Loading
This thread is archived and the information may not be up-to-date. You can't reply to this thread.
37n6f(Newbie)Newbie
30 Mar 2023

Hi,


I have been a temporary resident in Australia since January 2020. Since I do not have any income here, I do not have an ATO tax number, annd I have not filed any tax reports.


To diversify where my savings are stored, I would like to transfer money from my savings (money I made when I was working in the UK years ago and I already paid taxes for, which is in a UK bank account at the moment), into my Australian bank account.


Would I have to pay any taxes on this? I guess not? Also, is there any limit?


Thanks

862 views
4 replies
862 views
4 replies

Most helpful response

Most helpful reply

GabbyATO(Community Support)Community Support
1 Apr 2023

Hi @37n6f,


There aren't any tax implications for transferring money between your personal bank accounts.


From our perspective there isn't a limit for how much you can transfer (your bank might have limits on how much you can transfer, but you'd have to check with them about that).


The money you transfer won't be taxable, but if the money goes on to earn income (for example earning interest in your Australian bank account) you'll be taxed on that.


If your bank doesn't have your TFN, they'll withhold tax from your interest at the highest marginal tax rate. There is some information about TFN withholding tax on our website that goes through when you'd need to provide a TFN to your bank. You can apply for a TFN if you need to.


Other than that, transferring between your own accounts is considered a private arrangement and won't be taxed.

All replies

Most helpful reply

GabbyATO(Community Support)Community Support
1 Apr 2023

Hi @37n6f,


There aren't any tax implications for transferring money between your personal bank accounts.


From our perspective there isn't a limit for how much you can transfer (your bank might have limits on how much you can transfer, but you'd have to check with them about that).


The money you transfer won't be taxable, but if the money goes on to earn income (for example earning interest in your Australian bank account) you'll be taxed on that.


If your bank doesn't have your TFN, they'll withhold tax from your interest at the highest marginal tax rate. There is some information about TFN withholding tax on our website that goes through when you'd need to provide a TFN to your bank. You can apply for a TFN if you need to.


Other than that, transferring between your own accounts is considered a private arrangement and won't be taxed.

Featured articles

Tax tips for managing your side hustle

22 Apr 2024 · 6 min read time

Tax on gifts and inheritances

15 Apr 2026 · 5 min read time

How much tax should I pay on a second job? Claiming the tax-free threshold

15 Apr 2026 · 4 min read time

Top liked users

  1. Bruce4Tax

    (Taxicorn)

    3260 likes

  2. Taxduck

    (Taxicorn)

    2069 likes

  3. PayrollDeanne

    (Taxicorn)

    816 likes

  4. YellowPotato

    (Taxicorn)

    529 likes

  5. knaresbro

    (Devotee)

    364 likes

Top contributors

  1. Bruce4Tax

    (Taxicorn)

    10399contributions

  2. Taxduck

    (Taxicorn)

    4760contributions

  3. PayrollDeanne

    (Taxicorn)

    2061contributions

  4. YellowPotato

    (Taxicorn)

    1352contributions

  5. YEP

    (Devotee)

    837contributions

Loading
Termporary Resident: Transferring money from my UK bank account into my Australian bank account | ATO Community