Thank you very much. What about the money that'll be transferred to my bank account a few months into my arrival? My brother will send it from an exchange office to my Australian bank account.No tax on the money, be sure to declare on arrival if applicable (over $10K).
I got it. Not the original money you'd initially bring with you to Australia, right?Any interest earned on the money in your Australian bank account will be taxed depending how much you earn in the financial year.
For a person who earns $25,000 in a financial year and over $1 in interest, there will be income tax payable on the interest earned.
Only if you earn interest on it but you are not taxed anything for bringing the actual money in.I got it. Not the original money you'd initially bring with you to Australia, right?
Excuse my French, where's "down under" exactly? LOLAnd some of you should be glad you're not from the US - one of very, very few countries who tax their citizens living abroad! Hubby and I have to file two tax returns every year. One in Aus, and one to Uncle Sam. You only actually PAY tax if you earn over a certain amount (and they take the income tax you pay to Australia every year into account) but ugh, the cost of getting a tax professional to file every year (because the returns are ridiculous for US citizens living abroad) is a pain in the Down Under. Hahaha.