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Guest Col-and-Sara

Delaying funds transfer

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Guest Col-and-Sara

Hi,

 

We sold our house a while ago and are currently waiting to be approved for our PR 175 visa. Unfortunately, the exchange rates aren’t great at the moment, so we're unsure what to do with our funds.

 

I’ve read that there might be tax issues if you transfer funds after your initial 6 months in Oz on a permanent visa. Can anyone tell me what would happen if we leave the majority of our house sale funds in a UK bank account and transfer the money across in say 12 to 18 months time when the exchange rates have improved? We’re hoping we can transfer only what we need to get started and live off our Oz wages until the rates improve.

 

Cheers

Sara

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Hi,

 

We sold our house a while ago and are currently waiting to be approved for our PR 175 visa. Unfortunately, the exchange rates aren’t great at the moment, so we're unsure what to do with our funds.

 

I’ve read that there might be tax issues if you transfer funds after your initial 6 months in Oz on a permanent visa. Can anyone tell me what would happen if we leave the majority of our house sale funds in a UK bank account and transfer the money across in say 12 to 18 months time when the exchange rates have improved? We’re hoping we can transfer only what we need to get started and live off our Oz wages until the rates improve.

 

Cheers

Sara

 

Hi

 

I think you getv stung for tax for sure after 6 months, the interest rate in oz is about 9.5% so you would get a better return than the uk. If you intend buyin property a good deposit will save you.There are more informed peeps on here that can give you more professional advice

 

Malx

aka Bily NM


Here at last:jiggy:

SUFC life not a pastime

I limit myself to 2 drinks a day, I`m now 10 years in front make that 15

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