Ali s.
Newnham, TAS
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I have just started my education in Australia, I am living with my wife, and should cover most of our cost by ourselves, I have saving in my country, and I want to transfer my saving to an account in one Australian bank. Could you please guide me whether this amount will be included tax or not?
Responses
Short answer is no
Long answer is still no, with a really boring explanation. I can trim it down to this:
If you earn INCOME, and you are an australian RESIDENT then you pay tax on it
You dont pay tax on SAVINGS, even if it comes from an overseas source.
If you transfer amounts over $10,000 the anti money laundering provisions mean that ASIO, and Fed Police might want to look at you, but so long as you arent a nut job you should be right.
hope you have a wow of a time in Tassie!!!
bc