PomsInOz Forum - View Single Post - Moving Money

koalakids · 19-03-2008, 11:38 PM

Hi folks,

Can anyone help? I've been reading threads on 'money & finance' but am still a little confused about moving money from the UK to Oz after having taken residence in Oz (STNI visa).

If I was to leave the bulk of my money in a UK savings account here in the UK (& continue to pay UK tax on it) whilst waiting for the exchange rate to improve, can I then bring it across later than a year or longer without any penalties. Surely I wouldn't have to declare an 'overseas income' if I am paying UK tax on any interest earned?

I'm just thinking ahead as the rate may not improve for a substantial amount of time..who knows...12 months or even longer....18 months plus......who knows????

I'd be grateful for your help with this one.

Cheers,

Steve.

19-03-2008, 11:38 PM	#1 (permalink)
koalakids Senior Member Join Date: Oct 2006 Location: Melbourne Posts: 149	Moving Money - whilst resident in Oz Hi folks, Can anyone help? I've been reading threads on 'money & finance' but am still a little confused about moving money from the UK to Oz after having taken residence in Oz (STNI visa). If I was to leave the bulk of my money in a UK savings account here in the UK (& continue to pay UK tax on it) whilst waiting for the exchange rate to improve, can I then bring it across later than a year or longer without any penalties. Surely I wouldn't have to declare an 'overseas income' if I am paying UK tax on any interest earned? I'm just thinking ahead as the rate may not improve for a substantial amount of time..who knows...12 months or even longer....18 months plus......who knows???? I'd be grateful for your help with this one. Cheers, Steve.