I was wrong

[buckbuchanan]

I made a post on here a few weeks ago about transfering money over to Australia. I had been told by someone that you only have 6 months to bring your money over tax free. At the time I thought that this tied up with what the bank told me the day we arrived.

 

Well, I can gladly say I was wrong on this (which is something that was kindly pointed out at the time - no names mentioned, ahem, pinhead). There is apparently no limit on when you take your money over. However, (and this is where the confusion set in) there are 2 things to note:

 

1. If you are bringing pensions over you only have 6 months.

2. If you open an account with an Australian bank to transfer money, this account is only available for 12 months from the date you open it (certainly this is how it works with the Commonwealth bank).

 

We fall into no. 2 soon, but it's not the end of the world as we can use other providers to do this.

 

I hope this clears things up.

[Guest Pinhead]

I made a post on here a few weeks ago about transfering money over to Australia. I had been told by someone that you only have 6 months to bring your money over tax free. At the time I thought that this tied up with what the bank told me the day we arrived.

 

Well, I can gladly say I was wrong on this (which is something that was kindly pointed out at the time - no names mentioned, ahem, pinhead). There is apparently no limit on when you take your money over. However, (and this is where the confusion set in) there are 2 things to note:

 

1. If you are bringing pensions over you only have 6 months.

2. If you open an account with an Australian bank to transfer money, this account is only available for 12 months from the date you open it (certainly this is how it works with the Commonwealth bank).

 

We fall into no. 2 soon, but it's not the end of the world as we can use other providers to do this.

 

I hope this clears things up.

Buck

I now have big respect for you mate for being so magnanimous. A lesser man wouldn't even have mentioned it.

In fact I'm even going to click you chick!

 

I Hope you're really starting to enjoy your life in Melbourne.

[buckbuchanan]

Are we friends now? I think we got off to a bad start !! Thanks for the click!!

[Guest Pinhead]

Yes of course. Hey I may even end up buying you a beer in Melbourne some time.

[paulhug]

I made a post on here a few weeks ago about transfering money over to Australia. I had been told by someone that you only have 6 months to bring your money over tax free. At the time I thought that this tied up with what the bank told me the day we arrived.

 

Well, I can gladly say I was wrong on this (which is something that was kindly pointed out at the time - no names mentioned, ahem, pinhead). There is apparently no limit on when you take your money over. However, (and this is where the confusion set in) there are 2 things to note:

 

1. If you are bringing pensions over you only have 6 months.

2. If you open an account with an Australian bank to transfer money, this account is only available for 12 months from the date you open it (certainly this is how it works with the Commonwealth bank).

 

We fall into no. 2 soon, but it's not the end of the world as we can use other providers to do this.

 

I hope this clears things up.

 

One other thing to be careful of....i'm not certain, but pretty sure. If you leave funds in UK and transfer it later, at a better rate, you will pay tax on the profit. I hope i'm wrong but i don't think so.

[Guest kdal]

Buck you wrong, you cant be :nah:

 

Have to say our Pinhead can be a clever chappie though, I like T-Bone too as he is a source of good info too.

 

So whose going to check Paul's info out?

[Guest Pinhead]

One other thing to be careful of....i'm not certain, but pretty sure. If you leave funds in UK and transfer it later, at a better rate, you will pay tax on the profit. I hope i'm wrong but i don't think so.

 

Paul

I think you're refering to exchange gains on balances greater than $250K on deposit accounts held in non AUD accounts between when become a resident and when you transfer the money to an AUD account.

 

Interest on all overseas accounts are taxable if you are a PR in Oz.

[buckbuchanan]

Buck you wrong, you cant be :nah:

I'm having trouble coming to terms with it myself!!