Firstly apologies if these has been previously asked (and answered) on the forum, but I'm not sure where to start looking or asking.
Does anyone know what, if any, are the implications in bringing money into South Australia when you:
We have been lucky in that we have been able to save some money to cover moving costs plus a bit beside, but wondered if there was a tax implication in bringing money with you when you first emigrate especially if you have been lucky to sell the house and have cash from that as well. Which brings me to the second part of my question.
- first emigrate
- or in a period of time after you have moved over
Like most people we are having difficulty selling our house and I am wavering over whether to rent for a period of time (e.g. 2 years) and then trying to sell again, but I am worried if this will be classed as an additional income and be taxed at maximum rate. If we rent we would then move over to Oz and rent ourselves.
In addition we have an endowment policy which will mature in 2011 and we've been advised no to cash it in now with only 2 years to run, but again if we let it mature and then have the money paid sent to us will we be penalised by the tax system?
I am asking because although we have dropped the price of the house twice we are not sure if it is worth continuing with trying to sell or whether to rent it especially as I have a friend interested in renting, but to do that she would want some stability i.e. a minumum period of 1-2 years. Hence the tax question.
Any advice would be appreciated so we can make an informed decision. Or if anyone can point us in the right direction?