Much has been discussed n topics like transferring a genuine money GIFT (eg Term Deposit) from an oversea bank account to our Australian Bank Account and there is no legal requirement to report to ATO. And, on any interests earned in our Australian Bank (after the transfer) we have to include this in our Tax Returns as assessable income.
My questions are:-
1) Although there is no limit in how much can be transferred one-off, nothing had been mentioned as whether there is a need to inform AUSTRAC of the amount to be transferred and get an OK (or clearance letter) from them before doing so.
2) If this is money earning some interest in the overseas bank before this lump sum (principal + interest) is transferred to my Aust bank account, do we need to declare this overseas interest earned to ATO in our Tax Returns.
( Note: this interest was earned before the transfer from the overseas bank and paid taxes in that country overseas which has a Double Tax Treaty with Australia.)
Hope ATO can help with these answers. Many thanks
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