New Resident - Moving Money from Other Countries to Australia

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  MS Paint on 10/12/2022 - 07:06

  +5

  I would just call the ATO if I was you.

  They will give you the correct answer.

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  AustriaBargain on 10/12/2022 - 07:08

  +4

  Australia should have tax treaties with Canada and Singapore. If you paid tax on that income in those countries you shouldn't have to pay again I wouldn't think.

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  bemybubble on 10/12/2022 - 07:08

  +1

  Is there any time limit on moving my savings ? i.e Do I need to move my savings within X years of moving to Aus ?

  No

  Are there any taxes to be paid ? Are there any limits (annual) before any additional taxes / levies get added ?

  Only if you’re an Australian resident for tax purposes. This you will need to get advice on as it’s a matter of fact and degree.

  Do I have to make any additional declarations to ATO in my next annual tax filing ?

  Refer to above.

  I got my PR is 2019 but didn't move here until 2022 due to the big C. I have been continuing to make money while still abroad. Do I have to pay taxes to ATO for my earnings 2019 to 2022 ? My understanding is that I am really a resident only after I have fully moved here.

  Again refer to above. Need to determine residency first for tax purposes.

  What are your thoughts on moving money via one of the big banks (Citi bank / etc) vs using someone like OFX ?

  Just do one TT and be done with it IMO

  • 

    usernamehere098765 on 10/12/2022 - 08:03

    Only if you’re an Australian resident for tax purposes. This you will need to get advice on as it’s a matter of fact and degree.

    I am an tax resident in Aus since beginning of this year. Do you mean I first need to determine the residency status for 2019 - Feb 2022 ?

    Just do one TT and be done with it IMO

    What is a TT ? Also wondering if there are any limits on the size of the amount - one transfer of X vs 5 transfers of (X/5) ?

• 

  payless69 on 10/12/2022 - 07:45

  +1

  Move only the essential to here. The US is brewing a storm, its waves could reach here.
  Move all from Canada, its leader is weak, country outlook is bleak.
  Singapore is stable, leave as much there as you can afford.
  Use Ubank here, good app, fast and easy unless you are young enough to profit from discriminating BOQ.
  Ensure your Singapore bank knows where you live, make sure you got good vpn access! Log in at least once a month.
  Declare all to services Australia if you use them.
  Beware of traps such as bait advertising from banks. Despite being illegal our leader is way too weak to bash the banks.
  Brace for bank fees, etc they will be vultures again as soon as they can!

  • 

    usernamehere098765 on 10/12/2022 - 08:14

    In my opinion, I really do not see any significant differences between Australia & Canada, politically / economically / culturally and most other matters. Amazing how similar the set up is (thank the history).

    For me, Now that we intend to live here for the foreseeable future -
    1. I could use the money here for whatever instead of it sitting in some bank in a different country. May be it could be part of a future house deposit when can afford a place (many years down the line at current prices lol)
    2. The banks in SG are limiting access to Australian residents for simple savings accounts (i.e plebs) - no more online access, mobile app only, restrictions on accessing investment products, etc. - which is why I am more seriously thinking about moving it out of SG ASAP. Also savings accounts interest is near 0 still, while it has increased here.

    Both of above has got me thinking - Why play games by keeping money in banks & countries where I dont even live. Even if political & economical factors slightly move the currency values around, is it worth the risks ? My money should enrich my life, not just be sitting somewhere else with a teeny tiny prospect of currency appreciation. Hence starting to collect the necessary info to fully make up my mind on this matter.

    • 

      MS Paint on 10/12/2022 - 08:54

      +1

      I really do not see any significant differences between Australia & Canada

      Other than the fact that 25% of Australians speak Bogan and not French.

    • 

      payless69 on 10/12/2022 - 08:56

      +2

      Very interesting! I had once an employer who had a house in Singapore. Long time ago! Finding a bank that works with you is getting harder all the time.
      Maybe HSBC or some big one that is present in both places?
      I agree with you with similarities. But Canada has its own flag, shares a phone system with the US and of course still has a French speaking population that at least brings in good bread and food. Make sure you are comfortable here as recent restrictions make life harder every day.
      I have met many Singaporean women trying to escape to Europe that is now the least restrictive in some places. Better cultural access, less discrimination.
      Queensland has become very racist since our useless mob destroyed the rural economy. Either stay in the overcrowded South East or suffer.
      Rich Indians are now preferring Europe and cite less discrimination.
      Example Germany: Beer costs 10%, so do speeding fines. Unlimited speed on their Autobahn. Endless cultural offers, cheap and good groceries.

