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eugenezh

Tax on overseas money without interest gain

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    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,
    Eugenesmile.gif

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    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

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