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Re: Transfer Savings to Aus before and after migrating permanently

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Dear 

I hold a PR and have made first landing only but haven’t permanently moved to Aus. I am looking to relocate next year before Jun-2020.

I have two questions here:

1a: I want to transfer my savings partly before my moving to Aus. The amounts are kept in my salary account abroad where I currently reside and work. Do I need to pay tax on this amount for year 2019-2020.

1b: Would the taxable income circumstances changes if I transfer before Jan-2020 and then move later in 2020, but still before Jun-2020.

2- I transfer the remaining savings after I have moved to Australia, would it be considered as taxable income. The money so transferred could be from any/both of the two sources:

a- the same salary account - referred above

b- sale proceeds of an asset held outside Australia but earned/owned before permanently moving to Australia 

 

Best Regards

 

 

1 ACCEPTED SOLUTION

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Devotee

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1a. No, only for any income earned from it (eg interest).

1b. Not on money transferred.

2a. ? Savings are not taxable income.

2b. If the sale happened BEFORE you became an Australian Resident for Tax purposes then no information is needed/recorded/used for taxable income.

 

What exactly do you mean by PR?

 

You may not be considered to be an Australian Resident for tax purposes yet.

 

 

1 REPLY 1
Highlighted

Best answer

Devotee

Replies 0

1a. No, only for any income earned from it (eg interest).

1b. Not on money transferred.

2a. ? Savings are not taxable income.

2b. If the sale happened BEFORE you became an Australian Resident for Tax purposes then no information is needed/recorded/used for taxable income.

 

What exactly do you mean by PR?

 

You may not be considered to be an Australian Resident for tax purposes yet.

 

 

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