WILKINSONS

We are moving to Brisbane this year, we are selling our house in the UK and renting in Oz. We are unsure of the amount of money we will have to transfer over to an Australian bank account.
Can anyone help on the procedure, when should the transfer take place i.e before we arrive or after we arrive in Oz?
We have no idea what tax we have to pay, if any at all?
Any help outhere???
Kindest regards
Janex

JAJ

What kind of tax are you talking about? And you don't "have" to transfer the funds unless you really want to. Australia has free movement of capital.

WILKINSONS

Tax on our savings. Obviously the amount of money we transfer will evenually be used as a deposit on a house. I had read that we will be taxed on the amount of money we take into Oz?
What type of account would you place your savings in for a 6 month period until we decide to buy in Brisbane?
Any help appreciated and thanks for the reply. Janex

Wendy

There is no tax on the money you bring from your house sale.

Any interest it earns in the bank may be subject to tax, (it's not like the UK where the bank take it out monthly)

I opened an account with www.ingdirect.com.au It's linked to my normal account with ANZ and I can transfer money in and out when I want through internet banking.

When it's time for tax returns etc I'm going to employ an accountant. There are some about that will charge you less than $100 to do them for you and their fee is tax deductable in your next return.

ianandhelena

you only pay tax on money that you earn, not money that you own.

for a savings a/c try here:

http://www.hsbc.com.au/personal/acco...ioussaver.html

also:

http://www.abetterdeal.com.au/TeleNet_Saver/index.asp

WILKINSONS

Thank you everyone for the advice/information. I understand now. It can simply be a little confusing when you have never done this before.

Kindest Regards
Janex