Guest jogrant3232 Posted October 6, 2007 Share Posted October 6, 2007 Does anyone know if you have to pay any Tax on money transferred when you emigrate to Australia? Link to comment Share on other sites More sharing options...
Guest KP Nuts Posted October 6, 2007 Share Posted October 6, 2007 Hi Jogrant, as far as we are aware not if you take it straight away, but believe you have a certain timescale to get it all moved over ie pensions, but not one hundred per cent sure, i'm sure someone will correct me if i'm wrong...... KP Nuts ps, where's the glitter then............ Link to comment Share on other sites More sharing options...
Guest jogrant3232 Posted October 6, 2007 Share Posted October 6, 2007 Mr KP Link to comment Share on other sites More sharing options...
Guest The Baggo's Posted October 6, 2007 Share Posted October 6, 2007 I think if you have paid tax on any earnings in UK you will not be taxed again in Oz. Again not 100% sure! Link to comment Share on other sites More sharing options...
Bobcat Posted October 7, 2007 Share Posted October 7, 2007 Does anyone know if you have to pay any Tax on money transferred when you emigrate to Australia? As far as I know ............you will just be up for tax on any interest that your money earns while it is lodged in an Australian Bank or Building Society? Link to comment Share on other sites More sharing options...
The Broughtons Posted October 7, 2007 Share Posted October 7, 2007 If you send money to an aussie account and the address you live at is still UK you don't pay tax on your interest or on the money you send over. Once you give your bank an aussie address you then pay the higher rate emergency tax - 45.6% - on your interest so it is in your best interest to sort a tax file number out as soon as you get there. Once you give your bank your tax file number you pay 10% tax. Felicity Link to comment Share on other sites More sharing options...
Guest The "Biscuits" Posted October 7, 2007 Share Posted October 7, 2007 so does that mean that it is better to leave your money in uk while you sort out the tax file number then transfere it over? Link to comment Share on other sites More sharing options...
The Broughtons Posted October 7, 2007 Share Posted October 7, 2007 There are 2 sides to this we think! The first is that our tfn came through quite quick (just over a week) and in that time the interest wasn't paid into our account so we only paid the lower tax. The second is that we have left some money in the UK and are now having to wait for the exchange rate to change. We could be earning more interest on it here - our savings account has a much better interest rate on it here. This is just our story / opinion! Others may have waited longer for a tfn. Link to comment Share on other sites More sharing options...
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