      • 

        usernamehere098765 on 10/12/2022 - 20:40

        But Canada has its own flag

        Lol, totally agree Aus needs a new one !

        Make sure you are comfortable here as recent restrictions make life harder every day.

        Which ones are you specifically talking about ? If it covid related, while Aus has been the only country I know of where citizens were locked out which is absolutely crazy, the day-to-day restrictions are more or less the same in most places I am aware of. Of course there are exceptions in the US / other countries where some states decided to have little restrictions, but thats not my cup of tea either.

        Either stay in the overcrowded South East or suffer.

        I do stay and rent in the most expensive city and am suffering in an age old town house with terrible insulation (too cold in winters and needs AC as long as sun is out in summer by the looks of it), my wife absolutely hates the terrible kitchen, and am about to see an 12% rent increase in Jan when lease renews and that seems mild when I went around looking for other rental properties.

        But to give you a view of grass is Not as green on the other side - exact same situation in outer Toronto where I grew up - Do not recognize the place I grew up. Gentrified, Apartment blocks all over the place, and rents in Toronto are similar to what the situation in any major Aus city is.

        Rich Indians are now preferring Europe and cite less discrimination.

        Am yet to go to queensland - is it really that bad there ?
        My guess is - immigrants with money and without money have 2 different lives, starting from the area they live in all the way to job / debts / etc, including life experiences. Is it case in major qld cities too ?

        • 

          payless69 on 11/12/2022 - 09:30

          +1

          @usernamehere098765: Take your time to find a bargain. NSW country is doing alright, QLD country is dead. Take a drive to find out.

• 

  nige0090 on 10/12/2022 - 13:48

  +1

  What are your thoughts on moving money via one of the big banks (Citi bank / etc) vs using someone like OFX ?

  Approx 15 years ago when we did this, it was significantly better value to move money via OFX compared to the banks.

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  Andy22 on 10/12/2022 - 14:52

  How much money are we talking about? You don’t need to declare money that you transfer overseas or receive from overseas through a bank

  • 

    usernamehere098765 on 10/12/2022 - 20:41

    low(est) six figures ..

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  bax on 10/12/2022 - 16:03

  +2

  Good to hear that you are coming to Aust permanently.

  If you are bringing more than 10K you just need to declare it at the border.
  There are no restrictions if you declare.it.
  Singapore is a great locale for your money, as mentioned earlier.
  Also Aust has been in the doldrums with Interest rates on savings, but as of today I see you can get 4.5% at Macquarie bank for 4 mths.
  At BoM they are now offering 4% with no strings.
  At CBA and NAB also offering around 3% on your money.
  Remember that in Aust the Govt guarantees your money up to 250K per entity, anything over is not covered.
  So shift it round to be safe, and keep it readily accessible….

  Hope this helps

  All the best…..

  • 

    usernamehere098765 on 10/12/2022 - 20:47

    +1

    Thanks for sharing.

    Singapore is a great locale for your money, as mentioned earlier.

    Given I dont plan on ever living there long term again - dont want to keep there just for the hopes for small value changes in aud/sgd rates.

    The interest rates at local banks, as you have mentioned, are not bad compared to what I get with SG banks (near zero).
    Plus SG banks are weirdly starting some restrictions on Aus residents not sure why. For e.g - Its ok to have your basic savings accounts, but no fixed term deposits (to get some interest), no other investment products, limitations to FX (only overseas transfers to personal accounts are allowed). Not sure whats the reason for these half-assed restrictions starting now.

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  mskeggs on 10/12/2022 - 18:23

  +1

  I think if you consider it from the tax principles it will be clear. There is no asset tax, so you may move your money around in any amount at any time without paying any Australian tax.
  There is a tax on income you earn, including interest. Regardless of where the money is, you must declare any interest earned to the ATO if you are a tax resident.
  PR and citizenship are irrelevant for tax residency, it is where you live (there are some wrinkles to this, but probably not important for you).
  The ATO generally has tax treaties with other first world nations so you won't get double taxed.

  In sum, what you want to do is fine and won't have any adverse tax implications beyond what would apply for any other Australian tax resident.

  • 

    usernamehere098765 on 10/12/2022 - 20:51

    That is a good way to think about it ! Thanks for the reply.

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  bobbified on 10/12/2022 - 22:12

  If you move all your cash in a suitcase, as long as you don't get pulled up at the airport, noone will know!