Neighbor recently moved in from overseas and were asking how they can bring money into AU from India. Basically they have sold their house in India and looking to buy here so need to transfer something like $100k here.
As far I know, there is no capped amount on oversea money transfer but amounts $10,000 or over MUST be reported to Austrac.
In their case what are best options of money transfer and what sort of tax/fees they looking at roughly on $100k transfer?
Thanks. Just for understanding if the source money is not coming from any sell of property in IN , lets says its amount sitting in their IN bank, in that case there is no tax or fees involved too for that transfer?
I don't have any special knowledge of Indian systems, but there is no Australian tax or government fee for transferring money.
Rememeber anything over $10k aussie gets reported to Austrac by the banks so it would be wise to have paperwork handy to illustrate what the money is for/from
I don't think you can bring 100k to Australia that easy from India. Not sure if you allowed to take that much money from India? That would be the complexity.
Bring to Australia would be easy, just Austrac knows and give them a reason.
If u have money in your indian account and you want to transfee here, you can easily do this by bank to bank transfer only if you have paid tax for the amount you transferring.
Many indians in order to save tax, under value the house property in papers to minimize tax. In that case, the amount your friend transferring will not be justifiable and therefore may get in trouble.
However, it is true that there is no tax on bank to bank transfer.
I sold a property in the UK and brought home $40k. I just did a SWIFT transfer from bank to bank.
No taxes or fees were payable other the bank charge ($20?) and their exchange rate.
If your neighbour has to pay tax under AU or IN laws for the sale as income or capital gain, then they must pay that obviously, but there is no tax on the transfer, nor is there any declaration needed for the inter-bank transfer as the bank will do any Austrac reporting required.