Are funds transferred from abroad taxable?


Daune's picture
By Daune - Posted on
10 February 2015

I'm going to Adelaide on a permanent visa. One option is to transfer my funds to a commonwealth bank before i go. Will the money be considered as 'income' and taxed when i'm in australia.

Kippling's picture
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Last seen: 4 years 31 weeks ago
Joined: 15/10/2014

No transfer of accounts wont be taxed but the transfer is very expensive. Banks can charge 6-10%. You can opt for a cheaper option. Contact MoveSouq.com I think they are doing a deal right now for banking.

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Daune's picture
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Last seen: 4 years 31 weeks ago
Joined: 06/02/2015

Thanks Kippling. i'm moving from India, so i don't think they are an option.

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e4f
e4f's picture
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Last seen: 3 years 31 weeks ago
Joined: 08/09/2015

Exchange4free does transfers cheaper than the banks, they can do the transfer into Common Wealth. :) They are very good.

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