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Discussion Starter · #1 ·
Hello all,

I am in the middle of my immigration process and right now I want to study about Australia's income tax rules and regulations and the impact they might have on my particular case. If someone could point me out to the official website where I can find answers to the following questions and/or explanations based on your own experience:

1. When is the annual Australian tax return due?

2. Do I need to declare savings I have overseas? (I understand that I have to declare money EARNED overseas after moving to Australia; here my question is regarding money I earned and saved before moving to Australia -- I believe it is exempt from taxation, but I need to double check this).

3. Do I need to pay any tax if I want to wire money from my savings overseas to a bank account in Australia? Is there any special paperwork/bureocracy involved or is it just a matter of getting the SWIFT and banking account numbers and perform the transfer?

Thanks in advance.
 
G

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Hello all,

I am in the middle of my immigration process and right now I want to study about Australia's income tax rules and regulations and the impact they might have on my particular case. If someone could point me out to the official website where I can find answers to the following questions and/or explanations based on your own experience:

1. When is the annual Australian tax return due?

2. Do I need to declare savings I have overseas? (I understand that I have to declare money EARNED overseas after moving to Australia; here my question is regarding money I earned and saved before moving to Australia -- I believe it is exempt from taxation, but I need to double check this).

3. Do I need to pay any tax if I want to wire money from my savings overseas to a bank account in Australia? Is there any special paperwork/bureocracy involved or is it just a matter of getting the SWIFT and banking account numbers and perform the transfer?

Thanks in advance.
After you move to Australia you will need to declare any income and savings held overseas even if you saved ir prior to moving. You cant hold money overseas indefinitely and not expect to pay tax on it.

However if you move in say January you will only declare income from january onwards in your fist tax return. Anything after goes in the tax return.

You can move any amount into Australia, usualy best via electronic transfer into your Australian bank account. There will be no tax due on it or paperwork needed. You would only pay tax on it after then and only on any interest you have made on it not on the cash itself.

Tax year is july to june, you file after july.
 

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Discussion Starter · #3 ·
Hi,

You cant hold money overseas indefinitely and not expect to pay tax on it.
Why not? The problem with that is double taxation. The money I earned before moving was already taxed by the country I lived in, so I don't expect to pay tax again in Australia... If I have, let's say, $1 million overseas, I expect to pay tax on the interest earned, not on the full amount...

Tax year is july to june, you file after july.
What is the rationale of the tax year not being Jan through Dec?

Also, what is the name of the tax authority in Australia (e.g., the equivalent of the IRS in the U.S., Receita Federal in Brazil etc.).

If you could point me to a website explaining more, I'd appreciate it.

Thanks,
Gabriel.
 
G

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Hi,



Why not? The problem with that is double taxation. The money I earned before moving was already taxed by the country I lived in, so I don't expect to pay tax again in Australia... If I have, let's say, $1 million overseas, I expect to pay tax on the interest earned, not on the full amount...



What is the rationale of the tax year not being Jan through Dec?

Also, what is the name of the tax authority in Australia (e.g., the equivalent of the IRS in the U.S., Receita Federal in Brazil etc.).

If you could point me to a website explaining more, I'd appreciate it.

Thanks,
Gabriel.
because you are moving to another country with different tax laws that you must comply with. Yes you might have paid income tax on that amount but you wont be paying that again, you will only be paying tax on any interest or profits on the amount, they do not have a wealth tax, so no double taxation. Australia is the place you will be resident so they have first call on tax from when you are resident not Brazil.

The rationale? Because its not Brazil or the USA its Australia and their financial year starts july! Its the Australian Taxation Office.
 
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