Transferring Forex To Australia
Will i pay tax on funds repatriated from overseas?
There are no capital transfer taxes in Australia.You are free to move money in and out of the country and you should be aware that AUSTRAC could track those transactions.Not that you should be worried about a government agency tracking the flow of funds – they are doing it to identify and deal with illegal activities.
If you are repatriating your hard-earned savings to Australia, then you should not be concerned about the authorities potentially being aware of your transactions.
Should i move money in less than $10,000 lots?
Some people think that by moving money in less than AUD 10,000 lots they will ‘avoid detection’.If they have their Tax File Number recorded on their bank account, the Tax Office will automatically have access to details of transfers of funds between bank accounts irrespective of the amount.
If you are not doing the wrong thing, why would you try to avoid detection?There is no point.
If anything, you should try to move money in bulk so as to minimise fees and maximise the amount transferred to Australia.