Leaving cash behind?
May 22nd 2004, 10:46 pm
#1
Forum Regular
Thread Starter
Joined: Nov 2003
Location: London, UK
Posts: 274
Leaving cash behind?
Hi,
call me naive but I have never been one for tax and financial things etc....
Does anybody know the situation if I leave a lump sum of cash here in a high interest account - do I have to declare this in Oz? I am not planning to do anything illegal therefore want to know exactly what the position is with this!
It is quite a bit (well for me anyway!!) and the plan is to buy a house with it in Oz once we have decided where we are going to settle down. I guess I could transfer the money now but I have so much else to do right now it might be easier to leave it in my account here and worry about it in a years time or so.
Thanks for any thoughts!
Regards
ST
call me naive but I have never been one for tax and financial things etc....
Does anybody know the situation if I leave a lump sum of cash here in a high interest account - do I have to declare this in Oz? I am not planning to do anything illegal therefore want to know exactly what the position is with this!
It is quite a bit (well for me anyway!!) and the plan is to buy a house with it in Oz once we have decided where we are going to settle down. I guess I could transfer the money now but I have so much else to do right now it might be easier to leave it in my account here and worry about it in a years time or so.
Thanks for any thoughts!
Regards
ST
May 22nd 2004, 10:50 pm
#2
Bitter and twisted
Joined: Dec 2003
Location: Upmarket
Posts: 17,503
Re: Leaving cash behind?
Originally posted by swiss tony
Hi,
call me naive but I have never been one for tax and financial things etc....
Does anybody know the situation if I leave a lump sum of cash here in a high interest account - do I have to declare this in Oz? I am not planning to do anything illegal therefore want to know exactly what the position is with this!
It is quite a bit (well for me anyway!!) and the plan is to buy a house with it in Oz once we have decided where we are going to settle down. I guess I could transfer the money now but I have so much else to do right now it might be easier to leave it in my account here and worry about it in a years time or so.
Thanks for any thoughts!
Regards
ST
Hi,
call me naive but I have never been one for tax and financial things etc....
Does anybody know the situation if I leave a lump sum of cash here in a high interest account - do I have to declare this in Oz? I am not planning to do anything illegal therefore want to know exactly what the position is with this!
It is quite a bit (well for me anyway!!) and the plan is to buy a house with it in Oz once we have decided where we are going to settle down. I guess I could transfer the money now but I have so much else to do right now it might be easier to leave it in my account here and worry about it in a years time or so.
Thanks for any thoughts!
Regards
ST
As far as I know you do have to pay Australian tax on any income from a foreign account although you do have some time allowed before you transfer it.
I'm no expert but I believe all overseas investments should be declared.
G
May 23rd 2004, 2:06 am
#3
Forum Regular
Joined: Apr 2004
Location: Arrived in Brisbane - 5th August '04.
Posts: 146
Re: Leaving cash behind?
Originally posted by swiss tony
Hi,
call me naive but I have never been one for tax and financial things etc....
Does anybody know the situation if I leave a lump sum of cash here in a high interest account - do I have to declare this in Oz? I am not planning to do anything illegal therefore want to know exactly what the position is with this!
It is quite a bit (well for me anyway!!) and the plan is to buy a house with it in Oz once we have decided where we are going to settle down. I guess I could transfer the money now but I have so much else to do right now it might be easier to leave it in my account here and worry about it in a years time or so.
Thanks for any thoughts!
Regards
ST
Hi,
call me naive but I have never been one for tax and financial things etc....
Does anybody know the situation if I leave a lump sum of cash here in a high interest account - do I have to declare this in Oz? I am not planning to do anything illegal therefore want to know exactly what the position is with this!
It is quite a bit (well for me anyway!!) and the plan is to buy a house with it in Oz once we have decided where we are going to settle down. I guess I could transfer the money now but I have so much else to do right now it might be easier to leave it in my account here and worry about it in a years time or so.
Thanks for any thoughts!
Regards
ST
Mark.
