Paige03 Posted March 28, 2016 Share Posted March 28, 2016 Hi. Hopefully this is really straightforward to answer. If we sell our UK property before moving to Australia (house would not have been let out at any point and is our only home and main residence ) and then transfer the profit we have to an Australian bank, currently at £ 170k so quite a large amount, with that money only then being used for a deposit on a home in Australia, do we pay any tax on this in Australia, e.g CGT? Thanks. Link to comment Share on other sites More sharing options...
Gbye grey sky Posted March 28, 2016 Share Posted March 28, 2016 Hi. Hopefully this is really straightforward to answer. If we sell our UK property before moving to Australia (house would not have been let out at any point and is our only home and main residence ) and then transfer the profit we have to an Australian bank, currently at £ 170k so quite a large amount, with that money only then being used for a deposit on a home in Australia, do we pay any tax on this in Australia, e.g CGT? Thanks. No. Link to comment Share on other sites More sharing options...
benj1980 Posted March 28, 2016 Share Posted March 28, 2016 No. No but there is a 10% processing fee into a private account. PM me and I'll give you the details! Link to comment Share on other sites More sharing options...
Kenfrapin Posted March 28, 2016 Share Posted March 28, 2016 No but there is a 10% processing fee into a private account. PM me and I'll give you the details! Never heard of a processing fee before and that too at 10%? Doesnt sound right to charge someone to just move their money from UK to Australia? I did not see any other posts where there is such a charge of 10% if I were to move money from my UK account via moneycorp and into an Australia bank account - have I missed something? KnK Link to comment Share on other sites More sharing options...
Patphillips47 Posted March 28, 2016 Share Posted March 28, 2016 Often banks do charge for incoming deposits but don't know if,it's 10% Link to comment Share on other sites More sharing options...
rammygirl Posted March 28, 2016 Share Posted March 28, 2016 Never been charged by bank. Always use a forex company. Only charge I ever have is CHAPS fee for larger amounts, otherwise use normal faster transfers to forex company who deposit dollars into account Maybe the charge is for receiving pounds? Even then 10%? Transfered cash recently too, just before rare dived thankfully. No charges either end. Link to comment Share on other sites More sharing options...
Gbye grey sky Posted March 28, 2016 Share Posted March 28, 2016 No but there is a 10% processing fee into a private account. PM me and I'll give you the details! Never heard of any processing fee and 10%!!!!!!!!. We moved considerably more than £170,000 via Moneycorp. Our UK bank has a £10,000 daily limit for cash transfers unless you want to pay a (modest) fee for a CHAPS transfer. But there is no charge this end for the Aus bank receiving this money. No processing fees. I fear that you may have been ripped off. Link to comment Share on other sites More sharing options...
grahamffc Posted March 28, 2016 Share Posted March 28, 2016 No but there is a 10% processing fee into a private account. PM me and I'll give you the details! I think a few people's sarcasm radars are off today. Link to comment Share on other sites More sharing options...
Paige03 Posted March 29, 2016 Author Share Posted March 29, 2016 Thanks for all your replies Link to comment Share on other sites More sharing options...
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