Jump to content
  • Sign Up

UK ISA - tax to pay in Australia

    Recommended Posts

    Advice wanted  please.....I have a couple of UK ISA's (one a Cash ISA and one a Stocks and Shares ISA) set up 10 years before I moved to Australia, and I haven't contributed to them since moving here 8 years ago. When the time comes to cash them in/withdraw the funds, do I have to pay Australia income tax on the whole growth over the life of the ISA or just the growth since I moved to Australia - as the funds were set up as tax free whilst I was in the UK? Not sure what's the best thing to do with them?

    Share this post

    Link to post
    Share on other sites

    Hello Hoopster

    I'm assuming that you are a Permanent Resident/Citizen here in Australia.

    My following comments relate to PRs/Citizens.

    UK tax free doesn't mean Australian tax free and thus foreign investments and savings are typically assessed by the ATO on the same basis as Australian investments and savings.

    Therefore interest earned from savings should be declared each year in the tax return.

    Investments are treated in that:

    >  Income again should be declared each year in the tax return ie dividends and/or distributions from Unit Trusts/OEICS.

    > Capital Gains should be declared in the tax return in the year that they are realised (with any relevant exemptions that are applicable applied).

    Hope this helps.

    Regards Andy



    Share this post

    Link to post
    Share on other sites

    Create an account or sign in to comment

    You need to be a member in order to leave a comment

    Create an account

    Sign up for a new account in our community. It's easy!

    Register a new account

    Sign in

    Already have an account? Sign in here.

    Sign In Now


    Important Information

    We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Use