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Guest nuttycaz

Money and tax

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Guest nuttycaz

Hi all

Does anyone know the amount of money I can bring into Aus before being taxed? Cash or bank to bank?

Cheers

Cazzy

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Guest ABCDiamond

In general you will NOT be taxed on any of it. But do NOT bring more than $10,000 into the country in the form of CASH, unless you declare it at Customs.

 

 

Will you be taxed on the money you bring?

 

This is a common question, and the general answer is NO, unless you don't bring the money with you at the time that you migrate. Even then, the only tax you will pay, will be on any increase in its value since you became resident here. This change in value can be just from the Exchange rate movements, or the interest you have gained from Bank Accounts in the UK, or even property value increases.

 

An example to try to explain this:

 

Assume you have a property in the UK valued at £100k, and £20k in the bank. You move over when the exchange rate is say 2.4 to the £, therefore you are worth $288,000. Assume you bring your funds over 3 months later and the exchange rate at the time is 2.45 to the £. You bring £120k x 2.45 = $294,000.

 

Your worth has increased by $294k - $288k = $6,000 and this is the figure that is taxable as part of your income for the relevant tax year. If the value of the house had gone up or down it would affect the taxable figure accordingly.

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Guest nuttycaz

Hi ABC

 

Thanks for your quick reply! Just need to sort out the bank side of things now.

You do such a good job at helping all of us!

 

Cazzy

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