Preparing for taxation before landing

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Preparing for taxation before landing


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Old 09-14-2013, 02:10 PM
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Preparing for taxation before landing

Hi All,

My co has finally requested the medical report and i should be getting the grant soon.

I prepare to travel warly next year and was wondering if any money i take with me is taxable or not? I plan to keep the money in a checking account.

My understanding is that tax is applied on a new income after i become a pr. Is that true?


Thanks


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Old 09-14-2013, 04:08 PM
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Tax only apply to the income you earned (either employment or business or investment), no tax on your savings (but the bank interest you received is taxable).


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Old 09-14-2013, 04:10 PM
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Thank you!


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Old 09-14-2013, 10:58 PM
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Quote:
Originally Posted by moe83 View Post
Hi All,
My understanding is that tax is applied on a new income after i become a pr. Is that true?
Thanks
Not true. Any income you earn in Australia is taxable it doesn't matter if your are tr or pr. Also resident for immigration purposes and resident for tax purposes are not necessarily the same thing. Also if you are a resident for tax purposes you then need to declare your foreign income too (but that gets offset).


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Old 09-15-2013, 08:56 AM
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Yes agreed. Tax is applied to any money i earn after landing in australia (my first day in Australia). That is any money i take with me to Australia is not taxable.


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Old 09-15-2013, 08:59 AM
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Quote:
Originally Posted by moe83 View Post
Yes agreed. Tax is applied to any money i earn after landing in australia (my first day in Australia). That is any money i take with me to Australia is not taxable.
If you bring it more than $10,000 you need to declare it to customs.

If you are going to put the money into an Australian bank account you will be taxed on the interest.


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Old 09-15-2013, 09:02 AM
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Thanks Mish. Have you tried wiring money to a bank account you created before going to Australia? Are they reliable?


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Old 09-15-2013, 09:08 AM
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I live in Australia so no. But as long as you get the account number correct there will be no issue. However the bank you are transferring from might have a daily limit on transfers and fees for transferring to an international account. I think from memory it takes about 5 days - I have transferred to international accounts from my Australian bank account before.

Have you been to Australia before? Have you done your 100 points to activate the account? If the answer is no then I would not transfer the account until after you get here and have done the 100 points (pretty easy to do online I imagine). I would just be very hesitant in transferring money into an account that is not activate incase something went wrong. If the account was active I would have no issues at all.


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Old 09-15-2013, 08:58 PM
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Any money you bring to Australia is tax free, but interest earned on the money will be taxed.
Once you get a tax file number and give the number to the bank they will not withold any tax.
If you dont get a tax file number any income will be taxed from the first dollar.
The tax free threshold with a tax file number is $18000.
As an immigrant the laws for opening a bank account are easier if you open an account in the first 6 weeks. All my wife had to show was her passport,birth certificate and our marriage certificate.

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Old 09-16-2013, 02:49 PM
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Thank you all for your valuable input.


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