Hello All,

Can anyone assist me with the following questions?

1. Transfer of Savings

As I currently understand it any transfer of savings (from UK to Australia) is based on the actual exchange rate on the day I emigrate and enter Australia.

If for example, the exchange rate on the day I enter Australia was 2.2. If say after 10 months of living in Australia, I decide to transfer my UK savings of £100k (for example), and the exchange is now 2.3, what tax / costs would I have to pay to transfer this money?

Also, if the exchange was lower now than on the day when I entered Australia would I receive a rebate on the amount I transferred?


2. Money invested in Shares

I currently have an amount of money invested in UK Shares (primarily the AIM Market). If I were to keep those shares and then, at a later date (once I had emigrated) sell those shares what kind of tax would I be liable for?

If I were to remain in the UK, I would be liable for CGT which would be taxed at either 40%, 20% or 10% depending on how long I had kept them.

Consequently, does anyone know where I can find out what level of Australian tax I would pay if I was living in Australia?


Many Thanks in advance,

Chorlton

www.ato.gov.au

Australian Tax Office website