Frequently asked money transfer questions

What are the tax implications for transferring money from Australia to UK?

If one sends money from Australia to UK, then there are no tax implications as the amount is already taxed in Australia. Suppose if you are domiciled, resident and ordinarily resident in the UK, then you will be liable to UK tax on your worldwide income and gains as they arise. This means that if you bring foreign income or capital into the UK, there is no tax charge on the transfer of the funds. This is because the foreign income and gains have already been taxed in the UK.

However, if you are transferring your income from Australia, you need to pay income tax on it according to theĀ Australian Tax Office (ATO). You also need to provide the details of remittance, if the money transferred is more than AUD $10,000.

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