Whens The Best Time
Dec 2nd 2006, 3:12 pm
#1
Forum Regular
Thread Starter
Joined: Sep 2006
Posts: 83
Whens The Best Time
Hi everyone
My house is sold just want to know when is the best time to transfer money to Aus as I wont be moving to Aus untill May 2007. If I transfer now will it earn interest. and would I have to pay tax on it here in the UK or in Aus.
My house is sold just want to know when is the best time to transfer money to Aus as I wont be moving to Aus untill May 2007. If I transfer now will it earn interest. and would I have to pay tax on it here in the UK or in Aus.
Dec 3rd 2006, 2:22 pm
#2
Forum Regular
Thread Starter
Joined: Sep 2006
Posts: 83
Re: Whens The Best Time
Originally Posted by brad
Hi everyone
My house is sold just want to know when is the best time to transfer money to Aus as I wont be moving to Aus untill May 2007. If I transfer now will it earn interest. and would I have to pay tax on it here in the UK or in Aus.
My house is sold just want to know when is the best time to transfer money to Aus as I wont be moving to Aus untill May 2007. If I transfer now will it earn interest. and would I have to pay tax on it here in the UK or in Aus.
Dec 3rd 2006, 2:24 pm
#3
A rather curious boy
Joined: Aug 2006
Location: Melbourne
Posts: 5,917
Re: Whens The Best Time
Originally Posted by brad
God its just like waiting for your visa HELLO ANYBODY THERE
Oooh you need to work on your patience!
Sorry can't help you with your question....just thought I should answer you before your neediness became overwhelming!
Dec 3rd 2006, 2:24 pm
#4
BE Forum Addict
Joined: Sep 2006
Location: 'stralia
Posts: 2,383
Re: Whens The Best Time
Originally Posted by brad
God its just like waiting for your visa HELLO ANYBODY THERE
Have you already tried searching the forum to see if the info you want is already here?
Dec 3rd 2006, 2:35 pm
#5
pink 'n' bouncy
Joined: Jul 2006
Location: Zombie nation
Posts: 6,087
Re: Whens The Best Time
Originally Posted by esperanza
Possibly not the best approach if what you are hoping for is friendly, free advice.
Have you already tried searching the forum to see if the info you want is already here?
Have you already tried searching the forum to see if the info you want is already here?
Dec 3rd 2006, 2:37 pm
#6
A rather curious boy
Joined: Aug 2006
Location: Melbourne
Posts: 5,917
Re: Whens The Best Time
Originally Posted by stuckinblighty
lol
Dec 3rd 2006, 2:41 pm
#7
An Official Visa Holder
Joined: Jul 2005
Posts: 999
Re: Whens The Best Time
Originally Posted by brad
Hi everyone
My house is sold just want to know when is the best time to transfer money to Aus as I wont be moving to Aus untill May 2007. If I transfer now will it earn interest. and would I have to pay tax on it here in the UK or in Aus.
My house is sold just want to know when is the best time to transfer money to Aus as I wont be moving to Aus untill May 2007. If I transfer now will it earn interest. and would I have to pay tax on it here in the UK or in Aus.
Dec 3rd 2006, 2:44 pm
#8
A rather curious boy
Joined: Aug 2006
Location: Melbourne
Posts: 5,917
Re: Whens The Best Time
Originally Posted by toon williams
My reply would be to speak to the people in the NO!! The people that transfer money will always be very helpful as they want your business!! I am pretty sure you would earn interest on the money and if it was me I would be watching the rate to see what happens!!
rates doing well at the moment, anything over 2.48 is a real bonus.
Dec 3rd 2006, 3:34 pm
#9
Forum Regular
Thread Starter
Joined: Sep 2006
Posts: 83
Re: Whens The Best Time
Originally Posted by busterboy
'know' not 'no' you eedjit!
rates doing well at the moment, anything over 2.48 is a real bonus.
rates doing well at the moment, anything over 2.48 is a real bonus.
Dec 3rd 2006, 6:57 pm
#10
Timelord
Joined: May 2006
Location: Lost in space...
