Will my UK Inheritance money be taxed in Australia
Aug 8th 2010, 5:23 pm
#16
Lost in BE Cyberspace
Joined: Sep 2005
Location: Somewhere South... Not Telling YOU
Posts: 10,959
Re: Will my UK Inheritance money be taxed in Australia
I have 90k GBP sat in my UK bank which I inherited from my Grandfather last year. I have been reluctant to transfer to Australia as I am a greedy cow who wants as many $$$$ as I can get and as we all know the exchange rate isn't that flash just now.
Someone got me worried this week because they told me that because I didn't bring it within 6 months of receiving it that I would be taxed on it here in Australia.
Anyone know if this is indeed the case.
Much appreciated in advance.
Someone got me worried this week because they told me that because I didn't bring it within 6 months of receiving it that I would be taxed on it here in Australia.
Anyone know if this is indeed the case.
Much appreciated in advance.
Aug 8th 2010, 11:07 pm
#17
Gutter Gob!!
Thread Starter
Joined: Feb 2005
Location: Perth
Posts: 13,098
Love you too Eds
Aug 9th 2010, 2:27 am
#18
Lost in BE Cyberspace
Joined: Sep 2005
Location: Somewhere South... Not Telling YOU
Posts: 10,959
Re: Will my UK Inheritance money be taxed in Australia
I take it you've stocked up on the clinique ... and taken advantage of the Myers free gift?
I did TWICE...
I did TWICE...
Aug 9th 2010, 4:32 am
#19
Lost in BE Cyberspace
Joined: Oct 2005
Location: Hill overlooking the SE Melbourne suburbs
Posts: 16,622
Aug 9th 2010, 4:38 am
#20
Lost in BE Cyberspace
Joined: Sep 2005
Location: Somewhere South... Not Telling YOU
Posts: 10,959
Re: Will my UK Inheritance money be taxed in Australia
We ought to get in touch with TV producers and try to get them interested in a My New BFF - The Northernbird edition...
Paris Hilton stand aside!
You want me to pole dance for you NB????
(sorry, foxtel overload alert)
Paris Hilton stand aside!
You want me to pole dance for you NB????
(sorry, foxtel overload alert)
Aug 9th 2010, 4:44 am
#21
Joined: Sep 2005
Posts: 23,400
Re: Will my UK Inheritance money be taxed in Australia
Aug 9th 2010, 4:58 am
#22
Lost in BE Cyberspace
Joined: Sep 2005
Location: Somewhere South... Not Telling YOU
Posts: 10,959
Re: Will my UK Inheritance money be taxed in Australia
curses... my cunning plan has been foiled again
Aug 9th 2010, 5:05 am
#23
Gutter Gob!!
Thread Starter
Joined: Feb 2005
Location: Perth
Posts: 13,098
Re: Will my UK Inheritance money be taxed in Australia
Rest of you, form an orderly queue and wait your turn
Aug 9th 2010, 5:10 am
#24
Lost in BE Cyberspace
Joined: Sep 2005
Location: Somewhere South... Not Telling YOU
Posts: 10,959
Re: Will my UK Inheritance money be taxed in Australia
I'm thinking we dont do ourselves any favours with our smutty inuendoes...
But what the heck.... ths sun's shining and its so GOOD to be here eh?
Aug 9th 2010, 6:25 am
#25
Joined: Sep 2005
Posts: 23,400
Re: Will my UK Inheritance money be taxed in Australia
We could divide her into sections - you take a section and so will I, that way it will be equal.
Aug 9th 2010, 6:28 am
#26
Gutter Gob!!
Thread Starter
Joined: Feb 2005
Location: Perth
Posts: 13,098
Aug 9th 2010, 4:21 pm
#28
Banned
Joined: Feb 2008
Posts: 421
Re: Will my UK Inheritance money be taxed in Australia
Eugene, nice name
Why is it correct, you make me laugh, who the hell gives you the right to script incorrect information which could be detrimental to an individuals person wealth? What gives you that right?Is it just that human thingy, the green eyed monster, people hate to see others gaining a bit, doing a bit better? They like to see others having to pay out, so to please themselves?
NorthernBird, read below, good luck, i hate to see people lose money, but when its inherited from a loved one, well you keep hold of it!
http://britishexpats.com/forum/showt...=653881&page=2
Right!
You can make an appointment for an interview by telephoning 13 28 61, then find out for yourself.
OK, i have an input. I recently made a enquiry regarding your above statement in person here;
Brisbane CBD
280 Adelaide Street
Brisbane QLD 4000
I made an appointment and had a chat to a human. Not a forum, but a real human. I would have to agree, you are taxed on your worldwide income, so any savings in the UK, you have to declare any interest recieved while you hold Australian tax residency; well you do not have to, but you are supposed to declare any interest on savings. Some do, some do not, the only ay they would/maybe find out is if you bought the savings into Australia, but you could have had a windfall, a gift, an inheritance, anything, but just use your head. They are an organisation the ATO, not the third reich like some on here will try to portray them as? They do share information the ATO and the HMRC, but lets be honest, they have better things to do than to check the savings interest on Aunty Betty's supersaver account?
