Hi Team,
We are migrating to Australia for the first time, we were granted PR last year. I sold my property in Singapore and i need to move my money from Singapore to Australia. Do i need to pay tax for the money i am transferring from Singapore? How much money can i transfer in one go? Do i have a time limit to transfer the money without tax? Thanks in advance.
Thanks,
Sathyan
Hi @Saru,
When transferring money from overseas. If you are transferring from one personal account to another, it is not considered income for Australian tax purposes.
With the amounts you are transferring. That would depend on the banks and if they have limitations for how much you can transfer in one go. As transfers are not considered income for Australian tax purposes, there would be no time limits.
I will mention when you do complete the transfer. If you start to earn interest on the amount. Any interest you earn on the money while it's held in the Australian bank account would be subject to tax in Australia.
We had a similar question asked on another post you may find helpful.
Thank you @DanielleATO , This helps :)
22 Apr 2024 · 6 min read time
15 Apr 2026 · 5 min read time
15 Apr 2026 · 4 min read time
2,212 views
2 replies