Hi everyone, looking for some guidance for a family member
He’s originally from the UK and has been living in Australia for about 2 years now as a PR. He’s planning to transfer a fairly large amount of personal savings from the UK to Australia to purchase property here.
We’re trying to understand a few things:
• Does he need to declare this transfer in his Australian tax return?
• Are there any tax implications if the money was earned before becoming an Australian tax resident vs after?
• Does he need anything in writing from the ATO before transferring the funds?
• Are there any other formalities or compliance requirements he should be aware of when bringing in a large amount?
The funds are legitimate personal savings, and he’s been in Australia long enough that we just want to make sure everything is handled correctly from a tax perspective.
Appreciate any advice or experiences others have had in similar situations. Thanks in advance!
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