Announcements
We're doing scheduled maintenance on ATO Community to bring you a bigger, better and brighter online community.
You may see us go into read-only mode every now and then while we do this. Don't worry! You'll still be able to search the site to find your answers

ATO Community

Overseas savings transfer

I'm new

Views 563

Replies 1

Hello,
My husband (German) and I (Australian non-resident) have been working for the past 2 years as Expats in the middle east (no income tax country) and during that time, have been regularly transferring the earnings back to our bank account in Germany. We were originally going to buy a house and move back to Germany after here, but have now decided to move to Australia.
1. When we transfer our savings to Australia, will we attract any tax or is there anything we specifically need to watch out for?
2. Should we transfer the money before we arrive (and become residents)? I already have an Australian bank a/c.
3. I assume transfer agency will take care of the Austrac required reporting. Or do I need to report the transfer somewhere?
Thank you for your answers. Smiley Happy
1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Taxicorn Registered Tax Practitioner

Replies 0

1. When we transfer our savings to Australia, will we attract any tax or is there anything we specifically need to watch out for?

 

No tax on money transferred into Australia.

 

2. Should we transfer the money before we arrive (and become residents)? I already have an Australian bank a/c.

 

Before or after makes no difference, as long as the transfer is in the same financial year as you become AUS tax residents.

 

3. I assume transfer agency will take care of the Austrac required reporting. 

 

Reported by your AUS bank.

 

The greater issue is how you will get here  -  and be ready for 2 weeks in lockdown after arrival.

 

 

 

 

1 REPLY 1

Most helpful response

Taxicorn Registered Tax Practitioner

Replies 0

1. When we transfer our savings to Australia, will we attract any tax or is there anything we specifically need to watch out for?

 

No tax on money transferred into Australia.

 

2. Should we transfer the money before we arrive (and become residents)? I already have an Australian bank a/c.

 

Before or after makes no difference, as long as the transfer is in the same financial year as you become AUS tax residents.

 

3. I assume transfer agency will take care of the Austrac required reporting. 

 

Reported by your AUS bank.

 

The greater issue is how you will get here  -  and be ready for 2 weeks in lockdown after arrival.