paulswin Posted March 1, 2019 Share Posted March 1, 2019 Can anyone shed some light. We moved back to Uk but have left our money in our bank account in Oz. We’re not making any interest on it. We are now classed as au residents overseas If we were to move it to another account would we have to file tax returns because of the interest. Such a pain as rate is terrible at the moment hoping it might get better later this ear!! Quote Link to comment Share on other sites More sharing options...
Marisawright Posted March 1, 2019 Share Posted March 1, 2019 I'm surprised the rate is so terrible, isn't the pound depressed because of Brexit (which means you'd get more for your dollar?). If you've told the bank you're no longer a resident of Australia, they will deduct the tax at source, and then you don't need to do a tax return. Quote Link to comment Share on other sites More sharing options...
paulswin Posted March 1, 2019 Author Share Posted March 1, 2019 Yeah have let bank know! Can we still earn interest though? The rate needs to drop to under 1.60 that would be fab!! Quote Link to comment Share on other sites More sharing options...
Amber Snowball Posted March 1, 2019 Share Posted March 1, 2019 9 minutes ago, paulswin said: Yeah have let bank know! Can we still earn interest though? The rate needs to drop to under 1.60 that would be fab!! I let the bank know where my AOS bond is sitting that I was overseas and they take witholding tax at source if applicable. No tax return needed unless you have income above the tax free threshold. At least that is how I understood it! I’ll let you know if they issue a warrant for my arrest! Quote Link to comment Share on other sites More sharing options...
Marisawright Posted March 1, 2019 Share Posted March 1, 2019 1 hour ago, paulswin said: Yeah have let bank know! Can we still earn interest though? The rate needs to drop to under 1.60 that would be fab!! Yes you can still earn interest. Quote Link to comment Share on other sites More sharing options...
rammygirl Posted March 1, 2019 Share Posted March 1, 2019 Yes you can earn interest a withholding tax of 10% will be taken by the bank on behalf of the ATO and you can use this to offset any UK tax. If interest is your only OZ income you do not need to do an ATO return. I do not know however if you can open a savings account in Australia as a non resident. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.