tax on my money

dean&shell · 24-02-2007, 03:13 PM

hi after looking at all the tax questions iam worried about what is going to happen to my pot of money when , if i come to queensland is they any tax to pay when i get to aus all help welcome cheers dean

nev_n_angie · 24-02-2007, 03:36 PM

Hi Dean

The Aussie Tax Office have access to the information on interest paid on Savings in Aussie Bank Account. We have already transferred the proceeds from the sale of our house because the exchange rate was good.

Because we are not residents, we pay 10% Tax on our interest. ie - if the interest earned is $100.00, then you will see an amount witheld of $10.oo fir Tax purposes.

Basically, all of you income per year (including interest from savings) is gathered for you tax return. When you submit the amounts, the tax is calculated from that.

My Hubby has a job to go to when we get there - his salary plus any other income - is all added together for a Tax Return. They look at how much he's paid over the year through his wages - then they look at other income and see how much tax he should have paid - if he owes, it will be the difference, if not them we get a rebate!

I hope this makes sense???

Angie

nev_n_angie · 24-02-2007, 03:40 PM

Sorry - FORGOT!

When you move across you will need to apply for a TFN (Tax File Number). This is indivdual to you and works much the same as your tax code here. The difference being that all of your income is added together and you're taxed on that. It's a little better than the UK - over here, you're taxed through PAYE and all other income is generally taxed at Basic Rate (22%). If you have property that you rent out and received rental income, over here you cannot accrue a loss to your personal Tax Allowance - over there you can!

dean&shell · 24-02-2007, 08:40 PM

thanks angie that helps a lot:biggrin: