Tax on overseas money without interest gain

[eugenezh]

Dear forum members,

I will be moving to OZ next month and have a query on keeping money overseas.
I am a permanent resident, currently, in my home country, I hold local currency (Euro) and AUD.

I will open a bank account at NAB next week and will transfer all my AUD to that account prior our move in OZ.
However, I would like to keep on my bank account in Germany my EURO and when exchange rates will become better, I will exchange to AUD and transfer them to my OZ bank account.

The problem is that I don't know how long it might take for the AUD to get to its low rates, therefore I might keep my EURO in Germany for a while.

My question is, what is the policy of the ATO if I keep a bank account overseas and NOT gaining any interest rates on it and then transfer that money to OZ? let's say after a year residing in OZ.

I am looking forward to getting your inputs on this issue,
Eugene

[Andrew from Vista Financial]

Hello Eugene

Welcome to the forum.

Have a look at this thread on our Sister site Perth Poms: https://www.perthpoms.com/topic/18395-can-you-help-any-advice/

This may assist.

Regards

Andy

[eugenezh]

Hello Andy,

Thank you for your reply.

So from what I understand, I will not be taxed on any funds transferred to OZ unless I gain interest on it.

Does it valid also after, let's say, one year living in OZ?

 

Regards,

Eugene