Time limit for transfering money?
Hi there, Does anyone have information on the timescale for transfering money over to Australia from the UK. Not sure if it is 6 or 12 months from visa validation? Also if you do transfer money over after the 'allowed' period how much are you taxed on it? Are you just taxed on the interest or the whole lot?
:)Hi Kev and Mall, as far as I know you have 6 months from the day you enter, to transfer your dosh without being taxed, will keep an eye on this post seeing as the bloody rates are so low right now, we might have to leave some money here for a while.
Another thought is the intreast rates over there are higher than here so getting money over there will earn higher interest......!?!?
Hope all is well with you guys, how is the house sale going...? fingers crossed we are very close now !catch you soon . Cheers Graham
bloomberg is the best website to monitor excahnge rates - but companies like hifx will take 1/2 cents off the bloomberg rate i would imagine - their foxtel channel advisors were suggesting 2.10 rates coming soon before recovering to 2.20 region - not good news im afraid.....who knows but i would hold out for a few months if you have a fair old sum
histroically 2.40 is a good solid rate - but every siren is screaming recession and as america is sneezing at the moment........
you ONLY get taxed on the interest earned on your house proceeds money after 6 months - same goes with transferring pension funds - so it is adviseable to hold out til you decide your commitment to staying or hit the exchange rate you have budgeted for
bank rates just going up again this week - however house prices have risen 26% in 12 months so better returns massively in bricks n mortar - however all the news is of people struggling with repayments and costs of living g oing up - it r eally is like reading the newspapers back in the uk - apart from you wear sunglasses here to read !
:DTell me about it ,chatting to someone the other day who got $3.10 when they came over ...!! what a difference that makes,
Agreed with the cost of living going up , but over time wont the wages start to catch up therefore even out a little....? Cheers Graham
Last edited by graandjac; 11-01-2008 at 09:55 AM.
Hi Graham & Jac,
What house sale?? the market is as dead as hell here, hoping it will start to pick up again at the end of January. Fingers crossed that your sale keeps going through OK. Exchange rates are pants at the moment so makes what you can afford over there a little less glam. When are you planning on going over? Will definately try to get to see you when we come for validation visit in May.
Kev & Mall