tinkerbell13 Posted January 17, 2014 Share Posted January 17, 2014 We have just sold our house in the uk and want to bring the profit over to Australia to use as a deposit. It's not a lot £25k at the most. Do we pay tax on it leaving the uk or entering oz? Should we get an accountant to sort it out? Many thanks for your advice Link to comment Share on other sites More sharing options...
abz123 Posted January 17, 2014 Share Posted January 17, 2014 Hi If it is proceeds from the sale your principal private residence (i.e. your family home) then no, it is not taxable anywhere. If you use one of the broker companies that advertise on here (Ozforex or Moneycorp) they will ask you to declare the source of the money in which case you tell them it is proceeds from the sale of your property. They will ask so that they are not money laundering on your behalf. Either of the above brokers have good reputations on this site (I personally used Moneycorp) and will give you a better exchange rate than your high street bank will. Edit: A piece of advice, give your bank (or whoever is holding the money at the moment) a letter before you leave advising them that you will give verbal instruction by phone to have the proceeds transferred to whoever you decide to use to handle it before you leave the country. We had some issues with out bank in that respect. Link to comment Share on other sites More sharing options...
tinkerbell13 Posted January 17, 2014 Author Share Posted January 17, 2014 Hi If it is proceeds from the sale your principal private residence (i.e. your family home) then no, it is not taxable anywhere. If you use one of the broker companies that advertise on here (Ozforex or Moneycorp) they will ask you to declare the source of the money in which case you tell them it is proceeds from the sale of your property. They will ask so that they are not money laundering on your behalf. Either of the above brokers have good reputations on this site (I personally used Moneycorp) and will give you a better exchange rate than your high street bank will. Edit: A piece of advice, give your bank (or whoever is holding the money at the moment) a letter before you leave advising them that you will give verbal instruction by phone to have the proceeds transferred to whoever you decide to use to handle it before you leave the country. We had some issues with out bank in that respect. Thanks for the advice. Will look into moneycorp Link to comment Share on other sites More sharing options...
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