Transferring money from UK and tax implications

[Big Chris]

HI there,

I'm thinking about transferring quite a large amount of money home to Oz from my UK account to my Oz account. I intend to use the money as a deposit for an IP in Oz. Is it true that the ATO gets a bit suspicious at large amounts that have been transferred? This money has already been subject to income tax in the UK and I have the payslips to prove it. I don't want to be taxed again in Oz!!

Cheers
Big Chris.

 

[strangep]

Hi Chris

There's some useful information at the bottom of the following thread posted by Mike (who is a moderator on the forum)...

http://www.somersoft.com/forums/showthread.php?s=&threadid=6297

Hope that is of some help.

Cheers

Paul

 

[abcdiamond]

Originally posted by Big Chris
HI there,

I'm thinking about transferring quite a large amount of money home to Oz from my UK account to my Oz account.

Just a quick piece of advise here. Check rates carefully with your bank. Mine quoted 2.695 on 11/12/02 (Thats A$ for each GBP)
But I pushed the bank for a better rate, and I got 2.795. This worked out at an extra $12,000 in MY pocket.
The OANDA.com rate for the day was 2.80 for large commercial transactions.
One advantage may have been that it was the same bank in both countries, the HSBC.
Hope this helps get more dollars for your Pounds.

Regards