How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Robin D. Your Own Question
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 13639
Experience:  15years with H & R Block. Divisional leader, Instructor
14155347
Type Your Tax Question Here...
Robin D. is online now
A new question is answered every 9 seconds

My company just sold and I'm about to get paid a lump sum due

Customer Question

My company just sold and I'm about to get paid a lump sum due to shares that I have. I'm not eligible for the CGT discount as the share are let then 12 months old. Payment will be gross before tax. I'm moving overseas to leave for good next month. Can i get this money transferred to my overseas account direct? If so do I still need to pay tax on it?
Submitted: 1 year ago.
Category: Tax
Expert:  Robin D. replied 1 year ago.
Hello and thank you for allowing me to assist you today.
The tax would be liable even if you have the payment made to a foreign account. The tax event is on the date of the shares disposed and that would be an event still taxable to you in Australia.
The transfer of the funds to your other bank account should not be a problem. You would need to make your request from your Australian bank and they can handle that for you. The transfer is not a taxable event as you will have already declared the share lump sum for income.