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duffy

Is it better to transfer money over to Aus before the end of the tax year?

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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.

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Bringing money from your savings in the UK into Australia will not count as income in Australia.

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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.


You come to understand that when you are dealing with a particular type of stupid, it's not possible for them to gain knowledge which contradicts their state of mind

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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

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