Last Updated: |
Finance in Australia |
 |
Feel free to pass this page link onto others, the URL is: http://www.britzinoz.com/info/finance.htm |
Main Index
|
Bringing your funds from the UK to Australia. Try to avoid bringing more than $10,000 in Hard Cash into the country, Customs may confiscate it if you try to hide it from them, and even when you do declare it, it could cost you a few hours explaining it all. There are few options for sending your funds electronically, and these will soon be listed here:
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. Premium Bonds in the UK Although a win on the Premium Bonds in the UK is NOT taxable, it will be taxed if you are Australian Tax Resident.. This is based on the Australian Rule that gambling is non taxable, but investments are taxable, and Premium Bonds are classed as an investment. (ie: They are provided by the UK National Savings & Investments.) The actual ATO quote is:
OTHER PAGES to look at: Links
|