I have deposited my savings, income from previous employments, gifts from parents/spouse in an Indian bank. I plan to remit this money from an Indian bank account to my Australian bank account. Do I need to pay tax in Australia for this remitted money? Please advise.
The below is assuming you're an Australian Tax Resident - if not it may not apply
It would depend on the source of those funds and when you got them in relation to your being an Australian Tax Resident .
For example money as gifts from relatives are not taxed ( have records to prove it is a gift for your records ) but , recently I have learnt, that payout from previous employment could be taxed while it may be exempt in Indian taxes ( e.g. EPF - am trying to validate that myself ! )
Post tax savings from previous employment should not be taxed BUT it depends on the timing of that income , e.g. if you got that income while you were an Australian tax resident ,then there may be a portion of tax left to pay .
It gets a bit more complex in this case:
India Australia have a DTAA as in you should not get taxed on the same amount twice - however based on my understanding any income you get, you may be obligated to pay additional tax on top of what you may have already paid in India - When you file your taxes here in Australia, you can declare foreign income and foreign taxes already paid. If the amount of foreign taxes is below 1000 , then you can claim that as taxes already paid counting towards your tax offset. If more than 1000, then you'd need to calculate your actual tax offset
So best to categorise your funds, where they came from , how, and when and your tax status in Australia at that time to figure out if there is tax implications.
I hope this helps !
The below is assuming you're an Australian Tax Resident - if not it may not apply
It would depend on the source of those funds and when you got them in relation to your being an Australian Tax Resident .
For example money as gifts from relatives are not taxed ( have records to prove it is a gift for your records ) but , recently I have learnt, that payout from previous employment could be taxed while it may be exempt in Indian taxes ( e.g. EPF - am trying to validate that myself ! )
Post tax savings from previous employment should not be taxed BUT it depends on the timing of that income , e.g. if you got that income while you were an Australian tax resident ,then there may be a portion of tax left to pay .
It gets a bit more complex in this case:
India Australia have a DTAA as in you should not get taxed on the same amount twice - however based on my understanding any income you get, you may be obligated to pay additional tax on top of what you may have already paid in India - When you file your taxes here in Australia, you can declare foreign income and foreign taxes already paid. If the amount of foreign taxes is below 1000 , then you can claim that as taxes already paid counting towards your tax offset. If more than 1000, then you'd need to calculate your actual tax offset
So best to categorise your funds, where they came from , how, and when and your tax status in Australia at that time to figure out if there is tax implications.
I hope this helps !
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