natandkev24 Posted February 3, 2019 Share Posted February 3, 2019 We are wondering would we have to pay any tax on money that has been gifted by a family member? We are still in the uk and may possibly be moving at the end of 2019 so just want to know best options. Thanks Quote Link to comment Share on other sites More sharing options...
rammygirl Posted February 3, 2019 Share Posted February 3, 2019 No if this is a gift and has been in your bank before you move you should not be taxed. You are simply moving your assets not adding to them. Quote Link to comment Share on other sites More sharing options...
natandkev24 Posted February 4, 2019 Author Share Posted February 4, 2019 Thanks @rammygirl if we received it when we are living in Australia would it be taxed then? It may come slightly later you see- depends on sale of a house (not ours) Quote Link to comment Share on other sites More sharing options...
rammygirl Posted February 4, 2019 Share Posted February 4, 2019 No again you are just transferring assets not making them. My accountant also advised that currency gains should also not be taxed in this sort of circumstance as you are not intending to make money from currency exchange rates, on the other hand if you lose out you don't get to claim a loss! If however you make interest on the cash whilst it is deposited that should be reported and will be subject to tax as it is considered as income. I would honestly advise you get an accountant to do your first tax returns in Australia. Quote Link to comment Share on other sites More sharing options...
TenPoundPom Posted February 12, 2019 Share Posted February 12, 2019 On 04/02/2019 at 06:30, rammygirl said: No again you are just transferring assets not making them. My accountant also advised that currency gains should also not be taxed in this sort of circumstance as you are not intending to make money from currency exchange rates, on the other hand if you lose out you don't get to claim a loss! If however you make interest on the cash whilst it is deposited that should be reported and will be subject to tax as it is considered as income. I would honestly advise you get an accountant to do your first tax returns in Australia. Hi Rammy Girl, sorry to jump on this thread. Can you recommend your accountant? Also do they do Australian and UK tax returns? Thanks Quote Link to comment Share on other sites More sharing options...
rammygirl Posted February 14, 2019 Share Posted February 14, 2019 We use GM Tax. The agent Alan Collett who posts on here is also a dual qualified accountant and has offices in Uk and Australia. There are a few others but not many. 1 Quote Link to comment Share on other sites More sharing options...
Alan Collett Posted February 18, 2019 Share Posted February 18, 2019 On 14/02/2019 at 18:17, rammygirl said: We use GM Tax. The agent Alan Collett who posts on here is also a dual qualified accountant and has offices in Uk and Australia. There are a few others but not many. Thanks! Best regards. Quote Link to comment Share on other sites More sharing options...
sualg Posted February 25, 2019 Share Posted February 25, 2019 I moved to Sydney in late 2017 and Alan Collett and his team completed both my UK & Australian returns this year. His unique knowledge of both tax systems was extremely beneficial. Can't recommend him enough. 1 Quote Link to comment Share on other sites More sharing options...
Alan Collett Posted February 25, 2019 Share Posted February 25, 2019 Many thanks for the kind comments! I'm not at GM Tax any more, but continue to do UK and Aus tax work. I can be contacted via a private message or through the email address in my signature block below. Best regards. Quote Link to comment Share on other sites More sharing options...
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