ST1 Posted November 10, 2015 Report Share Posted November 10, 2015 Hello everyoneI apologize if this question has been asked before, but I've had no luck finding the information. I would like to know: I will be heading to Australia in December to start work. My husband will only be joining me after 3-6 months when our house is sold. Will we pay tax in Australia on the capital from the house?Thank you! Quote Link to comment Share on other sites More sharing options...
Mara Posted November 10, 2015 Report Share Posted November 10, 2015 To my knowledge: If you bring your funds into Australia within a year of settling here (you), then it is regarded as capital that you are bringing in and you will not be taxed on it. Once it is here, you will only be taxed on the interest you earn on it.If I am wrong, one of the financial gurus on the forum will be sure to correct me! Quote Link to comment Share on other sites More sharing options...
Gerhardk Posted November 10, 2015 Report Share Posted November 10, 2015 No, it is your primary residence so no tax in Australia on sale of your house. It does not matter when or if you bring the funds to Australia, that does not determine the taxing point. If you are say on PR visa then you wil be taxed on interest earned whether in RSA earned or Australia - but no double tax so if you pay tax in RSA then you should receive a credit in Australia if taxed on it here as well. 1 Quote Link to comment Share on other sites More sharing options...
mlothian Posted November 10, 2015 Report Share Posted November 10, 2015 Overseas properties you ownAs an Australian resident, any income or capital gains you make from your overseas properties is generally taxable in Australia. It must be declared in your Australian tax return. If you have paid tax in another country on that income or gain, you may be entitled to a foreign income tax offset.https://www.ato.gov.au/Individuals/International-tax-for-individuals/ Quote Link to comment Share on other sites More sharing options...
ST1 Posted November 11, 2015 Author Report Share Posted November 11, 2015 Thank you very much for the information. I really appreciate it. Quote Link to comment Share on other sites More sharing options...
mlothian Posted November 11, 2015 Report Share Posted November 11, 2015 Thank you very much for the information. I really appreciate it.It is a pleasure. Please let me know if you require more information regarding this as I am more than happy to give you a call to discuss. Also note that there are different ways to transfer you money to Australia and that the transfer through your bank is not necessarily the best or cheapest option. There are alternaive service providers that could assist you at better exchange rates and lower or no fees. 1 Quote Link to comment Share on other sites More sharing options...
StephenR Posted November 12, 2015 Report Share Posted November 12, 2015 Hi mlothian, we are looking to send forex into Australia, what would you recommend as the best route and dealers to use? Thanks very much. Quote Link to comment Share on other sites More sharing options...
mlothian Posted November 12, 2015 Report Share Posted November 12, 2015 (edited) Hi mlothian, we are looking to send forex into Australia, what would you recommend as the best route and dealers to use? Thanks very much. Stephen without being too biased I would recommend that you contact me on marlene.lothian@randrescue.com and I will give yo a call to discuss your options.We take pride in the fact that we have assisted many South Africans to transfer their funds including Retirement Annuities to Australia at very reasonable fees and excellent personalised service. Our client referrals are on our website. www.randrescue.comRand Rescue make use of Investec to transfer our clients funds to Australia and we offer the best rate on the say to our clients. How It WorksWe assist South Africans globally to access their cash in South Africa by utilizing their annual allowances.R10mPrivate individuals may invest R10 million per annum outside of South Africa or R20 million per family unit can be invested outside of South Africa per annum. These funds can be invested into offshore investment portfolios or be used for any legal reason, eg. Property or any other investment vehicles. R10,000,000 per adult – a SARS Tax Clearance is required (we can also assist you with obtaining a SARS tax clearance for FREE within 5 days).R1mPrivate individuals may now utilise their R1m discretionary allowance, without obtaining a SARS Tax Clearance Certificate. This R1m forms part of the annual Discretionary Allowance which includes travel, gifts and maintenance allowance.Travel AllowancePrivate individuals are allowed to utilise their annual travel allowance per calendar yearA – R1,000,000 per adultB – R200,000 per child (under the age of 18)Funds are to be transferred into an overseas bank account, in the name of the travellerGift AllowanceThe gift allowance can be utilised to transfer amounts up to R1, 000, 000, overseas as a gift. Any amounts over R100, 000, are taxable at 20%All amounts under R100, 000, will have no tax implications for the person gifting the moneyGifts can only be paid from a South African resident to a third part currently living overseas (who can either be a non-resident or a South African resident temporarily abroad)The transfer process usually takes between 2 – 3 business days. Rand Rescue will handle the process every step of the way, and transfer to any bank account globally. Edited November 12, 2015 by mlothian Quote Link to comment Share on other sites More sharing options...
RedPanda Posted November 12, 2015 Report Share Posted November 12, 2015 Jeepers, gift tax is high! Quote Link to comment Share on other sites More sharing options...
mlothian Posted November 12, 2015 Report Share Posted November 12, 2015 Yes gift tax is high but you have alternatives to transfer your funds. Let me know if you need assistance Quote Link to comment Share on other sites More sharing options...
StephenR Posted November 20, 2015 Report Share Posted November 20, 2015 Hi mlothian, thanks very much for your detailed response, I appreciate it and might just give you a call! Quote Link to comment Share on other sites More sharing options...
mlothian Posted November 20, 2015 Report Share Posted November 20, 2015 StHi mlothian, thanks very much for your detailed response, I appreciate it and might just give you a call!Looking forward to assist you. Quote Link to comment Share on other sites More sharing options...
OubaasDik Posted November 27, 2015 Report Share Posted November 27, 2015 Jeepers, gift tax is high!I can remember the late 60's (can't remember this morning, though) where UK taxes on foreign investments were OVER 100%. No wonder the Stones and Beatles went walkabout. Quote Link to comment Share on other sites More sharing options...
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