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bring large amount of money from overseas

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Want to bring large amount of money from overseas to buy a property.

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Former Community Support

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Hi @sislammontu

 

Welcome and thank you for your post.

 

Essentially money brought from overseas is not taxable when it constitutes income from money earned overseas as a non-resident. However, if you put your overseas money into your Australian bank account and earn interest from it, it will be assessable income to be included in your tax return. Refer to website Interest Income information.

 

Just keep appropriate records so if the ATO or Australian Security and Investment Corporation (ASIC) were to query it you can establish the source.

 

Hope this information is helpful.

 

Kind Regards, DebC

1 REPLY 1

Most helpful response

ATO Certified Response

Former Community Support

Replies 0

Hi @sislammontu

 

Welcome and thank you for your post.

 

Essentially money brought from overseas is not taxable when it constitutes income from money earned overseas as a non-resident. However, if you put your overseas money into your Australian bank account and earn interest from it, it will be assessable income to be included in your tax return. Refer to website Interest Income information.

 

Just keep appropriate records so if the ATO or Australian Security and Investment Corporation (ASIC) were to query it you can establish the source.

 

Hope this information is helpful.

 

Kind Regards, DebC