Where to put your money in Australia

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Jan 11th 2009, 9:52 pm

#16

di90

finally in melbourne

Joined: Apr 2008

Posts: 180

Re: Where to put your money in Australia

Quote:

Originally Posted by didgeridoo

This may be a silly question but are you talking about the interest only which would be taxed on???

yes i think so. In the uk you are taxed on the interest you get and the same applies in oz.

Jan 11th 2009, 10:19 pm

#17

Looking forward to Oz

BE Enthusiast

Joined: Oct 2008

Location: Cairns...woohoo

Posts: 348

Looking forward to Oz has a brilliant future

Re: Where to put your money in Australia

I take it there are no ISA's or equivalents where you dont have to pay tax on your savings?

Jan 12th 2009, 6:36 am

#18

Wol

Lost in BE Cyberspace

Joined: Mar 2003

Posts: 9,397

Re: Where to put your money in Australia

Quote:

Originally Posted by paul1966

i have sold my house in uk and dont want send money over yet because the £ is weak how long can i leave it in uk before i get taxed on it in oz.

Thanks Paul

Two different questions:

Interest: as soon as you become tax resident you will be taxed on the UK interest, but you should have organised it so that you have it paid in the UK gross, as a foreign resident. Even if not, you should be able to get the UK tax offset against the Oz tax.

Capital: if you leave the capital in the UK for any significant time before remitting it to your Australian bank, you should account for the difference in $$ terms of the value and pay tax here on any "capital gain", in theory.