Guest skybluetom Posted July 30, 2011 Share Posted July 30, 2011 Hi, I am on a 457 visa for the next 4 years and have recently arrived in Sydney. I have some money in a UK savings account - can I claim interest gross (i.e. without tax) on my saving? or am I still liable for tax on interest? Are there any other options I could consider - i.e. Offshore bank accounts? Any advice greatly received. Many thanks. Quote Link to comment Share on other sites More sharing options...
Guest Toomers Posted July 30, 2011 Share Posted July 30, 2011 Dont know the answer bu interested to find out others suggestions... Quote Link to comment Share on other sites More sharing options...
Mike@Bonbeach Posted July 31, 2011 Share Posted July 31, 2011 Hi I am not a financial advisor, just someone who has emigrated from the UK. The first thing we did was to advise your savings institution(bank/building society) that you will be out of the country for x years and ask that they pay your interest gross. You will then have to declare the interest on your Aussie tax return. Also remember that you should be able to claim any tax on earnings between April 5th and when you left the UK. Your visa conditions may be different from ours(CP visa), and this is what we did. Hopefully someone with a bit more experience will be along shortly. Mike Quote Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted July 31, 2011 Share Posted July 31, 2011 Hi, I am on a 457 visa for the next 4 years and have recently arrived in Sydney. I have some money in a UK savings account - can I claim interest gross (i.e. without tax) on my saving? or am I still liable for tax on interest? Are there any other options I could consider - i.e. Offshore bank accounts? Any advice greatly received. Many thanks. Hi Temporary residents generally only need to declare their Australian income in Australia and do not have to declare interest from overseas savings, therefore this gives temporary residents a distinct advantage (which is unusual for temporary residents, lol). Whether you have to pay tax in the UK will depend on the level of savings you have and the income you generate, see here http://www.hmrc.gov.uk/incometax/personal-allow.htm British Citizens can still benefit from the personal allowance therefore if the level of total income generated is less than the personal allowance then you should be able to register an R85 with you Bank to have interest credited without tax deducted, see here http://www.hmrc.gov.uk/forms/r85.pdf HTH Andy Quote Link to comment Share on other sites More sharing options...
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