Swiss Tony

Hi,

call me naive but I have never been one for tax and financial
things etc....

Does anybody know the situation if I leave a lump sum
of cash here in a high interest account - do I have to declare this in
Oz? I am not planning to do anything illegal therefore want to know
exactly what the position is with this!

It is quite a bit (well for me
anyway!!) and the plan is to buy a house with it in Oz once we have
decided where we are going to settle down. I guess I could transfer the
money now but I have so much else to do right now it might be easier to
leave it in my account here and worry about it in a years time or so.


Thanks for any thoughts!

Regards

ST

Grayling

Originally posted by swiss tony
    > Hi,
    >
    > call me naive
but I have never been one for tax and financial things etc....
    >
Does anybody know the situation if I leave a lump sum of cash here in a
high interest account - do I have to declare this in Oz? I am not
planning to do anything illegal therefore want to know exactly what the
position is with this!
    >
    > It is quite a bit (well for me anyway!!) and
the plan is to buy a house with it in Oz once we have decided where we
are going to settle down. I guess I could transfer the money now but I
have so much else to do right now it might be easier to leave it in my
account here and worry about it in a years time or so.
    >
    > Thanks for
any thoughts!
    >
    > Regards
    >
    > ST

ST
As far as I know you do
have to pay Australian tax on any income from a foreign account although
you do have some time allowed before you transfer it.
I'm no expert but
I believe all overseas investments should be declared.

G

Gold Coasters

Originally posted by swiss tony
    > Hi,
    >
    > call me naive
but I have never been one for tax and financial things etc....
    >
Does anybody know the situation if I leave a lump sum of cash here in a
high interest account - do I have to declare this in Oz? I am not
planning to do anything illegal therefore want to know exactly what the
position is with this!
    >
    > It is quite a bit (well for me anyway!!) and
the plan is to buy a house with it in Oz once we have decided where we
are going to settle down. I guess I could transfer the money now but I
have so much else to do right now it might be easier to leave it in my
account here and worry about it in a years time or so.
    >
    > Thanks for
any thoughts!
    >
    > Regards
    >
    > ST

I will look after it for
you if you want, i have a nice little investment that it could be used
for, LOL.

Mark.

A Mate

Ask an Australian Accountant or Tax Agent!!

I don't think you have to 'declare' it - but I believe tax is payable on the
interest income - except that in certain circumstances because Australia has
bilateral agreements with a number of countries (NZ, USA, UK, Italy etc)
which recognise tax paid in other countries. The object is to prevent double
taxation!!

However I'm not an Accountant, and tax law is very complex!!


Good Luck


"swiss tony" <member17889@british_expats.com> wrote in message
news:...
    > Hi,
    > call me naive but I have never been one for tax and financial
    > things etc....
    > Does anybody know the situation if I leave a lump sum
    > of cash here in a high interest account - do I have to declare this in
    > Oz? I am not planning to do anything illegal therefore want to know
    > exactly what the position is with this!
    > It is quite a bit (well for me
    > anyway!!) and the plan is to buy a house with it in Oz once we have
    > decided where we are going to settle down. I guess I could transfer the
    > money now but I have so much else to do right now it might be easier to
    > leave it in my account here and worry about it in a years time or so.
    > Thanks for any thoughts!
    > Regards
    > ST
    > --
    > Posted via http://britishexpats.com