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natandkev24

Tax on money transfer from UK to Australia

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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 

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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. 


So many wineries ......so little time :yes:

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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)

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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.

 


So many wineries ......so little time :yes:

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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

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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. 

 

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So many wineries ......so little time :yes:

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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.


Managing Director, Go Matilda Visas - www.gomatilda.com

Registered Migration Agent Number 0102534; Registered Tax Agent (Australia)

Chartered Accountant (UK, and Australia)

T - 023 81 66 11 55 (UK) or 03 9935 2929 (Australia)

E - alan.collett@gomatilda.com

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