Money Transfer and tax

[jferns]

Just a query if you can kindly advise me about.

 

We are currently PR holders (holding 190 visa). Since we plan to migrate to Adelaide this year:

 

1. Is it advisable to bring in all our life savings?

2. Will we be taxed and is so how much?

3. How to we bring in the money? Do we open a bank account?

 

Thanks.

[NicF]

Welcome to the forum. Just so you are aware your first few posts will need to be approved by a moderator before they appear.

[snifter]

Hello and welcome

 

Is it advisable to bring your life savings? Depends how much you are wanting to bring or have to bring. Depending on your circumstances you may feel $20,000 is enough to get you going here or perhaps want $50,000. Or have enough to want to buy a house outright in 6 months or a year or so and so want to transfer that much at a later date. Many make the move with less, some more. I'd research as to costs, short term rental costs for say a month, budget for 6 months living costs, bills, food, car purchase (say you set that at $8,000-10,000 inititally though you can buy one for less obviously), insurance, extra costs and so on. Factor in rent for 6 months also, plus deposit. And allow for not having an income in that time to cover yourselves.

 

I'm not aware of needing to pay tax on savings you bring over.

 

Its simple enough to open an Aus bank account from the UK and transfer the money over as you wish. Some do so before they move, some after. You are better using a forex to transfer money over than bank to bank. Better rates, no fees if its a larger amount and so on. Its very simple to set up and do also.

 

FWIW, if you don't need to bring it all over when you move I'd be tempted to leave some in the UK and wait till you are confident you are liking it, things are working well and you are staying put. Bring over a sum to cover you those first 6 months and to set you up but hold off on the rest till a bit later on when things have settled down.

 

Check out Moneycorp on here to ask about money transfers if you are interested in using them http://www.pomsinadelaide.com/forum/money-transfers-ask-moneycorp/