Originally Posted by sush-jpn (Post 4824805)

Hi everyone:

Please enlighten me if you know about this.

Once you open a bank account and put all your life savings in it, is there a tax on the savings that was brought in to the country?
Is it better to bring in all your savings when you relocate or is it better to do transfers later on?

Please help!


sush

Originally Posted by Wendy (Post 4824818)

No there's no tax on your money, only on any interest you earn between moving here and bringing it over. It's best to bring it straight away if you can :)

Originally Posted by rodders39 (Post 4824938)

It also depends upon when you are considered to be resident in Oz for tax purposes... or so my accountant informs me... so maybe best to get some professional advice about that... :)

Originally Posted by Wendy (Post 4824941)

Yes it does. But I don't know the specifics.

Originally Posted by sush-jpn (Post 4825322)

Thanks for the info. I'm going to be staying in Oz for good this time. So I'll have to get my TFN when I settle down.....

sush

Originally Posted by martin36-1 (Post 4827060)

i was told by westpac that tax on interest is 10% for non residents and then 33% once you become a resident.

Originally Posted by sush-jpn (Post 4827633)

:eek:

Does the 30% apply even if you are unemployed? I'm going to be having a baby November and am planning on not working for 2 years. Are there any tax conssissions in such cases?

sush

Originally Posted by martin36-1 (Post 4827060)

i was told by westpac that tax on interest is 10% for non residents and then 33% once you become a resident.

Originally Posted by martin36-1 (Post 4827060)

i was told by westpac that tax on interest is 10% for non residents and then 33% once you become a resident.

Originally Posted by BullcreekBob (Post 4828486)

Incorrect.

The tax rates for residents are on a scale based upon your total income.