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Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 3190
Experience:  18+ years of experience in tax preparation; 25+ years of experience as a real estate/corporate paralegal.
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If over $1 Million is transferred from the UK to an Australian

Customer Question

If over $1 Million is transferred from the UK to an Australian bank account is there any tax payable in the UK on the amount f transfer and secondly is there any tax apayble when it gets to Australia?
Submitted: 12 months ago.
Category: Tax
Expert:  Barbara replied 12 months ago.
Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.If you are referring to a transfer of money from a UK bank account to an Australian bank account, there is no tax due in the UK or Australia. Once the money is in Australia and begins to earn interest, you will pay tax on the interest in Australia.Please let me know if I can assist you further.Thank you and best regards,Barb
Expert:  Barbara replied 12 months ago.
Just following up with you to see if you have any other questions or concerns. If so, please come back to me here, and I will be happy to assist you.Thank you and best regards,Barb

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