Announcements
Halloween costumes are spooky but your tax return doesn't have to be. Don't forget to lodge this weekend!

ATO Community

Using my UK Individual Savings Account (ISA) in the UK, to buy Property in Oz

Highlighted

Newbie

Views 224

Replies 1

I moved to Oz in June 2019 from the UK on a partner visa and will be a full resident in Jan 2021. I have roughly $200k saved and will use that as part of a deposit when I buy a house. What are the tax implications of bringing this money into Oz via a transfer from my UK bank account into my Oz bank account, probably in 2021 as things are now?  Any pointers are greatly appreciated  Smiley Happy

1 ACCEPTED SOLUTION

Accepted Solutions
Highlighted

Most helpful response

Devotee

Replies 0

@elbow there are no tax implications as it is not income. You should be declaring the interest on your income tax return but that is it. You only get taxed on income. 

1 REPLY 1
Highlighted

Most helpful response

Devotee

Replies 0

@elbow there are no tax implications as it is not income. You should be declaring the interest on your income tax return but that is it. You only get taxed on income.