Jump to content

Transferring funds of house sale


Recommended Posts

Hi,

 

What is the rule for transferring funds from France to Oz from the sale of our house? Will we be able to do this without any tax implications? Is there a certain amount of time where we can bring it across without paying any extra tax? Its just one big mind field!!!

 

Thank you for any advice,

 

Cheers

Link to comment
Share on other sites

  • 3 weeks later...

When did you arrive in Australia? Were you an Australian tax resident when you sold the house? Are you a temporary resident?

 

Was the house your main residence? Could it be eligible for the main residence exemption?

 

Generally, Australian tax residents pay tax on their worldwide income - including gains on the sale of foreign property.

 

Generally, temporary residents of Australia only pay tax on their Australian income (not their foreign income), unless they bring the income into Australia (potentially).

 

Elise Ashmead

Edited by Legs2011
Link to comment
Share on other sites

Generally, temporary residents of Australia only pay tax on their Australian income (not their foreign income), unless they bring the income into Australia (potentially).

 

Elise Ashmead

 

I'm not sure what you mean by that last part. Income doesn't become assessable in Australia just because you decide to bring it into Australia. If you earn interest on it once the money is in Australia then that interest income will be assessable, not the actual original income, for example.

Link to comment
Share on other sites

Seriously though I don't know about the tax although you may be liable in the uk for capital gains tax if you were not living in the property and you wish to declare it. Legally I'm not entirely sure if you would be taxed if you don't own another home somewhere else. I wonder what the best way to transfer the money over as a small change in exchange rate will obviously have a big impact but it's got to be a good time right now.

Link to comment
Share on other sites

I don't know why so many people think that they will be taxed simply for transferring money over ... You are not the first to ask. But no, there are no tax implications, it is your money and you can move it to any account you want.

 

My belief is that if you are Oz resident for tax then there is the possibility of a tax liability when exchanging money from a foreign currency (ie Euros or £s) if there has been an increase in the value of that currency against the dollar caused by an improvement in the exchange rate. Will be delighted to learn if i have got it wrong though.

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

×
×
  • Create New...