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Worried you’re missing part of your refund? Remember, the low and middle income tax offset isn’t a refund on its own – it’s used to offset (or reduce) the amount of tax you pay. The offset amount you may be entitled to is automatically applied and could range between $255-$1080, depending on things like your taxable income and how much tax you’ve paid.
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Overseas savings .

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Newbie

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Replies 1

I am an Australian citizen and resident . I have an bank account in the UK ,
In December 2022 I will have retired as I will be 66.5 , do I have to pay tax on my UK saving when I have it transferred to my Australian bank account??
1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Devotee

Replies 0

No you won’t pay tax when you bring the money in. If you start earning income on it somehow like through bank interest you would potentially pay tax on the earnings. 

1 REPLY 1

Most helpful response

Devotee

Replies 0

No you won’t pay tax when you bring the money in. If you start earning income on it somehow like through bank interest you would potentially pay tax on the earnings.