When to put your money in an Aussie Bank account?
Jul 24th 2006, 8:04 am
#1
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When to put your money in an Aussie Bank account?
Hi everyone
Just had a slightly confusing bit of advice and I'm not sure if its true but the B/F just told me that I need to transfer the proceeds from the sale of my house over to an Oz bank account BEFORE i land and if I don't it will be subject to 40% capital gains tax!!!!!!!!!!!!!!! :scared:
Is this right? I was thinking I could leave most of my money in my UK account, at least until I get settled. I have actually started getting an Aus HSBC account set up as well so I could transfer the money straight into that account I supoose. I'm sure most people would be in a position of having their money in their UK account when they first move over though so surely they don't all get hit with a huge tax bill as soon as they get there?
Just when you think you've got enough to stress about! Anyway, hopefully someone can put the record straight for me, and everyone else in the same position!
Kelly x
Just had a slightly confusing bit of advice and I'm not sure if its true but the B/F just told me that I need to transfer the proceeds from the sale of my house over to an Oz bank account BEFORE i land and if I don't it will be subject to 40% capital gains tax!!!!!!!!!!!!!!! :scared:
Is this right? I was thinking I could leave most of my money in my UK account, at least until I get settled. I have actually started getting an Aus HSBC account set up as well so I could transfer the money straight into that account I supoose. I'm sure most people would be in a position of having their money in their UK account when they first move over though so surely they don't all get hit with a huge tax bill as soon as they get there?
Just when you think you've got enough to stress about! Anyway, hopefully someone can put the record straight for me, and everyone else in the same position!
Kelly x
Jul 24th 2006, 8:13 am
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Re: When to put your money in an Aussie Bank account?
Originally Posted by kellyjs
Hi everyone
Just had a slightly confusing bit of advice and I'm not sure if its true but the B/F just told me that I need to transfer the proceeds from the sale of my house over to an Oz bank account BEFORE i land and if I don't it will be subject to 40% capital gains tax!!!!!!!!!!!!!!! :scared:
Is this right? I was thinking I could leave most of my money in my UK account, at least until I get settled. I have actually started getting an Aus HSBC account set up as well so I could transfer the money straight into that account I supoose. I'm sure most people would be in a position of having their money in their UK account when they first move over though so surely they don't all get hit with a huge tax bill as soon as they get there?
Just when you think you've got enough to stress about! Anyway, hopefully someone can put the record straight for me, and everyone else in the same position!
Kelly x
Just had a slightly confusing bit of advice and I'm not sure if its true but the B/F just told me that I need to transfer the proceeds from the sale of my house over to an Oz bank account BEFORE i land and if I don't it will be subject to 40% capital gains tax!!!!!!!!!!!!!!! :scared:
Is this right? I was thinking I could leave most of my money in my UK account, at least until I get settled. I have actually started getting an Aus HSBC account set up as well so I could transfer the money straight into that account I supoose. I'm sure most people would be in a position of having their money in their UK account when they first move over though so surely they don't all get hit with a huge tax bill as soon as they get there?
Just when you think you've got enough to stress about! Anyway, hopefully someone can put the record straight for me, and everyone else in the same position!
Kelly x
hi kelly not sure on the answer but we sent ours befor we arrived once you get here you just go to the bank give them your details and then you can get at it!
hope this helps geex
Jul 24th 2006, 8:23 am
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Re: When to put your money in an Aussie Bank account?
Originally Posted by gina
hi kelly not sure on the answer but we sent ours befor we arrived once you get here you just go to the bank give them your details and then you can get at it!
hope this helps geex
hope this helps geex
Jul 24th 2006, 8:29 am
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Re: When to put your money in an Aussie Bank account?
I don't know who B/F is but he/she/it is talking B*ll*cks.
Jul 24th 2006, 8:34 am
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Re: When to put your money in an Aussie Bank account?
Originally Posted by NedKelly
I don't know who B/F is but he/she/it is talking B*ll*cks.
Jul 24th 2006, 8:35 am
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Re: When to put your money in an Aussie Bank account?
We put some of ours into ANZ before we got here to see us ok when we arrived & left the rest in UK TSB until the rate went up then got HIFX to transfer it over. Got more than if we had bought it over in one go as rate went up!
Kaz x
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Jul 24th 2006, 9:41 am
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Re: When to put your money in an Aussie Bank account?
Originally Posted by karenjc
We put some of ours into ANZ before we got here to see us ok when we arrived & left the rest in UK TSB until the rate went up then got HIFX to transfer it over. Got more than if we had bought it over in one go as rate went up!
Kaz x
Kaz x
Good tip re the interest rate.I'll keep that in mind when its our turn. What made you choose ANZ over one of the other banks?
Jane
Jul 24th 2006, 10:38 pm
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Re: When to put your money in an Aussie Bank account?
Originally Posted by kellyjs
Hi everyone
Just had a slightly confusing bit of advice and I'm not sure if its true but the B/F just told me that I need to transfer the proceeds from the sale of my house over to an Oz bank account BEFORE i land and if I don't it will be subject to 40% capital gains tax!!!!!!!!!!!!!!! :scared:
Is this right? I was thinking I could leave most of my money in my UK account, at least until I get settled. I have actually started getting an Aus HSBC account set up as well so I could transfer the money straight into that account I supoose. I'm sure most people would be in a position of having their money in their UK account when they first move over though so surely they don't all get hit with a huge tax bill as soon as they get there?
Just when you think you've got enough to stress about! Anyway, hopefully someone can put the record straight for me, and everyone else in the same position!
Kelly x
Just had a slightly confusing bit of advice and I'm not sure if its true but the B/F just told me that I need to transfer the proceeds from the sale of my house over to an Oz bank account BEFORE i land and if I don't it will be subject to 40% capital gains tax!!!!!!!!!!!!!!! :scared:
Is this right? I was thinking I could leave most of my money in my UK account, at least until I get settled. I have actually started getting an Aus HSBC account set up as well so I could transfer the money straight into that account I supoose. I'm sure most people would be in a position of having their money in their UK account when they first move over though so surely they don't all get hit with a huge tax bill as soon as they get there?
Just when you think you've got enough to stress about! Anyway, hopefully someone can put the record straight for me, and everyone else in the same position!
Kelly x
Jul 24th 2006, 10:55 pm
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Re: When to put your money in an Aussie Bank account?
Originally Posted by sassie
Hi Kelly. Even though we had a bank account set up before we arrived, we left our house money in the Uk until the exchange rate improved. Didn't transfer it for about 10 months. I'm not 100% sure, but I think you only get taxed on the difference in the rate of exchange. Someone else can hopefully clarify this.
Jul 25th 2006, 12:14 am
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Re: When to put your money in an Aussie Bank account?
Originally Posted by NedKelly
I don't know who B/F is but he/she/it is talking B*ll*cks.
Jul 25th 2006, 5:01 am
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Re: When to put your money in an Aussie Bank account?
As long as you don't buy a house over here before you transfer the money you will be fine.
LJJ
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Jul 25th 2006, 6:08 am
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Re: When to put your money in an Aussie Bank account?
Originally Posted by ljj
As long as you don't buy a house over here before you transfer the money you will be fine.
LJJ
LJJ