Posts: 2,834
Re: Whens The Best Time
Originally Posted by brad
Hi everyone
My house is sold just want to know when is the best time to transfer money to Aus as I wont be moving to Aus until May 2007. If I transfer now will it earn interest. and would I have to pay tax on it here in the UK or in Aus.
My house is sold just want to know when is the best time to transfer money to Aus as I wont be moving to Aus until May 2007. If I transfer now will it earn interest. and would I have to pay tax on it here in the UK or in Aus.
You'll certainly get interest on it and if you have an address outside Australia then I believe you'll only be stopped 10% withholding tax. This I also believe you should be able to claim back with a tax return to the ATO. At least that's the info I have from Westpac and my accountant.
Interest in Oz is higher than in the UK so there's a certain reasoning for moving your money sooner rather than later; however balanced against that is fluctuating exchange rates and no one knows where the GBP/AUD will be next week let alone next May.
Speak to the chaps at UKForex or whoever you're going to use to change with and see what they say...
Good luck...
Dec 3rd 2006, 9:11 pm
#11
Retired
Joined: Apr 2004
Posts: 34,649
Re: Whens The Best Time
Originally Posted by rodders39
You'll certainly get interest on it and if you have an address outside Australia then I believe you'll only be stopped 10% withholding tax. This I also believe you should be able to claim back with a tax return to the ATO.
The 10% non-resident tax is not reclaimable in Australia, and a non-resident does not need to do a tax return just because of Australian sourced bank interest.
Dec 3rd 2006, 9:16 pm
#12
Account Closed
Joined: Mar 2006
Posts: 10,158
Re: Whens The Best Time
Originally Posted by brad
God its just like waiting for your visa HELLO ANYBODY THERE
STOP SHOUTING! I WAS BLOODY SLEEPING!
Earning pounds in interest is better than earning dollars, esp if it's in a high yeild interest rate for 6 months and you don't touch it.
Then wait for the exchange rate to rise and transfer the lot. That's what I'd do anyway.
I don't know about the tax ... listen to JAJ.
Dec 3rd 2006, 9:17 pm
#13
Worongary
Joined: Sep 2005
Location: GC hinterland
Posts: 10,288
Re: Whens The Best Time
Originally Posted by brad
Hi everyone
My house is sold just want to know when is the best time to transfer money to Aus as I wont be moving to Aus untill May 2007. If I transfer now will it earn interest. and would I have to pay tax on it here in the UK or in Aus.
My house is sold just want to know when is the best time to transfer money to Aus as I wont be moving to Aus untill May 2007. If I transfer now will it earn interest. and would I have to pay tax on it here in the UK or in Aus.
most banks pay between 5.5 and 6.2 percent intrest on savings accounts
we had ours with the commonwealth bank in brisbane and it earned alot of intrest in the six months prior to us arriving
my opinion
steve
Dec 4th 2006, 3:30 pm
#14
Forum Regular
Thread Starter
Joined: Sep 2006
Posts: 83
Re: Whens The Best Time
Originally Posted by steve`o
personaly if you can get a good excahnge rate i`d send it over now
most banks pay between 5.5 and 6.2 percent intrest on savings accounts
we had ours with the commonwealth bank in brisbane and it earned alot of intrest in the six months prior to us arriving
my opinion
steve
most banks pay between 5.5 and 6.2 percent intrest on savings accounts
we had ours with the commonwealth bank in brisbane and it earned alot of intrest in the six months prior to us arriving
my opinion
steve
Dec 4th 2006, 4:28 pm
#15
Timelord
Joined: May 2006
Location: Lost in space...
Posts: 2,834
Re: Whens The Best Time
Originally Posted by JAJ
If UK resident then there may also be a liability to UK income tax on the amount, with an offset for the 10% witheld.
The 10% non-resident tax is not reclaimable in Australia, and a non-resident does not need to do a tax return just because of Australian sourced bank interest.
The 10% non-resident tax is not reclaimable in Australia, and a non-resident does not need to do a tax return just because of Australian sourced bank interest.