Hello community! I became an Australian resident for tax purposes a few years ago and would like to transfer some money from my Brazilian bank savings account into my Australian bank account to be used in a deposit for a mortgage. Something around AU$25,000. Can someone please confirm that the transfer won't be taxed and that I will not need to declare this transaction in my tax return? Thanks!
Hi @luiz
I can absolutely confirm we don’t consider funds being transferred from an overseas personal savings account to an Australian personal savings account as taxable income and it doesn’t need to be declare in your tax return 😍.
If the transferred in funds do earn income such as bank interest while you’re waiting to find your dream home, onlt the interest earned is taxable income and would need to be declared in your tax return.
A similar post Moving savings from home country to Australia will assure you it’s not taxable and no need to declare 😀.
Hi @luiz
I can absolutely confirm we don’t consider funds being transferred from an overseas personal savings account to an Australian personal savings account as taxable income and it doesn’t need to be declare in your tax return 😍.
If the transferred in funds do earn income such as bank interest while you’re waiting to find your dream home, onlt the interest earned is taxable income and would need to be declared in your tax return.
A similar post Moving savings from home country to Australia will assure you it’s not taxable and no need to declare 😀.
Hey @AlliATO, thanks so much for the prompt and comprehensive response, great to hear the transfer won't be taxed. Cheers!
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