Interest rates and tax

[Guest Guest6235]

A guy I spoke to today at HIFX told me it's maybe better to move the vast majority of our money across to an oz bank account instead of leaving a lump sum still back in UK. He told me this as the interest rate is much better in oz, this is fair enough but I asked do you get taxed more in oz than uk, which he couldn't really answer and said yeah good question as it could level itself out. My question is does anyone on here think you get taxed more having the money in an oz account or an English one.

We were leaving some in UK in case things didn't work out and then you don't lose more money transferring it all back.

Cheers

[Alan Collett]

http://www.perthpoms.com/forum/money-finance/16723-paying-tax-investments.html#post116097

 

See my answer to a similar question here.

 

Best regards.

[Guest Guest6235]

Thanks. So if I left money in a savings account in the uk then would I not pay tax on that money and who would I inform. I've never heard of that R85 form

Thanks

[Alan Collett]

Thanks. So if I left money in a savings account in the uk then would I not pay tax on that money and who would I inform. I've never heard of that R85 form

Thanks

 

Unless you are living in Australia as the holder of a temporary residency visa you'll pay tax in Australia on the UK source interest - as a rule your worldwide income is assessable once you are living in Australia.

 

Best regards.

[QuietMake88]

Death and tax are the things that are sure in life.