Are you taxed on UK - OZ fx ?

[MacLeods]

We are about to arrange to transfer our Sterling to Ozzie Dollars - does anyone know what are the tax implications if any for doing this ? I thought if you transferred within 6 months of arriving that you wouldn't have to pay tax - do any new arrivals know any different or is also dependant on the amount of money being transferred ?

Any help much appreciated.

[Guest Guzzler&Sas]

Hi,

 

No you will not pay any tax on the money you transfer into the country regardless how much.

You will need to get a tax file number on arrival (you need to be in the country) and give it to your bank ASAP or they will hold tax on any interest at the highest rate 46.5%, although this would be paid back at the end of the financial year, in most cases you will obtain a tax file number before this happens.

 

Good luck

 

Guzzler