Hello All,

Can anyone offer any help or advice??

I have recently moved to Australia from the UK on a 457 class visa. Due to the increase in the Bank rate in Australia (compared to the UK) I transferred all my personal savings at the same time, so as to take advantage of the increased rate. The other reason for this decision was that the ATO would tax me on my world-wide assets anyway so IMO it made sense to transfer them across to Australia.

However, I have recently read that for those on a 457 class visa, the ATO will now only tax you on your "Australian" Assets.

Consequently, so as to avoid having to pay a large percentage of the interest accrued on my savings here, I am considering transferring them back to my UK bank account.

If I do this, will this mean that I will no longer have to declare them when I fill in my tax reture next year??

Any help much appreciated,

Chorlton