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Transferring my savings from India to australia

Newbie

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Hello,

 

I need some help here. 

I am planning to buy our first home. For the initial deposit, we wanted to transfer my past savings from india to Australia.

 

Will there be any tax, I need to pay on this amount received.

 

Is there any limit ? On how much I can transfer from my own savings in India to australia.

 

What all I need to do, in terms of my actions (like informing Ato..etc), after money is received.

 

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Most helpful response

Devotee

Replies 1

@Hlog84 

You don't need to report it to anyone, simply transfer via IMT service into your Austrlian bank account.

However keep the record of the source of Fund, e.g. your overseas account statments, remitance slip and Affidavit if the money is a gift, you need to be mindful that Austrai]lian lenders will require a Genuine Savings evidance for finance application & source of funds if your loan is 80% or more, ask your mortgage broker to confirm this.

2 REPLIES 2

Most helpful response

Devotee

Replies 1

@Hlog84 

You don't need to report it to anyone, simply transfer via IMT service into your Austrlian bank account.

However keep the record of the source of Fund, e.g. your overseas account statments, remitance slip and Affidavit if the money is a gift, you need to be mindful that Austrai]lian lenders will require a Genuine Savings evidance for finance application & source of funds if your loan is 80% or more, ask your mortgage broker to confirm this.

Newbie

Replies 0

Thankyou @Logical_smsf