Does Aus have a similar taxfree savings scheme like an ISA ?? If not can someone recommend a good savings account and detail interest rates please.

Spike

No. Interest on savings always forms part of your taxable income.

It is hard to get much more than 6.25% from a "normal" bank savings account.

Cheers
Bob in Bull Creek

Spike,

This is a reasonable place to start researching bank accounts in Australia:
http://www.infochoice.com.au/banking/default.asp

However, you can probably get a better deal overall if you are also looking at borrowing to buy a property (say). It may be best to enter into an exchange of emails with a specialist broker such as Bob ...

Best regards.

Thanks for the information. I will be in touch Bob when we arrive later this year if thats OK.

Spike

quote:

Originally posted by Spike:
Thanks for the information. I will be in touch Bob when we arrive later this year if thats OK.

Spike

G'day

I'll look forward to it and hold my breath then

Spike -

In case you haven't picked up on this yet, you can continue to keep any money you have invested in Cash ISAs even after you have left the UK - and still enjoy tax-free income on it.

What you can't do is ADD to the amount once you become non-resident in the UK.

Howard,

Why do you think the income is tax free in Australia?

Best regards.

No Alan - I meant it was tax-free in the UK.

I suppose that unless he is a temporary resident it is still declarable as worldwide income for Australian tax purposes - and as such would be taxable in Australia.

As a temporary resident I am still able to get ISA income tax-free.