overseas transfer

[#1]

I would like to transferAUD 40000 from Indian account to Australian account to buy a house. Do i need to pay any tax for this sum when its reached in Australian account??? This is my 3rd year in Australia recently changed to 489 visa from 457.

[#2 · Accepted solution]

@josephkannath84 

Generally, if you're an Australian resident for tax purposes and you transfer money from an overseas bank account to an Australian bank account isn't considered as income and you won’t need to pay tax on the transfer. However, any interest you earn on the money in your Australian bank account will need to be reported in your tax return for the relevant year.