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Re: Transferring Overseas Income after getting my PR for Australia

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I have an Australian PR since Dec 2016, made entry and stayed for 3 weeks in April 2017, during which time I opened my bank account. I have been working overseas since then. I now plan to move permenatly to Australia.

I would like to transfer my overseas income to my Australian account, I do not have a tax code yet. What are the tax implications if I transfer funds from my overseas account to my Australia account. The overseas income is already taxed in the country where I have my Job.
1. Will this amount be taxed?
2. What documents do I need to submit, to prove that tax has already been paid on this income earned overseas.

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Devotee

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Once you move to Australia permantly you would be considered to be an Australian Resident for tax purposes and all your worldwide income will be taxed.

 

1. No money going into a bank account will not be taxed as long as you provide the bank with your Tax File Number, even then you claim this back in your tax return. You will also be taxed on money earned in that bank account (interest).

 

2. None.

 

 

 

 

 

 

1 REPLY 1
Highlighted

Best answer

Devotee

Replies 0

Once you move to Australia permantly you would be considered to be an Australian Resident for tax purposes and all your worldwide income will be taxed.

 

1. No money going into a bank account will not be taxed as long as you provide the bank with your Tax File Number, even then you claim this back in your tax return. You will also be taxed on money earned in that bank account (interest).

 

2. None.

 

 

 

 

 

 

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