"Hi I work for a Debt Agreement administrator. There are 3 ways to end a debt agreement, you pay it out in full, you can apply to have the agreement terminated (however interest backdates from the start of your agreement), or you can offer to make a…"
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Expat sending money home from oz to uk. Will I have to pay tax?
I moved to oz from the uk in Nov 2011 on a sponsored 457 4 year visa, transferring with a company I was with back home. I intend to send money home. With the currency exchange favourable at the minute but likely to become less favaourable I am keen to transfer excess funds back to my uk account asap. Will there be any tax due on this money. My intention is to transfer it back as it becomes available as I can see that it will probably not make as much in say 1 years time.
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Replies to This Discussion
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Permalink Reply by FatCat on -
Hi Jonjaydee,
It's best that you get some expert tax advice on this particular to your individual circumstances, and you can also do some of your own research at the HM Customs & Revenue site - International Series leaflets on tax for non-residents, relating specifically to double taxation agreements between the UK and Australia. Double taxation agreements are in place in certain circumstances so that eligible taxpayers of treaty countries don't pay tax twice on the same amount.
You might also want to check out the Australian Tax Office website for information on foreign exchange transfers.
Cheers,
FatCat
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Cliff Mearns replied to Cliff Mearns's discussion Bankruptcy -v Debt Agreement"Ben, let's not lose the loop. How financiers view bankruptcy is not relevant to the discussion of an individual's capacity to pay something. Bankruptcy is being utilised as a means of evading debt obligations. "
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