Money Matter

[LOUISE HANNAH]

Hi, we are moving out to Adeliade in August, we have our house up for sale at the moment, but would appreciate advise on what we should do with our money once the sale has gone through. With the exchange rate as it is at the moment we were thinking of only bringing around 20k with us, but if we leave the rest do we get taxed on it etc, not sure how it works???


Louise

[ianb]

my understanding is you have 6 months to transfer the money with out tax, there after you pay tax on any gains on the amount. Hopefully someone will explain better

[BAZnDAF]

If there is one thing in life you can be assured of its that you will pay tax... best bet is to contact an australian tax firm dealing with migrants and overseas monies...

[graandjac]

Something else to think about is, and i've been chatting to Ian B about this and we were thinking if interest rates keep going up as they do in oz maybe taking your (and us soon) money out there now will surlely earn a good rate of intrest if put into the right account:idea:, or is this too obvious. Cheers Graham

[banjo70]

Hi,
I think it depends on what visa you are on. If you are on a perm visa you have the six month limit. If you are on a temporary one like a SIR then you are not subject to tax as at present as this tax only applies to perm residents.

What ever you do - fill in a P85 form and sent it to HMRC you may get a tax rebate, and also change the status of your saving so that you don't pay tax on the interest, it can make a big difference on how much interest you earn in the UK.