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Re: Partner Visa - Planning to move funds into Australia. Any tax considerations?

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Newbie

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Hello everybody,

 

Im moving into Oz with my Partner as I've been granted the Partner Visa after living with her in France for the last 2 years (she is Aussie). I have some bonds back home (I'm Argentinian) which were a gift from my dad, I'm planning to sell them and move the money to Australia. Besides the tax implications on my home land, do I have to pay any tax when the transfer happens? And where/when do I need to show the paperwork regarding the origin of that money?

 

For the record I'm planning to declare myslef an expat in Argentina, which will allow me to only pay taxes (income, gains, etc) in Australia.

 

Hope there is someone on a similar situation!

 

Cheers and thank you,

 

Gonzalo

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ATO Certified

Devotee

Replies 1

Hi @gochid,

 

Thanks for your question! Generally speaking, you don't pay tax on income you move into Australia, but you may need to pay customs duties in some circumstances - check out the Department of Immigration and Border Protection's website to find out more.

You may also need to consider whether the sale of your bonds leads to a capital gains tax (CGT) event in Australia, depending on when you sell them. If you're not a resident for tax purposes when you sell your bonds, and the bonds are not based on Australian assets, CGT generally doesn't apply. You'll need to check with the relevant tax jurisdictions in Argentina and France to find out if the sale is taxable in either country.

 

Finally, if you transfer money to your Australian bank account, any interest that you earn in Australia is considered to be taxable income, even if you aren't a resident for tax purposes. Overseas investors also pay tax on interest at a different rate, which you'll need to keep in mind when you set up your account.

Hope that helps!

 

 

2 REPLIES 2
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Best answer

ATO Certified

Devotee

Replies 1

Hi @gochid,

 

Thanks for your question! Generally speaking, you don't pay tax on income you move into Australia, but you may need to pay customs duties in some circumstances - check out the Department of Immigration and Border Protection's website to find out more.

You may also need to consider whether the sale of your bonds leads to a capital gains tax (CGT) event in Australia, depending on when you sell them. If you're not a resident for tax purposes when you sell your bonds, and the bonds are not based on Australian assets, CGT generally doesn't apply. You'll need to check with the relevant tax jurisdictions in Argentina and France to find out if the sale is taxable in either country.

 

Finally, if you transfer money to your Australian bank account, any interest that you earn in Australia is considered to be taxable income, even if you aren't a resident for tax purposes. Overseas investors also pay tax on interest at a different rate, which you'll need to keep in mind when you set up your account.

Hope that helps!

 

 

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Newbie

Replies 0

Hello @AmandaE, Thanks for your response!!

 

I know now where I have to look, will get myself an appointment with an Australian Accountant to go through the details.

 

This was really helpfull, thanks again.

 

Gonzalo