Libby Posted March 14, 2016 Share Posted March 14, 2016 I've just found out I've been left money by a relative in the UK and the solicitor will be asking me for my uk bank details to pay the money into once everything is settled. I still have my UK bank account with about £50 in it as my family put cash in it for birthdays etc then I moneycorp transfer it over. The worry I have is that it's about £50,000 I've been left so what do I need to do regarding getting it from my UK account to my Oz bank account to prove it's inherited from the UK? Can I just transfer it as usual but then what? Do I need to consult a lawyer here? Thanks for any help or point me in the right direction. Libby Quote Link to comment Share on other sites More sharing options...
Keith and Linda Posted March 14, 2016 Share Posted March 14, 2016 I've just found out I've been left money by a relative in the UK and the solicitor will be asking me for my uk bank details to pay the money into once everything is settled. I still have my UK bank account with about £50 in it as my family put cash in it for birthdays etc then I moneycorp transfer it over. The worry I have is that it's about £50,000 I've been left so what do I need to do regarding getting it from my UK account to my Oz bank account to prove it's inherited from the UK? Can I just transfer it as usual but then what? Do I need to consult a lawyer here? Thanks for any help or point me in the right direction. Libby Just carry on as you normally have, you will of course have to declare any interest earned on that money whilst it is in the UK but that's about it. Congratulations (so to speak) and good luck. Quote Link to comment Share on other sites More sharing options...
Libby Posted March 14, 2016 Author Share Posted March 14, 2016 Thanks. It's a horrible way to come into so much money but I know they'd be smiling at the thought of being able to help us out so much at a very sad time. Just have to be practical about what to do about getting it transferred without getting into any tax/fees/law problems here. Than you for replying so quickly. Quote Link to comment Share on other sites More sharing options...
Libby Posted March 14, 2016 Author Share Posted March 14, 2016 Do I just transfer it all over or a bit at a time if I want? Oh, and how do I prove its inherited money? Declare at tax return time or something else? Also, is there a limit to how much I'm allowed to transfer at a time? I'm totally lost. This is more than we had to transfer when we emigrated... Can't quite believe it. Quote Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted March 14, 2016 Share Posted March 14, 2016 Hi Libby Tax is self declaration in Oz and since there are no death/inheritance taxes here then you do not need to declare anything. You should be able to transfer it all at once if that is what you want to do, the only thing that might be an issue is that some banks limit people to how much they can transfer on a daily basis, so when transferring from the UK bank to Moneycorp you may have to look into upping the limit or do it over a few days. Regards Andy Quote Link to comment Share on other sites More sharing options...
Keith and Linda Posted March 14, 2016 Share Posted March 14, 2016 Do I just transfer it all over or a bit at a time if I want? Oh, and how do I prove its inherited money? Declare at tax return time or something else? Also, is there a limit to how much I'm allowed to transfer at a time? I'm totally lost. This is more than we had to transfer when we emigrated... Can't quite believe it. Have you not got solicitors letters already about this inheritance? there is your proof. There is no limit on what you can transfer except that which the banks policy requires as they may have a daily limit but this can be negotiated around with your bank. In Australia any amounts over $10,000 then the bank has to notify the tax office, this is definitely so on withdrawals not so sure on deposits, from this the tax office may ask a "please explain" which you can easily do. Though I am not certain on this you would not have to declare this inheritance, only any interest earned on it, as you would with any interest on your 50 quid you have squirreled away in an overseas account.:smile: Quote Link to comment Share on other sites More sharing options...
Libby Posted March 14, 2016 Author Share Posted March 14, 2016 LOL re interest on my UK account! Think its 0.5% at the moment. Thank you for helping me. I will just keep the solicitors letters safe for tax return time or whatever. Have you not got solicitors letters already about this inheritance? there is your proof. There is no limit on what you can transfer except that which the banks policy requires as they may have a daily limit but this can be negotiated around with your bank. In Australia any amounts over $10,000 then the bank has to notify the tax office, this is definitely so on withdrawals not so sure on deposits, from this the tax office may ask a "please explain" which you can easily do. Though I am not certain on this you would not have to declare this inheritance, only any interest earned on it, as you would with any interest on your 50 quid you have squirreled away in an overseas account.:smile: Quote Link to comment Share on other sites More sharing options...
Patphillips47 Posted March 14, 2016 Share Posted March 14, 2016 LOL re interest on my UK account! Think its 0.5% at the moment. Thank you for helping me. I will just keep the solicitors letters safe for tax return time or whatever. Just keep all documents safe we have transferred funds form out hours sale to Oz with no questions asked but kept the sale papers handy Justin Case Your right about interest in the UK when we came back in 2013 we left the balance of our funds in Oz as the interest is much better Quote Link to comment Share on other sites More sharing options...
Pb65 Posted March 14, 2016 Share Posted March 14, 2016 (edited) With such an amount keep an eye on the exchange rate as the dollar has been strengthening against pound in last few months and pound may weaken further as the EU referendum comes up so less dollars for your pounds. Edited March 14, 2016 by Pb65 Quote Link to comment Share on other sites More sharing options...
Keith and Linda Posted March 14, 2016 Share Posted March 14, 2016 LOL re interest on my UK account! Think its 0.5% at the moment. Thank you for helping me. I will just keep the solicitors letters safe for tax return time or whatever. Remember Do not include the inheritance amount in your tax return if you include it they will tax it! only include any interest earned. Quote Link to comment Share on other sites More sharing options...
petitescargot Posted March 14, 2016 Share Posted March 14, 2016 LOL re interest on my UK account! Think its 0.5% at the moment. Thank you for helping me. I will just keep the solicitors letters safe for tax return time or whatever. You won't need the solicitors letters for your tax return, but you MUST keep the letters in case austrac queries the transfer, which can still be 5-10 years down the track, so file them away somewhere safe. Quote Link to comment Share on other sites More sharing options...
Diane Posted March 14, 2016 Share Posted March 14, 2016 You may find if you move the money over in certain sized chunks, the ATO will contact you and ask you to explain what the money was. They are most concerned if it is overseas earnings that haven't been declared. You just need then to send them evidence of where the money came from (inheritance, gift etc) to prove you're not money laundering or trying to hide anything. Quote Link to comment Share on other sites More sharing options...
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