Forex gains tax for personal reasons is a smokescreen, never heard of it, talk to loads of expats, loads of Brits in the UK, and now the ATO. No such tax, if you have money in the UK, its up to you when you exchange it, if you do not believe me, make the appointment and ask, they will tell you what i tell you. I was curious because my wife, has a five figure inheritance sitting in a two year fixed rate bond in the UK. She was worried about inheritance tax as she recieved it in sterling in the UK while we are Australian tax residents. There is no inheritance tax in Australia, nor forex gains tax for personal money exchange. I told them she did not want to exchange the money straight away because we may or may not return to the UK and she did not want to lose out if she exchanged now, well when she recieved it, then later decided not to spend it so had to exchange it back to UK Sterling. So we are leaving it in Sterling until we decide what to do, if we benefit from a upside in the exchange rate then its because we waited, if we lose out well its because we waited. But we are waiting, not looking for a gain or a loss. If we gain we gain, but not speculating, just not wanting to exchange, its our money, we may leave it in the UK for good. But i repeat, the representitive had never heard of such a tax when moving money. There is one for business, and one for pensions, but NOT for savings.
No wait for the SS to come along!
You can make an appointment for an interview by telephoning 13 28 61, then find out for yourself.
OK, i have an input. I recently made a enquiry regarding your above statement in person here;
Brisbane CBD
280 Adelaide Street
Brisbane QLD 4000
I made an appointment and had a chat to a human. Not a forum, but a real human. I would have to agree, you are taxed on your worldwide income, so any savings in the UK, you have to declare any interest recieved while you hold Australian tax residency; well you do not have to, but you are supposed to declare any interest on savings. Some do, some do not, the only ay they would/maybe find out is if you bought the savings into Australia, but you could have had a windfall, a gift, an inheritance, anything, but just use your head. They are an organisation the ATO, not the third reich like some on here will try to portray them as? They do share information the ATO and the HMRC, but lets be honest, they have better things to do than to check the savings interest on Aunty Betty's supersaver account?
Forex gains tax for personal reasons is a smokescreen, never heard of it, talk to loads of expats, loads of Brits in the UK, and now the ATO. No such tax, if you have money in the UK, its up to you when you exchange it, if you do not believe me, make the appointment and ask, they will tell you what i tell you. I was curious because my wife, has a five figure inheritance sitting in a two year fixed rate bond in the UK. She was worried about inheritance tax as she recieved it in sterling in the UK while we are Australian tax residents. There is no inheritance tax in Australia, nor forex gains tax for personal money exchange. I told them she did not want to exchange the money straight away because we may or may not return to the UK and she did not want to lose out if she exchanged now, well when she recieved it, then later decided not to spend it so had to exchange it back to UK Sterling. So we are leaving it in Sterling until we decide what to do, if we benefit from a upside in the exchange rate then its because we waited, if we lose out well its because we waited. But we are waiting, not looking for a gain or a loss. If we gain we gain, but not speculating, just not wanting to exchange, its our money, we may leave it in the UK for good. But i repeat, the representitive had never heard of such a tax when moving money. There is one for business, and one for pensions, but NOT for savings.
No wait for the SS to come along!
Aug 9th 2010, 9:53 pm
#29
Account Closed
Joined: Jun 2005
Posts: 9,316
Re: Will my UK Inheritance money be taxed in Australia
Eugene, nice name Why is it correct, you make me laugh, who the hell gives you the right to script incorrect information which could be detrimental to an individuals person wealth? What gives you that right?
Is it just that human thingy, the green eyed monster, people hate to see others gaining a bit, doing a bit better? They like to see others having to pay out, so to please themselves?
NorthernBird, read below, good luck, i hate to see people lose money, but when its inherited from a loved one, well you keep hold of it!
http://britishexpats.com/forum/showt...=653881&page=2
Why is it correct, you make me laugh, who the hell gives you the right to script incorrect information which could be detrimental to an individuals person wealth? What gives you that right?Is it just that human thingy, the green eyed monster, people hate to see others gaining a bit, doing a bit better? They like to see others having to pay out, so to please themselves?
NorthernBird, read below, good luck, i hate to see people lose money, but when its inherited from a loved one, well you keep hold of it!
http://britishexpats.com/forum/showt...=653881&page=2
However as there are several rules in play and as this is something the telephone operatives rarely (if ever) deal with they can give all sorts of conflicting advice. Some people get told that it is taxable, some people get told that it is not. I asked for a personal ruling and was told it was for someone making an exchange rate gain when the money was brought in from an account that was opened post intro of CGT and pre intro Forex Exchange Gains Tax.
As the ATO has it's head in the clouds on this, not declaring this sort of gain is unlikely to be picked up and it if was you could argue the point that you weren't culpable.
Aug 9th 2010, 10:09 pm
#30
Auntie Fa
Joined: Nov 2006
Location: Seattle
Posts: 7,344
Re: Will my UK Inheritance money be taxed in Australia
brendarover, did you get out of bed the wrong side? Actually, on both threads, you have slammed somebody and accused them of being jealous - wtf? 
If they're wrong, they're wrong, (I don't know either way) but really, is there any need for that?
If they're wrong, they're wrong, (I don't know either way) but really, is there any need for that?