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Multi National Savings Plan

Newbie

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Hi Im an Australian resident and just been made redundant. I have a savings plan in the USA that I am going to get my money out put it in my bank in Australia will I loose a great portion of it to tax?
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Devotee

Replies 2

Do you mean tax in the USA or Australia? Also what is a savings plan? Is it like an investment or more like a bank account just with your money in it? If you move just money that you have between bank accounts there is usually no tax as it is assumed that you have already paid tax on that money.  However, if a savings plan earns you extra income, you will be asked to declare those earning on your tax return in Australia (assuming you are a resident of Australia for tax purposes).

If you don't mind sharing a little more info, I would be happy to help.

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Most helpful response

Devotee

Replies 2

Do you mean tax in the USA or Australia? Also what is a savings plan? Is it like an investment or more like a bank account just with your money in it? If you move just money that you have between bank accounts there is usually no tax as it is assumed that you have already paid tax on that money.  However, if a savings plan earns you extra income, you will be asked to declare those earning on your tax return in Australia (assuming you are a resident of Australia for tax purposes).

If you don't mind sharing a little more info, I would be happy to help.

Newbie

Replies 1

Ok it is a account that the company I worked for put in so much every month that I worked the money was then used to go on the share market on what ever stock I nominated ( I didn’t really do anything just figured if it turns into something great but if not who cares) so I’ve had nothing to do with this fund and haven’t accessed it in 6yrs or more and now that I have and looking at it I cannot see that any taxes have been paid on it at all but there is a considerable sum in there in US $ so I am thinking should I pull it out in the next tax year here in Australia do I ask for a check or just get it transferred into my account as they are the only options available as far as I can see.

Community Moderator

Replies 0

Hi @Toad66

 

Thanks for getting back to us and for your patience.

 

We can see from another thread that you are going to check out AUSTRAC. If you would like us to take a closer look at your situation, you may want to request an early engagement discussion with us. You can find out more about our early engagement for advice service by going to our website.

 

For those who would like to see the other thread, you can access it here: Transferring money from overseas account

 

All the best.

 

Thanks, ChrisR