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Hannah321(Newbie)Newbie
19 May 2024

I was allocated a capital disbursement from my parent's NZ Trust for which I am a beneficiary. This happened in 2019 when I still lived in NZ. I moved to Australia in 2021.


I'm hoping to access the money I was allocated to help purchase a house, but it is still sitting in the NZ Trust's bank account. It is not earning interest and/or otherwise invested and therefore not earning income.


Can I transfer the capital dispursement money to my Australian bank account or would this incur extra taxes in Australia? Am I correct in thinking that given the allocation was made 2 years before I was an Australian Tax Resident that it is not assessable?

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162 views
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Most helpful reply

CaroATO(Community Support)Community Support
22 May 2024

Hi @Hannah321,


  1. You sure can! We won't ask you to pay tax on it, however as soon as it earns interest, we'll ask you to let us know when you lodge your tax return.
  2. Spot on! You're right in thinking if you were an Australian resident for tax purposes when you first received the money, then you'd have to include it in your tax return.

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Most helpful reply

CaroATO(Community Support)Community Support
22 May 2024

Hi @Hannah321,


  1. You sure can! We won't ask you to pay tax on it, however as soon as it earns interest, we'll ask you to let us know when you lodge your tax return.
  2. Spot on! You're right in thinking if you were an Australian resident for tax purposes when you first received the money, then you'd have to include it in your tax return.

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Will an allocation from a foreign trust made before I moved to Australia be subject to tax? | ATO Community