Taz2008 Posted April 19, 2014 Share Posted April 19, 2014 Hi, What is the rule for transferring funds from France to Oz from the sale of our house? Will we be able to do this without any tax implications? Is there a certain amount of time where we can bring it across without paying any extra tax? Its just one big mind field!!! Thank you for any advice, Cheers Quote Link to comment Share on other sites More sharing options...
Rupert Posted April 19, 2014 Share Posted April 19, 2014 I don't know why so many people think that they will be taxed simply for transferring money over ... You are not the first to ask. But no, there are no tax implications, it is your money and you can move it to any account you want. Quote Link to comment Share on other sites More sharing options...
Legs2011 Posted May 9, 2014 Share Posted May 9, 2014 (edited) When did you arrive in Australia? Were you an Australian tax resident when you sold the house? Are you a temporary resident? Was the house your main residence? Could it be eligible for the main residence exemption? Generally, Australian tax residents pay tax on their worldwide income - including gains on the sale of foreign property. Generally, temporary residents of Australia only pay tax on their Australian income (not their foreign income), unless they bring the income into Australia (potentially). Elise Ashmead Edited May 9, 2014 by Legs2011 Quote Link to comment Share on other sites More sharing options...
Notts Posted May 9, 2014 Share Posted May 9, 2014 Generally, temporary residents of Australia only pay tax on their Australian income (not their foreign income), unless they bring the income into Australia (potentially). Elise Ashmead I'm not sure what you mean by that last part. Income doesn't become assessable in Australia just because you decide to bring it into Australia. If you earn interest on it once the money is in Australia then that interest income will be assessable, not the actual original income, for example. Quote Link to comment Share on other sites More sharing options...
blobby1000 Posted May 9, 2014 Share Posted May 9, 2014 Ssshhhhhhhhhh!!! Quote Link to comment Share on other sites More sharing options...
blobby1000 Posted May 9, 2014 Share Posted May 9, 2014 Seriously though I don't know about the tax although you may be liable in the uk for capital gains tax if you were not living in the property and you wish to declare it. Legally I'm not entirely sure if you would be taxed if you don't own another home somewhere else. I wonder what the best way to transfer the money over as a small change in exchange rate will obviously have a big impact but it's got to be a good time right now. Quote Link to comment Share on other sites More sharing options...
Legs2011 Posted May 9, 2014 Share Posted May 9, 2014 Notts you are right. There is no remittence problems for temporary residents. Quote Link to comment Share on other sites More sharing options...
Gbye grey sky Posted May 10, 2014 Share Posted May 10, 2014 I don't know why so many people think that they will be taxed simply for transferring money over ... You are not the first to ask. But no, there are no tax implications, it is your money and you can move it to any account you want. My belief is that if you are Oz resident for tax then there is the possibility of a tax liability when exchanging money from a foreign currency (ie Euros or £s) if there has been an increase in the value of that currency against the dollar caused by an improvement in the exchange rate. Will be delighted to learn if i have got it wrong though. Quote Link to comment Share on other sites More sharing options...
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