Hello,
I received a gift of money from my father who lives overseas, in the amount of approx. $450,000. He is not a resident or citizen of Australia.
To facilitate the transfer, we opened a joint account in Australia under our 2 names where he could transfer the money to. The reason - his overseas financial institution only allows money transfers from his account to another account if he is also named on it. The transfer was made to the joint account here successfully. As expected, the interest being earned on it is incurring a 'Non-resident Withholding Tax'.
My question is - If I were to now transfer this amount to my own personal savings account (not a joint account), will I continue to incur the 'Non-resident Withholding Tax'? Or any other tax of any kind, either on the interest earned or the total balance?
Thank you.
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