I am an Iranian living and working in Dubai, and my wife is a student in Melbourne. On September 29, 2022, she deposited the amount of $8425 into her bank account that she brought with her from Dubai to Melbourne and from that date until now, another $600 has been deposited into her account. Considering that we are Iranian and we are not allowed to transfer money internationally through the usual channels such as bank transfer or Western Union, I am forced to send money to my wife through Iranian exchanges. In this way, I give the money to an exchange in Dubai, and another exchange in Melbourne gives the equivalent money to my wife. According to the above explanations, what is the maximum amount of money and on what date can I send to my wife so that it is not taxed, and also, from the point of view of taxation, is it better the exchange in Melbourne transfers the money into my wife's bank account or gives it to her in cash then she deposits into her bank account herself as not to be taxed. My wife had got her TFN number on November 2022 and submitted to the bank.
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2 replies
Hey @edy_ti,
We don't have a set limit that can be transferred from an overseas savings account to an Australian savings bank account. Generally transferring money from overseas savings to Australian savings isn't assessable income and won't be taxed.
However, if this money goes on to produce income e.g., bank interest in Australian bank account, then this will become a part of your wife's taxable income.
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Hey @edy_ti,
We don't have a set limit that can be transferred from an overseas savings account to an Australian savings bank account. Generally transferring money from overseas savings to Australian savings isn't assessable income and won't be taxed.
However, if this money goes on to produce income e.g., bank interest in Australian bank account, then this will become a part of your wife's taxable income.
Hey Anita,
I appreciate your reply to my question.