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Viewing Single Post From: Tax On Uk Money!
CHELSEAJAMIE	May 17 2007, 06:07 PM
Redback Posts: 31 Group: Members Member #27 Joined: November 19, 2006	Hi there, Basically, because the exchange rate has gone so c*p recently, we are intending to put the proceeds from our house sale in a high interest account such as National Savings (6.05% !) until which time the exchange rate improves, then transfer it into Aus dollars...bet were not the only ones doing this, as we are kicking ourselves we didn't "Forward contract" in Feb..hindsight! Is it true that we would be taxed on the interest made on this fund as "World wide income" after 6 or 12 months, if we don't transfer straight away, as we are emergrating at the end of July? * Also, at what rate, is it the standard 20% ? If somebody could pl clarify this for me, I would be very grateful, as the A.T.O were no help! (Paul may know the answer to this one!) Finally, it does seem a bit of a cheek to me that the A.T.O/Aus Government can tax UK MONEY IN A UK ACCOUNT, but there you go.... Cheers, Jamie.


Tax On Uk Money! · Money Matters