eugenezh

Hello Andy, Thank you for your reply. So from what I understand, I will not be taxed on any funds transferred to OZ unless I gain interest on it. Does it valid also after, let's say, one year living in OZ? Regards, Eugene

Dear forum members, I will be moving to OZ next month and have a query on keeping money overseas. I am a permanent resident, currently, in my home country, I hold local currency (Euro) and AUD. I will open a bank account at NAB next week and will transfer all my AUD to that account prior our move in OZ. However, I would like to keep on my bank account in Germany my EURO and when exchange rates will become better, I will exchange to AUD and transfer them to my OZ bank account. The problem is that I don't know how long it might take for the AUD to get to its low rates, therefore I might keep my EURO in Germany for a while. My question is, what is the policy of the ATO if I keep a bank account overseas and NOT gaining any interest rates on it and then transfer that money to OZ? let's say after a year residing in OZ. I am looking forward to getting your inputs on this issue, Eugene