digsee

Hi

I am planning on moving to Sydney for at least a year. I am selling my house and transferring some capital to Sydney in advance, the remainder will be left in my UK bank account.

I would like to know what will happen to this remaining capital - will I have to pay tax in Australia on the interest received even if it remains in the UK?

Thanks for any advice

bridiej

Good question, we will be transferring capital also from the sale of our house when we finally reach that stage!

All advice welcome!

chris n

You will have to pay tax to someone!!!

It will depend, I would have thought, on where you reside for tax purposes (Australia or UK). If you are planning on at least a year I would assume that you pay tax to the Australian Govt. I would have thought (hoped!) that there would be a double tax agreement - i.e. you do not pay tax to both.

Chris

sylviacrt

In understand this depends on when you start being a tax payer... this is the question I ask myself.
From the moment you are a tax payer, you are taxed on your world wide "income", no doubt.
There are financial consultant services around, I guess it would help asking for a good advice, before taking decisions...
By the way, there is a 'tax and money' forum in Gomatilda, you may want to check there.
Sylvia.