Transfer AUD out of Australia to Thailand and TAX

[oracle]

Does anyone know the amount of australian dollars you can quietly transfer out of Australia per time per month without raising a red flag? It is not that I do not pay tax or so but I do not want the hassle of all the paperwork and double taxation.

[smacko]

Paperwork, and taxation. No idea what your on about. There is neither.

10k and over is reported to asic

Sent from my GT-N7105 using Thaivisa Connect Thailand mobile app

[gamini]

Just sold all my Aus. Shares for A$200,000. Money paid into my ANZ ac then transfered to UK. No problem

[oracle]

Thanks for the replies.

I transferred money into Australia for a property purchase some years ago. I never bought the property and the money is in term deposits in the commonwealth bank since. I never paid any taxes over the interest over the years in any country.

Now I need the money outside Australia. My savings account allows me I believe to transfer amounts up to 20.000 AUD overseas, cash I can take 10.000 per time leaving the country without having to declare the amount. It is a serious amount.

Any advice on how to get it out?

[Will27]

Thanks for the replies.

I transferred money into Australia for a property purchase some years ago. I never bought the property and the money is in term deposits in the commonwealth bank since. I never paid any taxes over the interest over the years in any country.

Now I need the money outside Australia. My savings account allows me I believe to transfer amounts up to 20.000 AUD overseas, cash I can take 10.000 per time leaving the country without having to declare the amount. It is a serious amount.

Any advice on how to get it out?

On the tax issue, I assume you have a TFN?

Are you classed as a resident or non-resident for tax purposes?

[CBR250]

The whole resident / non-resident thing is a major problem for Aussies living in Thailand. The e-tax form this year specifically asks questions about your time in Australia that enable the ATO to decide if you are / are not a resident. Naturally, a non-resident pays tax from the first $. Residents get the first $20,000 or so tax free. I suspect the ATO will use rigid definitions of what it means to be a resident. Unfortunately, it is not easy to challenge their more dubious decisions either. They have all that taxpayer money to defend themselves against legal challenges, and they are happy to spend it.

But back to the OP's problem - is it possible to open an account with a broker in an another country and simply transfer any amount you like to purchase shares? Sure, over $10k it will trigger attention, but it is not illegal to invest overseas.

[oracle]

On the tax issue, I assume you have a TFN?

Are you classed as a resident or non-resident for tax purposes?

I have a tax nummer as I worked a couple of months in Australia but then strated working in Thailand and never came back. Currently hold a resident return but probably not a resident for tax purposes. What would be my options? I do one transfer for the whole amount and transfer in AUD to an AUD bakaccount in europe but automatically have to pay (in the worst case) 50% tax over the received interest over the years before they allow transfer, or I try to transfer under 10000 AUD monthly out of Australia. That is it, or not?

[CBR250]

On the tax issue, I assume you have a TFN?

Are you classed as a resident or non-resident for tax purposes?

I have a tax nummer as I worked a couple of months in Australia but then strated working in Thailand and never came back. Currently hold a resident return but probably not a resident for tax purposes. What would be my options? I do one transfer for the whole amount and transfer in AUD to an AUD bakaccount in europe but automatically have to pay (in the worst case) 50% tax over the received interest over the years before they allow transfer, or I try to transfer under 10000 AUD monthly out of Australia. That is it, or not?

I probably shouldn't stick my neck out, and recommend that you check my suggestions with an accountant before acting. In your shoes, I would simply transfer the money out bit by bit and forget I was ever in Australia. If the ATO want money from you, let them come looking. I suspect you are small time enough to sail easily under the radar.

[Will27]

I would either declare it and take it with you or transfer the whole lump sum.

I'm not quite sure what you mean by this "transfer in AUD to an AUD bakaccount

in europe but automatically have to pay (in the worst case) 50% tax over the received

interest over the years before they allow transfer".

[Time Traveller]

Thanks for the replies.

I transferred money into Australia for a property purchase some years ago. I never bought the property and the money is in term deposits in the commonwealth bank since. I never paid any taxes over the interest over the years in any country.

Now I need the money outside Australia. My savings account allows me I believe to transfer amounts up to 20.000 AUD overseas, cash I can take 10.000 per time leaving the country without having to declare the amount. It is a serious amount.

Any advice on how to get it out?

You think you fooled the tax people, eh? Well, banks actually withhold tax on the interest before it's paid to your account.

To transfer the money contact the bank. Provided you paid taxes on your other Australian income, there is no problems, even on "serious amounts" or non-serious amounts

Edited July 26, 2014 by Time Traveller

[Will27]

Thanks for the replies.

I transferred money into Australia for a property purchase some years ago. I never bought the property and the money is in term deposits in the commonwealth bank since. I never paid any taxes over the interest over the years in any country.

Now I need the money outside Australia. My savings account allows me I believe to transfer amounts up to 20.000 AUD overseas, cash I can take 10.000 per time leaving the country without having to declare the amount. It is a serious amount.

Any advice on how to get it out?

You think you fooled the tax people, eh? Well, banks actually withhold tax on the interest before it's paid to your account.

To transfer the money contact the bank. Provided you paid taxes on your other Australian income, there is no problems, even on "serious amounts" or non-serious amounts

AFAIK, that's only on withholding tax.

OP's money is in a TD so is not subject to it.

The interest in a term deposit is not taxed at source.