Are funds transferred from abroad to Australia taxable?

Expert Info

Posted by

on 10 Feb 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.

Anonymous (not verified) on 10 Feb 2015 - 12:32

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.

Anonymous (not verified) on 10 Feb 2015 - 14:14

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

Anonymous (not verified) on 6 Oct 2015 - 08:59

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

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