[rvijaysubs]

Hey Guys,

I wanted to transfer some funds to a relative in Australia but was wondering if there is any tax levied on the receiver( my relative) for receiving funds from an international bank.

How much Tax are we talking about?

Regards,
Vijay

 

[Guest]

No tax to receive it but it might be classed as income so may need to be reported in their tax returns or to centrelink / family assistance office. Their bank may charge them a nominal fee unless you pay the fee.

 

[kaz101]

Hi,

We had some money sent from UK to us last year. There may be a fee from the receivers bank for a currency transaction if it's sent in a different currency but there was no tax for us and it wasn't treated as income. If the receiver has an accountant you tell them it's a gift and there is no tax on gifts - that's what our accountant told us.

Cheers,
Karen

 

[naoto]

There is no tax and transfers in Australia

 

[rvijaysubs]

There is no tax and transfers in Australia

I found a distant relative in Australia to pay my fees for 176. He was to pay using his credit card and I was to transfer that much amount in a different currency to his bank account.

I was shocked when he said he had to pay 30% tax on incoming funds. I felt that's too much for mere 3000 AUD. would the incoming funds from me treated as taxable income or something?

I guess he wanted to make some money out of it.

Thanks guys.

Vijay.

 

[atsurti]

I found a distant relative in Australia to pay my fees for 176. He was to pay using his credit card and I was to transfer that much amount in a different currency to his bank account.

I was shocked when he said he had to pay 30% tax on incoming funds. I felt that's too much for mere 3000 AUD. would the incoming funds from me treated as taxable income or something?

I guess he wanted to make some money out of it.

Thanks guys.

Vijay.

He definitely wanted to make a 1000 bux from it... Go to any good bank like HDFC in India and get a visa forex card. You can load this card and use it to pay the fees. They will charge 1-2 INR extra on every dollar. Or catch hold of any forex agent and he also would be able to pay the fees using some contact and you can pay him INR.