Jeannie Posted September 1, 2019 Share Posted September 1, 2019 Hi everyone, Sorry if there is already a thread on this. I have sold my house and will be transferring all the money over to Australia once my Visa is granted. I'm all good this end ref Tax. A. best way to transfer, I have googled but always best to ask. B. How do I tell Australia for tax purposes, I believe I read that as it's been taxed this end and my initial move, I just have to let them know, but who and how? If it's just as simple as my bank in Ozzy will tell the tax people or do I have to do something, don't wish to get in trouble in this area for being clueless. Thank you in advance if anyone replies. Marie Quote Link to comment Share on other sites More sharing options...
Gbye grey sky Posted September 1, 2019 Share Posted September 1, 2019 1 hour ago, Jeannie said: Hi everyone, Sorry if there is already a thread on this. I have sold my house and will be transferring all the money over to Australia once my Visa is granted. I'm all good this end ref Tax. A. best way to transfer, I have googled but always best to ask. B. How do I tell Australia for tax purposes, I believe I read that as it's been taxed this end and my initial move, I just have to let them know, but who and how? If it's just as simple as my bank in Ozzy will tell the tax people or do I have to do something, don't wish to get in trouble in this area for being clueless. Thank you in advance if anyone replies. Marie I use TransferWise for money transfers. Best rate, lowest cost, no delays. Moving money does not affect your Australian tax liability so no need to inform ATO. 1 Quote Link to comment Share on other sites More sharing options...
Ken Posted September 6, 2019 Share Posted September 6, 2019 When transferring a large sum of money you always have to tell the bank or transfer service the source of the money (they're required to ask under a regulation under the anti money laundering rules). Up to now I don't think that's been connected to your tax but the ATO are getting a lot more savvy about data matching so in future they may start asking about transfers that they can't match to your tax return and that don't have a declared source that is obviously tax exempt. But as Gbye grey sky has said there's no need to inform ATO and no real means of doing so if you wanted to. Quote Link to comment Share on other sites More sharing options...
Jeannie Posted September 6, 2019 Author Share Posted September 6, 2019 @Ken and @Gbye grey sky Thank you, both very helpful, I will for sure talk with my Ozzy bank when it's moved over. Keeping an eye on exchange rates as turbulent at the moment!! Quote Link to comment Share on other sites More sharing options...
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