Bringing funds and tax

kc · 18-03-2007, 03:43 PM

Please can you advise or point me in the right direction. When we move to Aus do we have to pay tax on funds that we bring with us?I know if we bring more than $10000 cash we have to declare it (is it xcash or funds?)

I was intending that the proceeds from the house sale will be exchanged and transferred to an Aus bank account (I think) will we have to pay tax in Aus on that ?

Any advice welcome.

uksniper · 18-03-2007, 11:45 PM

As far as I know as long as you take it into the country within six months of arrival its classed as your assets and is therefore not taxable. Have a chat with a financial advisor/accountant like Global Destiny. Type their name into the site search box and have a read of the threads. This should answer a lot of the financial questions that you have.

Alan Collett · 19-03-2007, 12:03 AM

Quote:

Originally Posted by uksniper

As far as I know as long as you take it into the country within six months of arrival its classed as your assets and is therefore not taxable. <snip>

Not correct I'm afraid. The 6 month "window" only applies to the transfer of pension benefits from overseas into an Australian superannuation fund.

Have a look at the ATO website (www.ato.gov.au) and type the word forex into the search box.

Best regards.

uksniper · 19-03-2007, 03:03 PM

Quote:

Originally Posted by Alan Collett

Not correct I'm afraid. The 6 month "window" only applies to the transfer of pension benefits from overseas into an Australian superannuation fund.

Best regards.

Thats why I am going through a Financial Advisor as some information that is on forums is incorrect.

Thanks

uksniper · 19-03-2007, 03:13 PM

Thanks Alan, I had a look at your link and the 63 threads the search produced and guess what. 'I'm none the wiser'. That's probably why I'm not an accountant.

Cheers

uksniper · 19-03-2007, 03:39 PM

Kc take a look at this link. It will explain a lot more. I was wrongly advised that cash assets had to be bought in within six months. Read this link it will explain a lot more in laymans terms from others that have asked the same question and sought professional advice. The long and the short of it seems to be that we won't have to pay tax on our cash we bring with us when we migrate.

http://gomatildaforums.com/eve/forum...3/m/3701026602

Obviously everyones circumstances are different and as I said before I would recommend seeking professional advice.

kc · 19-03-2007, 10:09 PM

Thanks for that it is very helpful.

nev_n_angie · 19-03-2007, 10:27 PM

We have tranferred the proceeds from the house sales etc - we pay 10% tax on the interest because we are non residents - as soon as we are residents, we will pay tax on the interest as income earned - once you have a TFN (Tax File number) it will go towards your annual tax return

Alan Collett · 19-03-2007, 11:50 PM

The interest income from Australia is also assessable in the UK if you are a tax resident of the UK (and UK domiciled).

Best regards.

Quote:

Originally Posted by nev_n_angie

We have tranferred the proceeds from the house sales etc - we pay 10% tax on the interest because we are non residents - as soon as we are residents, we will pay tax on the interest as income earned - once you have a TFN (Tax File number) it will go towards your annual tax return