Announcements
COVID-19 update: We expect to publish updates on the JobKeeper payment soon. For other questions, check out the COVID-19 board.

ATO Community

getting money from overseas, to an Australian bank account

Newbie

Views 115

Replies 1

I have a property in Pakistan (around AUD 60000 in value) which I am about the sell to a Pakistani resident in UAE (United Arab Emirates). I want this amount to be used in buying a home here in NSW.

 

The buyer wants to transfer the amount to my Australian bank account, directly from UAE (and not Pakistan - the country where the actual property is located).

 

I wanted to know if this is legal (and if the transaction would be taxable?), considering the fact that the buyer is working in UAE and it is more convenient for him to do UAE -> AUS transaction (instead of UAE -> PAK -> AUS transaction).

 

Would there be any issue with ATO or any other government agency later in the coming years, asking me why I got money from UAE for selling a property in Pakistan?

 

Thanks in advance!

 

 

1 ACCEPTED SOLUTION

Accepted Solutions
Highlighted

Best answer

Community Manager

Replies 0

Hi @ahmedzaf 

 

We wouldn't have an issue with the money being transferred from another country. I would suggest keeping all records.

 

You would need to check if is something that you should report on your income tax return. If you are an Australian resident for tax purposes you would need to report your world wide income.

 

KylieS

1 REPLY 1
Highlighted

Best answer

Community Manager

Replies 0

Hi @ahmedzaf 

 

We wouldn't have an issue with the money being transferred from another country. I would suggest keeping all records.

 

You would need to check if is something that you should report on your income tax return. If you are an Australian resident for tax purposes you would need to report your world wide income.

 

KylieS