Could anybody advise me,if or how much tax you pay on the money you take to oz,and is there ways around it nudge nudge, wink wink.

Hi

I dont quite understand what you mean ( nudge nudge wink wink ), but I am interested in the replies, as no doubts so will the Customs etc.

I believe you can take A$ 10000 in cash without declaring it to customs on entry, I think this is A$10000 for you and A$10K for the other half.Other than that I think the rest has to go under the mattress or stay at home.

You have to declare it, but I didn't think it was taxed and you could bring in as much as you like ?
Gulp. I hope so anyway !

My understanding is that you can take as much as you like, but I thought it was only 10k in cash. The rest has to be transferred to a bank account in Australia.It is only taxed on the interest that is earned not on what you take in.?

So transfering the money,when eventually the dollar goes back up incurs no tax penalty ?

If you know when the rate is going to improve please let me know,
I was doing a comparison and its looks like 2.52 has been a resonable average rate over 2/3 years. I am still looking for the 2.66 it was in March.

I was looking at the rates and it would appear you get about 1.25c less than the inter bank rate when changing money that's for £80k.

I was wondering if it is worthwhile to ask the host to set up a Money Column on its own rather than have it in the General Queries Box?

regards

Re a Money Column: what a good idea!

Consider it done!

Best regards.

quote:

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Originally posted by wenval:
If you know when the rate is going to improve please let me know,
I was doing a comparison and its looks like 2.52 has been a resonable average rate over 2/3 years. I am still looking for the 2.66 it was in March.

I was looking at the rates and it would appear you get about 1.25c less than the inter bank rate when changing money that's for £80k.

I was wondering if it is worthwhile to ask the host to set up a Money Column on its own rather than have it in the General Queries Box?

regards

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Alan Collett
alan-at-gomatilda-dot-com
Registered Migration Agent Number 0102534
and a Fellow of the Institute of Chartered Accountants in England and Wales
http://www.gomatilda.com and
http://www.collettandco.co.uk
Offices in Southampton, England; Perth, Australia; and Melbourne, Australia

Do we have a definitive answer on the question of tax on money transfer ? I've been assuming that the money I get from the sale of my house (primary residance) in the UK will be able to be transferred to a bank in oz without incurring tax. Obviously there will be a cost of converting the money at some point.

Take a look at the Commonwealth bank in London (www.commbankuk.com). Just called them and a nice young lady is sending through the relevant forms to open an account. She also said that if you transfer over £30,000 to any Commonwealth branch in Australia that no charges would be applied for the transaction.

Marty,

So long as:

1. The property has been occupied by you as your main residence throughout the period of your ownership, and
2. You transfer your funds to Australia before you become tax resident there

you shouldn't have a tax liability arising on the sale of your property and the transfer of your funds to Australia.

If you retain UK£'s when you move to Australia the currency becomes a chargeable asset - and if it appreciates in A$ terms between the date of your arrival and the date on which you remit the funds to Australia you would have a capital gain that would be assessable in Australia.

In respect of the transfer of funds to Australia you might also want to talk with Halewood International Foreign Exchange - call 01753 859159 and ask for the Private Client Desk. Halewood don't charge a fee on any transfers I believe. Rather they make their money on the exchange rate that they offer.

If you decide to call Halewood it would be good if you can mention that you were referred to them by Alan Collett of Go Matilda.

Hope this helps.

quote:

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Originally posted by Marty:
Do we have a definitive answer on the question of tax on money transfer ? I've been assuming that the money I get from the sale of my house (primary residance) in the UK will be able to be transferred to a bank in oz without incurring tax. Obviously there will be a cost of converting the money at some point.

---

Alan Collett
alan-at-gomatilda-dot-com
Registered Migration Agent Number 0102534
and a Fellow of the Institute of Chartered Accountants in England and Wales
http://www.gomatilda.com and
http://www.collettandco.co.uk
Offices in Southampton, England; Perth, Australia; and Melbourne, Australia

I have already received the documentation from Halewood, they provide a great service which I will be using, the only thing is they cannot comment on the tax issues being raised.
But all is becoming clearer.