the the government allows you to transfer the first amount into the country tax free.

Can anyone give me some guidance or point me in the direction of some.

Many thanks

www.hifx.com

we used them, no mither whatsoever. better rates than the bank as well

TOB	Feb 19th 2004 3:04 am

I am actually already aware of how to transfer money and have been in contact with hifx alread. Good to hear that you have dealt with them and they have been ok.

What I wanted to know is whether when we transfer our initial lump sum (proceeds from sale of house) will we have to pay any tax in Oz?

Thanks

JimInSomerset

Feb 19th 2004 3:15 am

Quote:

Originally posted by TOB
I am actually already aware of how to transfer money and have been in contact with hifx alread. Good to hear that you have dealt with them and they have been ok.

What I wanted to know is whether when we transfer our initial lump sum (proceeds from sale of house) will we have to pay any tax in Oz?

Thanks

In short - no.

Cheers

Jim

TOB	Feb 19th 2004 3:30 am

That was short!

Where did you find that out? I was sure we would have to pay something!

sjn2003

Feb 19th 2004 3:46 am

Quote:

Originally posted by TOB
That was short!

Where did you find that out? I was sure we would have to pay something!

TOB

You are selling your home right ? No tax in the UK and similarly no tax in Oz. There are some complications like if you sell your UK house more than 6mths after entering Oz but you don't have to worry about that.

There is no tax on 'transferring' anything into Oz in that emigration does not generate a tax liability in itself. You will pay tax on any interest the money earns though.

Hope this explains things.:)

lesleys

Feb 19th 2004 7:28 am

They don't tax you until after you arrive and but then they try to tax you on everything. Look at the capital gains rules! You have to pay tax on gains you don't realise ...... Look at www.gomatilda.com and follow links to Australian Tax Office (ATO) if you have the strength.

helenmaine

Feb 19th 2004 8:15 am

Re: Transferring a lump sum to Oz???

Quote:

Originally posted by warwick road
www.hifx.com

we used them, no mither whatsoever. better rates than the bank as well

THis was a great tip - I called the US branch (even though I spoke to a guy from Glasgow...) and they were very helpful. No transaction charges, competitive rate.. I'm sure there is a catch, but the guy just reckons they make their profit from the rate. Anyway - thanks!

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