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Tax on foreign exchange?
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white_noise
Posts: 116 Forumite
i am soon to bring a sizeable amount of AUD savings into the country for a house purchase.
This cash has been held in normal accounts in Australia, and subject to tax on the interest.
My understanding is when i bring the cash over from Australia via a foreign exchange service, i won't be liable for any tax on it.
However any money i earn on the interest once it is in the country is liable for tax.
Can anyone confirm if this is correct?
WN
This cash has been held in normal accounts in Australia, and subject to tax on the interest.
My understanding is when i bring the cash over from Australia via a foreign exchange service, i won't be liable for any tax on it.
However any money i earn on the interest once it is in the country is liable for tax.
Can anyone confirm if this is correct?
WN
0
Comments
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Yes, interest income is taxable, certainly here and presumably in Australia too, but simply shifting money around doesn't generally incur any tax.0
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