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koalakids

Moving Money - whilst resident in Oz

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Hi folks,

 

Can anyone help? I've been reading threads on 'money & finance' but am still a little confused about moving money from the UK to Oz after having taken residence in Oz (STNI visa).

 

If I was to leave the bulk of my money in a UK savings account here in the UK (& continue to pay UK tax on it) whilst waiting for the exchange rate to improve, can I then bring it across later than a year or longer without any penalties. Surely I wouldn't have to declare an 'overseas income' if I am paying UK tax on any interest earned?

 

I'm just thinking ahead as the rate may not improve for a substantial amount of time..who knows...12 months or even longer....18 months plus......who knows????

 

I'd be grateful for your help with this one.

 

Cheers,

 

Steve.


Arrived in Melbourne 21 Jun 08....at long last!

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Thanks LOES, for the link to the thread. From reading all the threads I can understand that nobody wants to commit themselves as they're not financial experts. However, there must someone reading this that knows whether or not for sure we can transfer our money across without a financial penalty (after 12 months of arrival in Oz).

 

How's about if on the day I leave the UK for Oz I register my UK savings as 'tax free' (non- domicile) and when I do eventually bring it across just pay tax on any interest acrued from the date I left until the date I bring it across? That sounds reasonable to me.

 

Are there any takers out there who are prepared to share their knowledge with me?

 

Many thanks.

 

Steve.


Arrived in Melbourne 21 Jun 08....at long last!

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