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Tax on Bank Savings Account in Australia?


palakkadiyer's picture
By palakkadiyer - Posted on
07 April 2017

Can someone answer my Doubt? On getting PR, and am not planning to be employed in Australia, will the Money I remit from other country in a Savings Bank Account in any Australian bank be Taxable and if so, How much ?

Anonymous
Anonymous's picture

Yes but unless you have a very large amount of money, it won't be earning much interest in a bank deposit account. If that's your only source of income you will not pay any tax on the first $18,200. That should see you in the clear. This assumes that the money you transfer from abroad has already been taxed of course and is covered by a double taxation agreement.

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