Hi All,
I moved to Oz 18mnths ago as a permanent resident. I have been on a career break since arriving, so I have had no income.

I would now like to transfer the balance of my money from the UK to Australia. (approx GBP100k)
Will I be taxed on this money when it arrives in Oz? Do I need to inform anyone that I'm bringing it over, or what I intend to use it for?


Many thanks to anyone who can shed some light on this......

An increase or decrease in the value of the funds may result in a forex currency gain or loss - however, the forex currency rules will not apply if the funds have been held for private and dosmetic purposes.

The current ATO view is that if the bank account in which the funds have been held is subject to CGT (i.e. the bank account was opened after September 1985) then a currency fluctuation may result in a capital gain or loss.

There is no need to inform any authority as the powers that be will know about any transfer over $10k.

Feel free to contact me if you require any further infomation

Many thanks Mark