Information on Taxes and Opening An Australian Bank Acounts

[joneses475]

I'm just trying to get some information about transferring money over to Australia and earnings(rent on a property) in UK while living in Australia. I'm also after information to do with taxes I'm in the Army and currently transferring over to the Australian Army, I'll be bring my pension over and wondered if I would get taxed on this money. Where is the best place to open an Australian bank account, can you open one in UK or online.

[Guest frankief]

Hi,

I'm in the same boat as yourself (RM Commandos to Aussie Commandos) and ive just signed up for a free course called the 'financial aspects of resettlement (FAR) course. This aparrently explains everything to do with pensions and finance etc etc and the dates and places can be found on the CTP website. I'm also gonna look into the White Ensign organisation as ive been told they give free advice on moving pensions abroad etc. Good luck.

Frankie

[Guest Adders]

HI Guys,

 

There are a quite a few threads on this forum on moving and Taxes -on the 120 VISA you will be taxed on all your income - immediate pension, money in UK accounts etc. The double taxation agreement between UK/AUS covers all this and you can get tax free in the UK, but will pay tax in OZ - INaland Revenuw form will cover this.

 

Best to use a foreign exchange dealer who will get you far better rates than the banks - HIFX and TORFX are pretty good. All the major AUS banks have migration departments and you can open accounts before leaving -Westpac, ANZ, Commonwealth. . There is a pretty good thread covering transfer to the ADF:

 

http://www.pomsinoz.com/forum/migration-issues/21257-our-adf-process-timeline-experience.html