UK ISAs, Tax free here, Taxed in Oz?
Jun 5th 2003, 7:43 am
#1
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Thread Starter
Joined: May 2003
Location: Lincolnshire, UK
Posts: 9
UK ISAs, Tax free here, Taxed in Oz?
I've some money in ISAs that pay a tax free income every month. If I emigrate, I've confirmed that I can leave the money in the ISA and still be paid a monthly income.
I know that there's a taxation agreement between the UK and Oz so that tax is only paid in one country. But although it's tax free income in the UK, will I have to pay tax on the monthly income in Oz?
(This is an important question given the taxation level in Oz).
I know that there's a taxation agreement between the UK and Oz so that tax is only paid in one country. But although it's tax free income in the UK, will I have to pay tax on the monthly income in Oz?
(This is an important question given the taxation level in Oz).
Last edited by JohnD; Jun 5th 2003 at 8:01 am.
Jun 5th 2003, 8:33 am
#2
BE Enthusiast
Joined: Apr 2003
Location: West Melbourne
Posts: 462
I think that you may well do (assuming that you are honest), as the Aussies count worldwide income as being taxable and have strict rules in what they term Foreign Investment Funds.
There are some very useful free factsheets on such matters available from:
http://www.collettandco.com/factsheet.cfm
There are some very useful free factsheets on such matters available from:
http://www.collettandco.com/factsheet.cfm
