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Returning to Australia, tranferring savings from overseas

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Hi,

I'll be returning to Australia soon after living overseas(Korea) for close to 2 years, I'll be returning with my partner on her new partner visa, I have a couple of questions.

 

1. We plan on sending our joint savings (>$30,000) all made overseas to Australia. I have made tax returns while I have been here. Is there anything I have to worry about?

2. My partner was in Australia previously on a working holiday visa and we did her tax return for the year that she left and none since as we didn't expect to come back at that time, is there anything that we should know about any issues she might have with transferring her money?

 

Thanks in advance.

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Hi @SpaceTime,

 

Welcome to our Community!

 

Generally speaking, if you're transferring a large amount of money from one country into an Australian bank account it may be subject to customs duty from the Department of Home Affairs.

 

Any interest you receive in your Australian bank account from this money will be subject to tax and will need to be reported in your tax return. You can find general information about requirements to lodge a tax return and moving to Australia permanently on our website.

 

When you've moved back to Australia and you need to lodge your income tax return, if you have specific questions you can phone us from within Australia on 13 28 61 between 8am - 6pm, Monday to Friday.

 

Thanks, JodieH.

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Most helpful response

ATO Certified Response

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Hi @SpaceTime,

 

Welcome to our Community!

 

Generally speaking, if you're transferring a large amount of money from one country into an Australian bank account it may be subject to customs duty from the Department of Home Affairs.

 

Any interest you receive in your Australian bank account from this money will be subject to tax and will need to be reported in your tax return. You can find general information about requirements to lodge a tax return and moving to Australia permanently on our website.

 

When you've moved back to Australia and you need to lodge your income tax return, if you have specific questions you can phone us from within Australia on 13 28 61 between 8am - 6pm, Monday to Friday.

 

Thanks, JodieH.

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Anonymous

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The question that you have to consider here is whether you were still a resident of Australia whilst you were overseas and this is very important as to whether any income you derived whilst overseas is assessable in Australia.

 

The ATO appies a residency test and you should have a good read of the following:

https://www.ato.gov.au/Individuals/International-tax-for-individuals/Work-out-your-tax-residency/Res...

 

If you are still unsure you may wish to seek third party advice or apply for a taxation ruling so the ATO can give you a formal response in writing.

 

It is very easy for the ATO to tell how long someone has been in or out of the country and so you may wish to give this matter much more consideration.