duffy Posted June 18, 2013 Share Posted June 18, 2013 Hello All, We have been over here for 6 months now and have just transferred half of our intended savings as the rates rose. I have been told that we should transfer the rest of the money (£20k) before the end of the tax year here. We remortgaged a flat at home to give us funds to come over and then the rates dropped dramatically so we have waited. We have a small unit here with an interest only mortgage. Therefore we are paying interest on 2 loans, but UK flat is rented out. We still do not have work ( a deliberate choice to spend time as a family for the first 6 months) but are now looking in earnest. As we have not worked whilst being here I am assuming it is best to bring the money before the end of the tax year as if it comes after July 1st it will count as taxable income on top of earned income (hopefully!) for next year and will also affect any family benefits we get (husband is Australian and he gets family tax credit A&B). Any advice much appreciated as we don't mind a slight loss on the exchange rate by transferring now if it means we are less liable next tax year. Thanks in advance. Quote Link to comment Share on other sites More sharing options...
Notts Posted June 18, 2013 Share Posted June 18, 2013 Bringing money from your savings in the UK into Australia will not count as income in Australia. Quote Link to comment Share on other sites More sharing options...
newjez Posted June 18, 2013 Share Posted June 18, 2013 There could be some foreign exchange gain. There are a few threads on this if you search. But I doubt you are talking about significant amounts. Hello All,We have been over here for 6 months now and have just transferred half of our intended savings as the rates rose. I have been told that we should transfer the rest of the money (£20k) before the end of the tax year here. We remortgaged a flat at home to give us funds to come over and then the rates dropped dramatically so we have waited. We have a small unit here with an interest only mortgage. Therefore we are paying interest on 2 loans, but UK flat is rented out. We still do not have work ( a deliberate choice to spend time as a family for the first 6 months) but are now looking in earnest. As we have not worked whilst being here I am assuming it is best to bring the money before the end of the tax year as if it comes after July 1st it will count as taxable income on top of earned income (hopefully!) for next year and will also affect any family benefits we get (husband is Australian and he gets family tax credit A&B). Any advice much appreciated as we don't mind a slight loss on the exchange rate by transferring now if it means we are less liable next tax year. Thanks in advance. Quote Link to comment Share on other sites More sharing options...
duffy Posted June 20, 2013 Author Share Posted June 20, 2013 Thanks guys, I have been waiting for so long that I think I am just going to bring it over now - after researching i don't think it will make much difference tax year wise, but will help make that psychological leap that we are here fully in Oz. Thanks again, Julia Quote Link to comment Share on other sites More sharing options...
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