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Taxation on foreign currency savings account

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Newbie

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Hi,

I want to open a foreign currency account (USD) for my family overseas. They want to deposit money to this account in case the country they live in have a financial meltdown. I won’t make any transactions except when I return the money back to them. Would this money be taxed? And if yes when and how.

Thanks in advance Smiley Happy
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Most helpful response

Community Support

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Hi @fadialkatut

 

Thanks for your post.

 

We get a lot of questions about overseas bank accounts in our Community. We recommend that you check out the following thread: Declaring overseas bank account

 

As an Australian resident, you are taxed on your worldwide income, including foreign income from offshore bank accounts. For more information about investing overseas, have a look at our website.

 

Hope this helps.

 

Thanks, ChrisR

1 REPLY 1
Highlighted

Most helpful response

Community Support

Replies 0

Hi @fadialkatut

 

Thanks for your post.

 

We get a lot of questions about overseas bank accounts in our Community. We recommend that you check out the following thread: Declaring overseas bank account

 

As an Australian resident, you are taxed on your worldwide income, including foreign income from offshore bank accounts. For more information about investing overseas, have a look at our website.

 

Hope this helps.

 

Thanks, ChrisR